Momentum Credit Union enters into joint Memorandum of Understanding with FirstOntario Credit Union
(Hamilton and Oakville, ON) Momentum Credit Union (Momentum) is pleased to announce they have entered into a joint Memorandum of Understanding with FirstOntario Credit Union with the intention to merge operations.
“We’re very proud of the foundation we’ve built and the financial services we’ve provided to members for more than 75 years”, said Dave Thomas, Chair of the Board of Momentum, “However, it has become
increasing challenging for credit unions of our size to remain competitive due to, the constant increase in costs of regulation, technology and the rapid changes in financial services. We’re happy to have forged a great relationship over the years with FirstOntario as they share the same passion for member and employee experience, as well as the community that we do at Momentum. As our discussions evolved, our board knew that a potential merger would provide tremendous benefit to our members and expanded career opportunities for our staff.”
FirstOntario CEO Lloyd Smith noted the two credit unions share a joint passion for service. “We have had great success the past number of years, both financially and operationally, so it is good timing for FirstOntario to potentially partner with a credit union like Momentum. They have a rich history of service to their members. Over the past year FirstOntario has developed our social purpose of ‘Uniting Communities for a Sustainable Future’, and we’d be pleased to welcome Momentum members and staff in helping us deliver on this purpose in our joint communities.”
“Our discussions with Momentum Credit Union has shown their desire to provide maximum member benefit as well as opportunities for their staff”, said Dave Schurman, Chief Strategy Officer at FirstOntario. “Both credit unions are passionate advocates for members, employees and the community. By joining together, we will build on our strengths in providing the best in financial products and services.”
The merger is pending approvals by the boards of both credit unions, followed by approval from the provincial regulators and the membership of Momentum.
About Momentum Credit Union
Originating from the industrial credit unions of the Hamilton Street Railway, Otis Elevator, and Ford Motor company, Momentum has more than 75 years of experience in the financial service industry providing financial products and services to our members. Momentum serves members through branches in Oakville and Hamilton as well as through online banking, mobile banking, telephone banking
and a Member Solutions Centre.
About FirstOntario Credit Union
FirstOntario is a full service cooperative financial institution, serving members for more than 80 years throughout the Golden Horseshoe, Niagara Region and Southwestern regions of Ontario. With more than $6 billion in assets under management, FirstOntario is one of Ontario’s largest credit unions. Everyone is welcome to be part of FirstOntario for financial services including daily transactions, mortgages, lines of credit, loans and investments. FirstOntario profits are invested into the communities we serve through support for entrepreneurs, competitive rates and charitable pursuits including our award winning student nutrition program. Learn more about us today at FirstOntario.com.
For more information contact:
Greg Weber
Chief Financial Officer
Momentum Savings & Credit Union
1-888-956-6636 Ext 1014
[email protected]
Dave Schurman
Chief Strategy Officer
FirstOntario Credit Union
(905) 929-9691
[email protected]