Plans are underway to merge a local credit union with a much larger provincial counterpart.
Shawn Newman, CEO of Heritage Savings & Credit Union, told The Chatham Voice that the financial institution will merge with FirstOntario Credit Union.
Newman said the merger should be seamless for Heritage customers and after the fact, enhanced options would be available.
“After the merger, we would have all the products and services offered by FirstOntario, including comprehensive wealth management products such as mutual funds, insurance, securities; full digital capabilities, a full-service ATM and personal attended cashier that provides transaction services to members during extended hours; local auto dealers would have access to a dealer financing center; local mortgage brokers would have access to a mortgage brokerage centre; much higher mortgage limits and more competitive rates; commercial loans and small business services; a full suite of credit cards; and more,” he said.
Improving the range of services is driving the merger, Newman said.
“We take very seriously our responsibility to do what is in the best interests of our members. This merger will allow us to offer our members a much wider range of financial products and services, higher rates, more digital solutions and many other benefits,” he said.
He added that the connection with FirstOntario only makes the credit union stronger, for its members and its employees.
“Keeping pace with rising costs, rapid changes in the financial industry and necessary investments in digital banking solutions has become increasingly difficult for credit unions our size. Our members, our employees and our community will benefit,” he said.
Newman said the Heritage Savings branch in Chatham is not going anywhere, adding that it is important, for the business and of course for its members.
FirstOntario has 32 branches in Ontario.