Health Care Credit Union to Join With WFCU Credit Union

LONDON/WINDSOR, ON (February 9, 2023) – Health Care Credit Union (“HCCU”) and WFCU Credit Union (“WFCU”) are excited to announce their intent to join for the benefit of the members and employees of both credit unions; and to further strengthen their financial and cooperative positions within their respective Southwestern Ontario markets. The two credit unions have signed a Letter of Intent that will see HCCU become part of WFCU later in 2023 subject to HCCU member approval.

“Over the past year, HCCU has been engaged in an assessment of the future of the credit union. The Board of Directors has determined the need to partner with an organization whose values and vision mirror our own, in order to expand and improve the products and services required to compete in this ever-changing environment of digital and online banking. After a robust process of option analysis, due diligence and reflection, the HCCU Board is pleased to confirm that WFCU is its preferred partner due to its proven track record of member service, competitive products and services, technology investment, financial sustainability, and commitment to the healthcare community,” states Jeanne Gibson, Chair, HCCU Board of Directors.

With regulatory approval, HCCU and its service to healthcare sector members will move forward under the name Healthcare – A Division of WFCU Credit Union. This name and mission will help drive both HCCU’s and WFCU’s healthcare-focused initiatives and their joint vision for the future financial service of healthcare members.

“Our shared vision and motivation excites us for this opportunity to come together and strengthen both of our credit unions. However, equally important is that our shared partnership is one in which HCCU’s remarkable history of serving the needs of its healthcare members and community is preserved and celebrated. This, in turn, better positions us to do more for our collective members, staff, and the communities we serve,” said Eddie Francis, President and CEO, WFCU. “As part of WFCU, a healthcare advisory board will be created that will include the HCCU Board as its first members. This advisory board will focus solely on ensuring the distinct needs of HCCU members and healthcare professionals are understood and integrated into WFCU’s operations.

“As a credit union, our foundation is built on the cooperative values of putting the financial well-being of our members and community at the forefront of everything we do,” commented Marty Gillis, Chair, WFCU Board of Directors. “Joining forces with HCCU will allow both our credit unions to strengthen our positions and deliver more to the members and communities we serve.

With regulatory approval, members of HCCU will be asked to vote on the proposed merger at HCCU’s AGM on March 20, 2023. The agreement will then be finalized in June 2023. Subject to membership approval, the proposed partnership will maintain a combined network of 13 retail locations and one digital branch, serving over 65,000 members across Ontario with $4.43 billion in assets under administration.

“Aligning our operations with WFCU allows us to provide more for our members with immediate access to a greater variety of product and service offerings,” explained Jolanta Swiatek, President and CEO, HCCU. “In addition, our employees are being offered roles consistent with those they have today, as well as greater opportunity for career growth and training. Both WFCU and HCCU possess strong community values and a desire to grow and expand in their service to the health care community, providing exemplary support and service for our present membership and those who will join us in the future.”

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For more information, please contact:

Jolanta Swiatek
CEO/General Manager
Health Care Credit Union
519.685.8353
info@healthcarecu.ca

Eddie Francis
President & CEO
WFCU Credit Union
519-974-3100 ext 1303
efrancis@wfcu.ca

About Health Care Credit Union

Since its incorporation in 1949, Health Care Credit Union has been providing financial services to the health care community in London and area while operating independent of any hospital affiliation. We offer a full range of traditional and internet banking services using the latest technology to more than 2,100 members. Health Care Credit Union is committed to a collective approach to saving and to using these savings to provide loans at competitive rates to our members.

About WFCU Credit Union

WFCU Credit Union has been recognized as a leading, progressive financial institution headquartered in Windsor and Essex County since 1940. Proudly serving Ontario residents, community organizations, small businesses, commercial entities and public institutions for over 80 years, WFCU Credit Union is the sixth largest credit union in Ontario, and twentieth largest credit union in Canada.

WFCU Credit Union operates nine retail locations in Windsor-Essex as well as three retail locations in the Waterloo Region through ECU – A Division of WFCU Credit Union and one digital entity, Omnia Direct. Through their variety of service channels including online and mobile banking, telephone banking and ATM services, WFCU Credit Union and its divisions have become the financial institutions of choice for 64,570 members across Ontario including 59,769 personal members in 25,510 households, 3,431 businesses and 1,370 organizations. Currently, WFCU Credit Union has $8.93 billion in Managed Assets and Member Service Totals of $11.8 billion. WFCU Credit Union membership is open to anyone who lives and/or works in Ontario. 

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