British Columbia’s Tru Cooperative Bank and Ontario’s Libro Credit Union have signed a memorandum of understanding to explore combining operations, a move that could create a national member-owned financial institution serving customers across the country.
The two institutions announced the proposed merger jointly on Sept. 22. Together, they would serve approximately 470,000 members, employ more than 2,200 people, and hold nearly $33 billion in combined assets and assets under administration.
Under the proposal, the combined organization would operate legally under the Tru Cooperative Bank name, while Libro would keep its own brand for members in Ontario. Libro president and CEO Shawn Good said the shared aim of the two organizations is to extend cooperative banking to more people across Canada.
Approvals and Timeline
The merger is not yet finalized and depends on both member and regulatory approvals. Libro members will be asked to vote on two matters: whether to become federally regulated, and whether to approve the merger itself. Tru members will vote solely on the merger proposal.
Both institutions expect these votes to take place in the first half of 2027. In the meantime, Tru Cooperative Bank and Libro Credit Union say they will continue to operate independently of one another until the process is complete.
Tru’s Recent Expansion into Ontario
The potential merger follows Tru’s recent push into Ontario’s mortgage market. The bank entered the province’s broker channel through a partnership with MCAP in May. By late July, Tru had surpassed $101 million in approved mortgage volume through that channel, according to earlier reporting from Canadian Mortgage Trends.
That expansion into Ontario appears to align with the broader ambitions behind the proposed merger, which would give the combined institution a presence spanning British Columbia and Ontario under the cooperative banking model.
Proposed Tru Cooperative Bank–Libro Credit Union Merger by the Numbers
If approved, the merger would mark a significant consolidation within Canada’s credit union and cooperative banking sector, bringing together two regional institutions into a single entity with a national footprint.
This article is for informational purposes only and does not constitute financial, investment, or legal advice. Consult a licensed financial advisor before making investment decisions.
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