Plans are in the works for the merger of a local credit union with a much larger provincial counterpart.
Shawn Newman, CEO of Heritage Savings & Credit Union, told The Chatham Voice the financial institution will merge with FirstOntario Credit Union.
Newman said the merger should be a seamless one for Heritage customers, and after the fact, improved options would be available.
“After the merger, we would have all the products and services that FirstOntario provides, including full wealth management products such as mutual funds, insurance, securities; full digital capabilities, full service ATM and Personal Assisted Teller which provides transaction services to members at extended hours; local car dealers would have access to a Dealer Finance Centre; local mortgage brokers would have access to a Mortgage Broker Centre; much higher mortgage limits and more competitive rates; commercial lending and small business services; a full credit card suite; and more,” he said.
The improved slate of services is the driving force behind the merger, Newman said.
“We take our responsibility of doing what is in the best interest of our members very seriously. This merger will allow us to offer our members a much wider array of financial products and services, stronger rates, more digital solutions and many other benefits,” he said.
He added connecting with FirstOntario only strengthens the credit union, for its members and employees.
“Keeping pace with rising costs, the speed of change in the financial industry and the necessary investments in digital banking solutions has become increasingly challenging for credit unions our size. Our members, employees and community will benefit,” he said.
Newman said the Heritage Savings branch in Chatham isn’t going anywhere, adding it’s an important element, for the company and of course its members.
FirstOntario has 32 locations in Ontario.