Meridian Credit Union#Motusbank

Meridian is the second largest credit union in Canada, and the largest credit union in Ontario, with more than 378,000 members with total assets under administration of over $28.5 billion.{{cite web |last1=Doherty |first1=Brennan |title=Meridian Credit Union’s CEO embraces its special role helping people that traditional banks won’t |url=https://www.thestar.com/business/2022/07/09/meridian-credit-unions-ceo-embraces-its-special-role-helping-people-that-traditional-banks-wont.html |publisher=Toronto Star |access-date=9 July 2022 |date=2022-07-09}} Meridian offers banking, wealth management, credit products and services through 88 branches, and fifteen Commercial Business Centres.{{cite web |title=Meridian Fast Facts |url=https://www.meridiancu.ca/about-meridian/corporate/leadership/fast-facts}}

Desjardins Credit Union (the Ontario affiliate of the Desjardins Group, formerly Province of Ontario Savings Office{{cite web|url=https://www.cbc.ca/news/business/desjardins-to-buy-province-of-ontario-savings-office-1.405079|title=Desjardins to Buy Province of Ontario Savings Office|access-date=2007-11-03|date=2003-01-28|publisher=CBC.ca}} ) and Meridian's membership voted in favour of a merger effective 1 June 2011.{{cite web|url=http://www.meridiancu.ca/dcu/meridian-and-dcu/Pages/default.aspx|title=Meridian - Personal|publisher=Meridian Credit Union|access-date=23 February 2017}} By 2012, most of the former Desjardins branches in Ontario had been renamed to Meridian branches.{{cite web|url=https://www.meridiancu.ca/Meridian/media/images/PDFs/2012_AnnualRep_v13_CorpHighlights.pdf|title=2012 Annual Report Corporate Highlights.|last=Ariss|first=Don|publisher=Meridian Credit Union|access-date=23 February 2017}}{{cite web|url=https://www.thestar.com/business/2011/03/01/merger_of_desjardins_and_meridian_creates_credit_union_giant.html|title=Merger of Desjardins and Meridian creates credit union giant|last=Spears|first=John|date=1 March 2011|publisher=Toronto Star|language=en|access-date=23 February 2017|location=Toronto, ON}}

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.{{cite web|url=http://www.meridiancu.ca/meridian/Media/meridian-announcements/Pages/Meridian-Completes-Acquisition-of-Roynat-Lease-Finance.aspx|title=Meridian Completes Acquisition of Roynat Lease Finance|last=Medeiros|first=Diane|date=29 April 2016|publisher=Meridian Credit Union|language=en|access-date=28 May 2016|location=St. Catharines}}{{cite web|url=http://www.stcatharinesstandard.ca/2016/04/19/meridian-credit-union-acquires-roynat-lease-finance |title=Meridian Credit Union acquires Roynat Lease Finance |last=Fraser |first=Don |date=19 April 2016 |publisher=St Catharines Standard |language=en |access-date=23 August 2016 |location=St. Catharines, Ontario |archive-url=https://web.archive.org/web/20160826112109/http://www.stcatharinesstandard.ca/2016/04/19/meridian-credit-union-acquires-roynat-lease-finance |archive-date=26 August 2016 |url-status=dead }}

On 21 February 2017, Meridian announced and introduced a new line of Visa credit cards, moving away from MasterCard.{{cite web|url=http://www.newswire.ca/news-releases/meridian-launches-new-line-of-visa-credit-cards-613175133.html|title=Meridian launches new line of Visa credit cards|last=Ramsingh|first=Priya|date=8 February 2017|publisher=Canada NewsWire|access-date=23 February 2017}}

On 19 November 2019, Meridian won "Best Credit Union" at the 5th Annual Canadian FinTech & AI Awards.{{cite news |last1=Pagnutti |first1=Teresa |title=Meridian wins first-ever Best Credit Union of the Year at Canadian FinTech and AI Awards |url=https://www.newswire.ca/news-releases/meridian-wins-first-ever-best-credit-union-of-the-year-at-canadian-fintech-and-ai-awards-839513931.html |access-date=2 August 2020 |work=Meridian Credit Union |language=en}}

During the COVID-19 pandemic in Ontario, Meridian closed branches and reduced hours to comply with lockdown orders.{{cite news |last1=Pagnutti |first1=Teresa |title=Meridian announces temporary branch closures in some locations across Ontario {{!}} Meridian |url=https://www.meridiancu.ca/Good-Sense/News/Meridian-announces-temporary-branch-closures-in-so.aspx |access-date=2 August 2020 |publisher=Meridian Credit Union |date=24 March 2020}} As a result, however, it laid off 109 members of its staff.{{cite news |last1=Benner |first1=Allan |title=Meridian Credit Union cuts 109 jobs |url=https://www.stcatharinesstandard.ca/business/2020/05/22/meridian-credit-union-cuts-109-jobs.html |access-date=2 August 2020 |work=stcatharinesstandard.com |date=22 May 2020 |language=en}}

