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.
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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.
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combination → approve → services
The proposed merger would bring together two member-owned financial cooperatives with complementary strengths and deep roots in the communities they serve.
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they → propose → communities
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.
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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.
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members → continue → capabilities
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.
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unions → reflect → scale
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.
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“For far too long, Canadians have had limited choice when it comes to national banking options,” said Launi Skinner, CEO, Tru Cooperative Bank.
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“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.
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By bringing our complementary strengths together, we can offer both.
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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.”
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“Libro Credit Union has always been built around our members and the communities we call home,” said Shawn Good, President & CEO, Libro Credit Union.
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“As we considered our strategic direction, we wanted a partner that shared those values and could help us build on what we have created.
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we → consider → what
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.
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people → give → communities
It will also give our members and employees the benefits and opportunities that come with being part of a larger, values-aligned organization.”
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that → give → organization
“Our goal together is straightforward: bring cooperative banking to more Canadians,” Good added.
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“Members increasingly live, work, study, retire, invest and operate businesses across provincial boundaries.
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They expect sophisticated digital services, broader expertise, competitive products and the ability to maintain a trusted financial relationship wherever life takes them.
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A larger and more diversified national organization will have greater capacity to invest in technology and innovation, access capital, broaden products and expertise, and withstand economic and regional volatility.
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“This is an incredibly exciting time for Tru Cooperative Bank,” said Skinner.
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“In our first year as a federally regulated credit union, we have introduced a new brand, launched an innovative digital banking platform, and expanded our mortgage broker offering across the country.
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Now, we are taking another significant step forward alongside a like-minded credit union that shares our commitment to members, employees and communities.
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These are exactly the kind of opportunities we envisioned when we made the decision to become federally regulated—creating greater capacity to grow, serve more Canadians and demonstrate what’s possible for cooperative banking in Canada.
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Until the transaction receives member and regulatory approvals, both credit unions will continue to operate independently.
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Tru Cooperative Bank and Libro Credit Union will share additional information, including timelines, ahead of member votes, anticipated in the first half of 2027.
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Bank → share → 2027
Libro Credit Union members will vote on becoming federally regulated and approving the merger while Tru Cooperative Bank members will vote on the merger.
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members → vote → merger
About Libro Credit Union
Libro Credit Union is a full-service financial institution with a purpose of strengthening financial well-being for a better tomorrow.
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On January 1, 2026, Libro merged with Kawartha Credit Union, now operating as Kawartha Financial Services, a division of Libro Credit Union.
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This merger brings together more than 180,000 members, with more than $12.5 billion in assets under management and administration, full-service financial solutions delivered through 57 locations and robust digital platforms.
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With over 80 years of history, Libro is a trusted, purpose-driven partner committed to creating positive social and environmental impact as a certified B Corporation®, an associate member of the Responsible Investment Association, and a Living Wage employer.
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About Tru Cooperative Bank, formerly First West Credit Union
Tru Cooperative Bank brings together the best of both worlds, combining the strength and stability of a leading Canadian financial institution, and the care and community leadership of a local cooperative.
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With nearly $21 billion in total assets and assets under administration, and approximately 290,000 members, Tru Cooperative Bank offers clear, practical advice and modern banking that’s designed to be digital when it should be, and personal when it matters.
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Through its local brands — Envision Financial, Valley First, Island Savings, and Enderby & District Financial — Tru Cooperative Bank has contributed more than $44 million back to local communities while cultivating a nationally-recognized culture shaped by courageous leadership, authentic connection and collective strength.
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Learn more at trucooperativebank.ca and see how we’re creating a future where everyone can flourish.
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The Aporia
