Meridian Credit Union will open a new digital bank offering for Canadians outside of Ontario. The digital bank is expected to be up and running in 2018.
“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,” says Bill Maurin, CEO at St. Catharines, Ont.-based Meridian, in a statement on Wednesday.
The full-service offering is what will distinguish Meridian Bank from other available digital offerings, he adds.
The new online and mobile-based banking service will be a wholly-owned subsidiary of Meridian Credit Union and therefore owned by the credit union’s members.
“This will be a bank with a real difference. It will be based on the values and commitment to service excellence that has defined credit unions for decades,” says Maurin, “with an exceptional focus on partnering with our customers to build stronger households, businesses and communities across Canada.”
Meridian Credit Union was established in 2005 and has 270,000 members in Ontario with assets under management of $14 billion. It has a network of 81 branches across Ontario and has plans to open seven more locations by 2017.
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