WFCU Credit Union is in discussions about a potential merger with two other credit unions based in northern Ontario.
The potential merger of Copperfin Credit Union. Northern Credit Union and WFCU Credit Union could result in a province-wide credit union serving almost 160,000 members throughout Ontario with branches across 42 communities.
This exploratory phase includes discussions around an expanded branch network, better products and services, new and shared technology
advancements, accelerated product development and enhanced community benefits.
Eddie Francis, President and CEO of WFCU Credit Union, says they are at the early stages of conversations.
"To explore forming a new, larger credit union to service our respective credit unions in northern Ontario and southern Ontario. What would be unique about this, it would be the first credit union of provincial scale with local reach,' he says.
Francis says this is not about becoming bigger but being better.
"One thing all three credit unions are focused on is ensuring that local connection, those local roots remain," he says. "From our member's perspective, the delivery of service, the people they're dealing, the branches they're walking in, those things are not going to change. What's going to change is the back end, the products, the services, the competitive rates."
Francis says they're very excited at the opportunity, if approved.
"It would have a backbone that reaches all the way from Windsor to Hornepayne. It will have approximately 160,000 members with over $7-billion in assets, over 660 staff as part of it, servicing 42 communities," he adds.
If approved, the merger would see the head office in Windsor but with offices in central and northern Ontario.
If the subsequent phases of the merger process are successful, the tentative timeline for membership voting and approval is winter 2023/24, with a closing timeline and launch of the new entity in summer 2024.
In March of 2023, WFCU announced it was expanding after London-based Health Care Credit Union voted to join the Windsor-based credit union.
WFCU Credit Union currently has a network of 13 retail locations across Southwestern Ontario, including nine in Windsor-Essex, three in the Kitchener-Waterloo Region, and one in London, with a 14th retail branch in Chatham expected to open later this year.