Peterborough-based Kawartha Credit Union and London-based Libro Credit Union have announced plans to merge into a single credit union as of January 1, 2026.
The announcement of the merger intention on Thursday (July 17) by the boards of the two Ontario credit unions comes after merger discussions in the first quarter of this year followed by the completion of due diligence, according to a website created for the proposed merger.
As a credit union is owned by its members, members of both credit unions will be asked to vote on the proposed merger later this year if regulators approve the merger. The merger will only proceed if members vote to do so.
“The boards of both credit unions believe this merger is in the best interests of members/owners, employees, communities, and the credit union,” says Libro Credit Union board chair Garrett Vanderwyst in a media release. “By coming together, we can scale and be better prepared for the future, while at the same time maintain the benefits and advantages of a community-focused credit union.”
“Both credit unions have a long history of helping members/owners achieve their financial goals,” says Kawartha Credit Union board chair Allison Chenier. “By coming together, the merged credit union will focus on providing the products, services and advice our members/owners need, while continuing to invest in our local communities.”
If the merger proceeds, the new credit union would have around $11 billion in total assets, over 180,000 members, and 57 locations across Ontario — combining Kawartha Credit Union’s 58,000 members and 23 branches with Libro Credit Union’s 120,000 members and 34 branches.
“No branch closures are planned as part of this merger,” states the merger website. “Kawartha and Libro have no geographic overlap in our branch networks.”
As for whether there will be any impact on employees, the website states that “Members will continue to work with the same familiar faces they are used to working with in our branches,” adding “With our larger branch network and larger merged credit union there will be many opportunities for employees to grow.”
The website also states that, following the merger, both the Kawartha Credit Union and Libro Credit Union brands “will continue to operate in their respective regions for the foreseeable future, so you will still see the credit union name you recognize.”
Existing membership accounts and services at each credit union, as well as banking arrangements including direct deposits, automatic payments, and cheques, will be maintained immediately after the merger. Any future changes “will be clearly communicated in advance,” according to the website.
The credit unions will prepare a merger application over the summer to be submitted to the Financial Services Regulatory Authority of Ontario, with regulatory review expected to take place in the fall followed by a “democratic voting process” by members. The results of the membership vote would be announced in December and, if the merger proceeds, the new credit union would officially launch on January 1, 2026.
More information about the proposed merger is available at goforwardtogether.ca.
Mergers are nothing new for either Kawartha Credit Union or Libro Credit Union.
Formed in 1952 as Cangeco Credit Union by employees of Canadian General Electric in Peterborough, the credit union’s name changed to Kawartha Credit Union in 1978 when it was opened up to anyone living and working in Peterborough. In 1985, a Lindsay branch opened after a merger with Lindsay Community Credit Union. In 1992, branches were opened in Bancroft and Coe Hill after a merger with North Hastings Credit Union. In 2001, branches were opened in Huntsville, Bracebridge, Magnetawan, Emsdale, South River, Burk’s Falls, and Parry Sound after a merger with Parry Sound Muskoka Credit Union. Other mergers included the Peterborough Industrial Credit Union as well as Mariposa Credit Union in 2007, Unity Savings and Credit Union in 2012, and Smiths Falls Community Credit Union in 2024.
Formed in 1951 in London by Dutch Catholic immigrants, Libro Credit Union was renamed as St. Willibrord Community Credit Union in 1953 and as Libro Financial Group in 2006. The credit union has grown and expanded across southwestern Ontario through mergers with other credit unions in London, Blenheim, Kitchener-Waterloo, St. Thomas, and Wingham. In 2014, Libro merged with United Communities Credit Union, one of Ontario’s largest credit unions at the time. Other mergers included the Kellogg Employee Credit Union in 2014, following the closure of the Kellogg cereal plant in London, and the Hald-Nor Credit Union and its four branches in Haldimand and Norfolk counties in 2015.
