Libro Credit Union Limited
TypeCredit Union
IndustryFinancial services
Founded1943
Headquarters217 York Street
London, Ontario
N6A 5P9
Key people
Stephen Bolton
president & CEO[1]
Jack Smit
former president & CEO
RevenueIncreaseC$132.61 million (2021)[2]
IncreaseC$13.32 million (2021)[2]
AUMIncreaseC$6.80 billion (2021)[2]
Total assetsIncreaseC$5.39 billion (2021)[2]
Number of employees
700[2]
Websitelibro.ca

Libro Credit Union, Libro, or Libro Credit Union Limited, is a credit union based in London, Ontario, Canada. Libro is owned by its customers, who direct the institution's decisions.[3] Libro offers many financial services, including chequing and savings accounts, loans, mortgages, investments, financial coaching and advice for consumers and farm and business owners.[4] Deposits are insured by the Financial Services Regulatory Authority of Ontario (FSRA).[5]

Libro was founded in 1951 by the Dutch Catholic immigrants in the Diocese of London, who sponsored Theodore J. Smeenk to immigrate to London and seconded him to establish it. In 1953 the name was changed to St. Willibrord Community Credit Union and to Libro Financial Group in 2006. The credit union has grown and expanded across Southwestern Ontario through mergers with other credit unions in London, Blenheim, Kitchener-Waterloo, St. Thomas and Wingham.[6]

Libro has over 103,000 members and $4.2 billion in assets under administration.{December 2017} There are 660 employees at 31 branches across southwestern Ontario and at the administration office in London, Ontario. Jack Smit was president and CEO from 1988 to 2012. He was also the chair of the Central 1 board of directors. Jack announced in August 2011 that he would retire on January 31, 2012. Stephen Bolton accepted the position of president and CEO, head coach on February 1, 2012.[7]

In 2007, Libro was awarded "Business of the Year" by the London Chamber of Commerce.[8] In 2010 Libro was awarded the "Quality Award" by the London Chamber of Commerce. Libro is the "bank" in the I Luv London edition of Monopoly.[9]

On June 4, 2010, Libro launched Young & Free Ontario [10] with United Communities Credit Union.

In June 2013 Libro and United Communities Credit Union announced their intent to combine operations. On January 1, 2014, the two credit unions amalgamated. On January 1, the Kellogg Employee Credit Union announced that it would join Libro as of March 31, following the closure of the Kellogg cereal plant in London.[11] In 2015 Hald-Nor Credit Union joined Libro with four branches in Haldimand and Norfolk counties.

References

  1. ↑ "Libro Financial Group Announces New President and Chief Executive Officer". libro.ca. Archived from the original on 2012-12-17. Retrieved December 20, 2011.
  2. 1 2 3 4 5 "Libro Credit Union Limited Financial Statements - December 31, 2021" (PDF).
  3. ↑ "Libro Credit Union - Banking & Financial Services | Official Site". Libro.ca. Retrieved 2022-03-15.
  4. ↑ "http://www.libro.ca"
  5. ↑ "Deposit Insurance and Credit Unions". Financial Services Regulatory Authority of Ontario. Retrieved 6 February 2020.
  6. ↑ "Kearney, Matt; Rosenkrantz, Otte (2000), St. Willibrord Community Credit Union: The first 50 years. Aylmer, Ontario: The Aylmer Express Limited. ISBN 0-9687045-0-6."
  7. ↑ "https://www.libro.ca/Community/Media/Downloads/LibroMediaBackground.pdf%5B%5D"
  8. ↑ ""27th Annual Business Achievement Awards - London Chamber of Commerce (London, Ontario)". Archived from the original on 2010-03-15. Retrieved 2010-03-16."
  9. ↑ ""I Luv London". Archived from the original on 2010-04-14. Retrieved 2009-12-04."
  10. ↑ "http://www.youngfreeontario.com/ Archived 2010-06-07 at the Wayback Machine"
  11. ↑ Libro Credit Union. "Kellogg Employees Credit Union to join Libro Credit Union to collectively serve more people across southwestern Ontario". Cision. Retrieved 11 May 2020.


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