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RCU To Merge With FirstOntario

Thursday, 15 August 2013 10:56

Two leading credit unions in Southern Ontario are preparing to become one. Rochdale Credit Union and FirstOntario Credit Union announced earlier this week their intentions of merging, upon approval of the Rochdale Membership. CEO of Rochdale, Nigel Millington says they are very much looking forward to the two groups uniting. "One of the things that really excited us about getting together with FirstOntario was that they do have a similar approach to business, a very community oriented, very focused on the communities, very local and close to the ground which is what Rochdale has always been all about, so the ability to be able to maintain that small credit union, local approach to business but than getting the benefits of the large organization is really a win-win for everyone. So we're really excited about this". President and CEO of FirstOntario Kelly McGriffin says they have been working on this merge for a number of months. "I guess we started discussions about six, eight months ago, something like. So it's be an ongoing sort of discussion with both groups. I think we're hoping for a close around December of this year at the Rochdale year-end". All of the current branches will remain open with no job cuts planned. In fact Millington says the two groups will see an increase in job stability. The group will operate under the name of FirstOntario Credit Union serving nearly 100,000 Members.

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