Libro Financial Group

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Libro Credit Union Limited
Type Credit Union
Industry Financial services
Founded 1951
Headquarters London, Ontario, Canada
Key people Stephen Bolton
President & CEO[1]
Jack Smit
Former President & CEO
Revenue IncreaseC$71.309 million (FY 2013)[2]
Net income IncreaseC$6.466 million (FY 2013)[3]
AUM IncreaseC$3.102 billion (FY 2013)[4]
Total assets IncreaseC$1.901 billion (FY 2013)[5]
Employees 556[6]
Website libro.ca

Libro Credit Union, Libro, or Libro Credit Union Limited, is a Credit Union based in London, Ontario. Unlike traditional banks, Libro is owned by its members (i.e. customers), who direct the institution's decision. [7] Libro offers many financial services, including chequing and savings accounts, loans, mortgages, and investments along with financial coaching and advice for consumers, and farm and business owners.[8] Deposits are insured by the Deposit Insurance Corporation of Ontario (DICO).[9]

Libro was founded in 1951 as the Dutch Catholic Immigrants in the Diocese of London. 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.[10]

Today Libro has over 95,000 members and $1.9 billion in assets. There are 556 employees at 27 branches across southwestern Ontario (Arkona, Blenheim, London, St. Thomas, Sarnia, Stratford, Strathroy, Kitchener-Waterloo, Watford, Wingham) and at the administration office in London, Ontario. Jack Smit was president and CEO from 1988 to 2012. He is 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.[11]

In 2007, Libro was awarded "Business of the Year" by the London Chamber of Commerce.[12] 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.[13]

On June 4, 2010 Libro launched Young & Free Ontario [14] with United Communities Credit Union.

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