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2018 Annual General Meeting

Meridian Credit Union’s 2018 Annual General Meeting will be held on
April 24, 2018 at Liuna Station in Hamilton.

More details coming soon!

  • 2017 Annual General Meeting - April 20, 2017, Toronto

    Meridian Credit Union’s 2017 Annual General Meeting was held on April 20, 2017 at the Metro Toronto Convention Centre.

    We thank all of our Members who attended.  It is your commitment and participation that makes a difference and leads to our success.  It is what makes our credit union a unique place to do business.

    At the AGM, the results of the 2017 Members’ Vote were announced as follows:

    1. The Special Resolution to confirm the amended and restated By-law was confirmed by 80.56% of votes cast.
    The full text of the amended and restated By-law is available upon request by emailing Returning.Officer@meridiancu.ca

    2. The following four Directors were elected to the Board:

    • Jeff Chesebrough
    • Larry Doran
    • Peter Patchet
    • Mike Valente

    To read more about our Directors, visit our Board of Directors page

    AGM Webcast

    If you were not able to attend the AGM, you may watch a recording of the meeting here.  

    Answers to additional questions, which we did not cover during the Annual General Meeting, are posted below:

    Q: When will Meridian have $250,000 insurance coverage for saving deposits in non-registered accounts?

    A: The current coverage for non-registered demand deposits is $100,000 and will be increasing to $250,000 based on a regulatory change (there are no maximum limits for deposits held in registered savings). Deposit insurance is provided through the regulatory body DICO and the increase to non-registered deposits is anticipated to take effect in early 2018.

    Q: What is your strategy for appealing to millennials and keeping our young members engaged to be long term clients?

    A: Research shows that Millennials are very concerned about the values of the financial institution they deal with, followed by the proximity of bank branches to where they live or work, personal service and the mobile app. With this in mind, at Meridian our values very much align to the values of millennials. Our core value is to always have our member’s back and do what’s in their best interest. We are also strongly committed to the communities we are located in and are highly active and supportive within these communities. As part of our growth strategy to ensure we build branches in key areas, we have expanded our physical branch presence in many new communities in and outside the GTA and have grown our branch network by 23 in just 2 years. We continue to expand our Digital channel which will provide additional convenient, easy ways for Members to do their banking which should appeal to the millennial group who also favour using mobile to do their banking. We are a leader in our use of social media and we continue to explore ways of reaching out to our members in the way they like to be communicated with.

    Q: How many CU's in Canada have gone Nationally without going the Bank route - and what success have they achieved? What Class of bank is Meridian Bank?

    A: There are no credit unions that have expanded nationally without utilizing an option under the federal Bank Act. The two primary options available to credit unions for national expansion under the Bank Act are to either (a) establish a bank subsidiary, or (b) continue federally as a federal credit union (“FCU”). Currently, there is one credit union that has continued as an FCU, and there are others that have indicated a desire to do so. There are two credit unions that have established bank subsidiaries. Once Meridian’s bank subsidiary is established, it would be categorized as a “Schedule I” bank under the Bank Act.

    Q: How many votes were cast for the Special Resolution and for vacant positions on the Board? How many votes are cast on average each year? What steps are taken to inform members of the vote? The AGM?

    A: 1,657 votes were cast for the Directors’ Election and 1,636 votes were cast for the Special Resolution. On average there have been 1,500 votes cast each year that there has been a vote.

    • Notice in the St. Catharines Standard on March 9, 2017
    • Notice on meridiancu.ca
    • Digital display in branches
    • Poster in branches
    • Emails to all Members who email addresses were available on two occasions: March 28 and April 11, 2017
    • Message in March and April Member statements