Meridian Plans On Launching New National Bank

Ontarian credit union, Meridian, has disclosed plans to start a national bank in order to service customers outside Ontario.

Meridian Bank will be a fully owned subsidiary of Meridian and is not expected to begin operations for another two years. The bank is also set to operate online as well as mobile banking services.

Meridian’s Chief Executive Officer, Bill Maurin, delivered the following statement lamenting on the union’s decision to divulge into banking:

“We believe, and our research shows, that there is a clear desire in the marketplace for an innovative digital bank that offers a true full-service alternative to the big banks,” explained Mr. Maurin.

“With Meridian Bank, we want to bring the same Meridian experience to other Canadians, and unlike other digital offerings out there, we want to do that with the service offering breadth of a traditional full service retail financial institution.”

Mr. Maurin went further by stating that Meridian Bank will be built on the same foundations as the Meridian credit union with emphasis being placed on value and commitment to service.

Meridian was founded in 2005. It has a total of 81 branches and 270,000 members in Ontario. It remains Ontario’s largest credit union with a reported $14 billion in assets.