Meridian Credit Union Ltd. is a Canadian
credit union. It was formed on 1 April 2005 through the merger of Niagara Credit Union and HEPCOE (Hydro Electric Power Commission of Ontario Employees) Credit Union. It is insured by the
Financial Services Regulatory Authority of Ontario.[3]
History
Meridian is the second largest credit union in Canada, and the largest credit union in Ontario, with more than 365,000 members with total assets under administration of over $28.5 billion.[4] Meridian offers banking, wealth management, credit products and services through 89 branches, and fifteen Commercial Business Centres.[5]
Desjardins Credit Union (the Ontario affiliate of the
Desjardins Group, formerly
Province of Ontario Savings Office[6] ) and Meridian's membership voted in favour of a merger effective 1 June 2011.[7] By 2012, most of the former Desjardins branches in Ontario had been renamed to Meridian branches.[8][9]
In April 2016 Meridian completed its acquisition from
Scotiabank of Roynat Lease Finance, a supplier of commercial equipment leasing. Roynat Lease Finance will operate as Meridian OneCap Credit Corp., a wholly owned subsidiary of Meridian Credit Union.[10][11]
On 21 February 2017, Meridian announced and introduced a new line of
Visa credit cards, moving away from
MasterCard.[12]
On 19 November 2019, Meridian won "Best Credit Union" at the 5th Annual Canadian FinTech & AI Awards.[13]
During the
COVID-19 pandemic in Ontario, Meridian closed branches and reduced hours to comply with lockdown orders.[14] As a result, however, it laid off 109 members of its staff.[15]
Motusbank
On 17 August 2016, Meridian announced its intention to establish a federally chartered
online banking subsidiary.[16][17] On 4 February 2019 the name announced for the new entity was Motusbank, stylized as motusbank.[16][18] Motusbank launched across Canada on 2 April 2019.[19][20][21] As of June 2019, Motusbank had approximately CAD$54 million in capital.[22]
Recognition
Meridian Credit Union was listed as one of Canada's top 100 employers by Maclean's magazine in 2009 and 2010.[23][24]