{{anchor|Motusbank}}

File:Motusbank logo.pngOn 17 August 2016, Meridian announced its intention to establish a federally chartered online banking subsidiary.{{cite news | url=http://www.cbc.ca/news/business/meridian-credit-union-bank-1.3724351| title=Meridian credit union to launch national bank| date=17 August 2016| publisher=CBC| language=en| access-date=22 August 2016| location=Toronto}}{{cite web | url=http://business.financialpost.com/news/fp-street/meridian-credit-union-seeking-license-for-national-online-bank-to-take-on-big-five| title=Meridian credit union seeking license for national online bank to take on Big Five| last=Shecter| first=Barbara|date=17 August 2016| publisher=Financial Post| language=en| access-date=22 August 2016| location=Toronto}} On 4 February 2019 the name announced for the new entity was Motusbank, stylized as motusbank.{{cite web | url=http://business.financialpost.com/news/fp-street/meridian-credit-union-seeking-license-for-national-online-bank-to-take-on-big-five |title=Meridian credit union seeking license for national online bank to take on Big Five |last=Shecter |first=Barbara |date=17 August 2016 |work=Financial Post |access-date=22 August 2016 |location=Toronto |archive-url=https://web.archive.org/web/20160822224942/http://business.financialpost.com/news/fp-street/meridian-credit-union-seeking-license-for-national-online-bank-to-take-on-big-five |archive-date=22 August 2016 |url-status=dead }} Motusbank launched across Canada on 2 April 2019.{{cite web | last1=Zochodne |first1=Geoff |title=Meridian Credit Union eyes spring launch for new digital bank {{!}} Financial Post |url=https://business.financialpost.com/news/fp-street/meridian-credit-union-eyes-spring-launch-for-new-digital-bank |publisher=Financial Post |access-date=4 February 2019 |date=4 February 2019}}{{cite web | title='Price matters': New online bank hopes to attract cost-conscious customers | url=https://www.theglobeandmail.com/investing/personal-finance/article-price-matters-new-online-bank-motusbank-hopes-to-attract-cost/ | website=theglobeandmail.com | access-date=2 April 2019 | date=14 October 2019}}{{Cite web | url=https://www.motusbank.ca/MotusBank/media/motusbank/pdf/B20-Disclosures.pdf| title=OSFI Guideline B-20 Disclosures| date=March 31, 2019| access-date=Oct 8, 2019}} As of June 2019, Motusbank had approximately CAD$54 million in capital.{{Cite web | url=https://www.highinterestsavings.ca/forum/motusbank/first-months-worth-of-balance-sheet-data-for-motus-bank-available/| title=First month's worth of balance sheet data for Motus Bank available {{!}} motusbank {{!}} Discussion forum {{!}} Canadian High Interest Savings Bank Accounts| website=Canadian High Interest Savings Accounts| language=en-US| access-date=2019-10-08}}

Motusbank recently announced that they were winding down operations. Over the next year, deposit and loan accounts will be moving to Meridian Credit Union (“Meridian”) and Coast Capital Savings Federal Credit Union (“Coast Capital”). {{Cite web |title=motusbank announcement {{!}} motusbank |url=https://www.motusbank.ca/announcement |access-date=2025-06-23 |website=www.motusbank.ca}}

Meridian Credit Union was listed as one of Canada's top 100 employers by Maclean's magazine in 2009 and 2010.{{cite web|url=http://www.newswire.ca/news-releases/meridian-credit-union-amongst-canadas-top-100-employers-536678211.html|title=Meridian Credit Union Amongst Canada's Top 100 Employers|last=Windsor|first=Scott|publisher=Canada NewsWire|access-date=23 February 2017|location=St. Catharines, ON}}{{cite web|url=http://www.macleans.ca/economy/business/the-top-100-2009/ |title=Canada's Top 100 Employers |date=14 October 2009 |publisher=Maclean's |language=en |access-date=23 February 2017 |archive-date=24 February 2017 |archive-url=https://web.archive.org/web/20170224213508/http://www.macleans.ca/economy/business/the-top-100-2009/ |url-status=dead }}

Through its "Commitment to Communities" program Meridian Credit Union contributes money to local causes and encourages employees to volunteer in their community.{{cite web | url=https://www.meridiancu.ca/About-Meridian/Community.aspx| title=Meridian - Commitment to Communities – Community Programs - Meridian| publisher=Meridian Credit Union| access-date=26 January 2017}} The company also donates to national organizations such as the Alzheimer Society of Ontario.{{cite web | title=Seeds of Hope - planting party at Meridian Credit Union |url=http://alzheimersocietyblog.ca/seeds-of-hope-planting-party-at-meridian-credit-union/ |website=Alzheimer Society Blog |access-date=4 October 2019 |location=Toronto, ON |language=en-CA |date=24 April 2015}} Facilities which Meridian owns naming rights to include Meridian Hall (Toronto), Meridian Place (Barrie) and Meridian Centre (St. Catharines).{{cite web | url=http://www.simcoe.com/news-story/5674774-barrie-unveils-plans-for-outdoor-city-centre/ |title=Barrie unveils plans for outdoor city centre |last=Watt |first=Laurie |date=12 June 2015 |publisher=Barrie Advance |language=en |access-date=20 June 2015 |location=Barrie, ON |archive-date=10 February 2018 |archive-url=https://web.archive.org/web/20180210033037/https://www.simcoe.com/news-story/5674774-barrie-unveils-plans-for-outdoor-city-centre/ |url-status=dead }}{{cite web | url=http://www.partnershipgroup.ca/meridian-pays-5-2mil-for-naming-rights/|title=Meridian Pays $5.2Mil for Naming Rights| date=16 September 2013| publisher=Partnership Group| language=en| access-date=23 February 2017}}

{{reflist|2}}

• {{official website}}
• [https://www.motusbank.ca Motusbank official website]

{{Canadian banks}}

Category:Banks established in 2005

Category:Credit unions of Ontario

Category:2005 establishments in Ontario

Category:Companies based in St. Catharines