UPDATE B.C.’s Tru Cooperative Bank and Ontario’s Libro Credit Union propose landmark merger to create a national cooperative banking option for Canadians

Combination will bring together two strong member-owned financial institutions with greater capacity to serve members, invest in communities and grow across Canada

LANGLEY, B.C and LONDON, ON, Sept. 22, 2026 (GLOBE NEWSWIRE) — Tru Cooperative Bank, a federally regulated credit union, and Libro Credit Union today announced they have signed a memorandum of understanding to explore a proposed merger. If approved by members, the combination would bring together two of Canada’s largest financial cooperatives in one of the largest mergers of its kind in Canadian history, and create a stronger, made-in-Canada choice in financial services.

The proposed merger would bring together two member-owned financial cooperatives with complementary strengths and deep roots in the communities they serve. The combined organization would serve approximately 470,000 members, employ more than 2,200 employees and have nearly $33 billion in combined total assets and assets under administration.

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The combined entity, which would be known legally as Tru Cooperative Bank, would operate through a multi-brand model designed to preserve trusted local brands, relationships and community presence while creating the shared capabilities needed to compete and grow nationally. The Libro brand would continue serving members and communities across Ontario, building on the local relationships and community focus that members know and trust while gaining access to additional capabilities and resources.

This approach reflects a shared belief that credit unions can remain deeply connected to their communities while building the scale needed to compete and grow. Canadian financial services are increasingly dominated by very large shareholder-owned institutions, while the cost and complexity of technology, payments, regulation and innovation make it increasingly difficult for smaller financial institutions to compete.

“For far too long, Canadians have had limited choice when it comes to national banking options,” said Launi Skinner, CEO, Tru Cooperative Bank. “Tru and Libro share a belief that Canadians should not have to choose between the capabilities of a national bank and the trusted relationships of a local credit union. By bringing our complementary strengths together, we can offer both. We are building a stronger, made-in-Canada, member-owned alternative that will continue to reinvest our profits in competitive products and services, our members’ financial well-being and the local communities we live and work in.”

“Libro Credit Union has always been built around our members and the communities we call home,” said Shawn Good, President & CEO, Libro Credit Union. “As we considered our strategic direction, we wanted a partner that shared those values and could help us build on what we have created. This combination gives us the opportunity to strengthen what has always defined Libro: helping people achieve financial well-being, supporting local businesses to grow, and building strong and resilient communities.