‘Victory’ for local credit union members: Luminus Financial to acquire Victory Community Credit Union
In an exciting move for local credit union members, two community-minded financial institutions, Luminus Financial and Victory Community Credit Union, have laid plans to become one later this year following a unanimous agreement between both boards of directors. The partnership is still pending regulatory and membership approval but is slated for completion by December 29, 2017.
This latest acquisition by Luminus Financial is another step forward in the credit union’s mission to bring a better banking experience to even more Canadians.
“We’re excited to have this opportunity to partner with a like-minded credit union,” said Paul Miller, board chair of Luminus Financial. “Both Luminus and Victory have a strong commitment to the community, and we’re looking forward to combining the expertise of our teams to better serve all of our members.”
Both credit unions have a long history of offering innovative and member-centric financial services. Victory has served the Mount Dennis and Weston communities for 70 years, while Toronto-based Luminus celebrated their 65th anniversary in 2016.
“During a time when the ongoing story is of banks leaving certain communities—including our very own communities of Weston and Mount Dennis—our board and senior management knew it was time to partner with a credit union that would help us push the organization forward and serve our members better through additional products and services,” said Carlo Polidoro, board chair for Victory.
Miller says the partnership will benefit members on both sides. “Both credit unions have a shared vision of being our members’ first choice for financial products, services and advice. By joining together, we are building a stronger credit union to serve the needs of those living and working in Ontario.”
The joint credit union will serve over 6,000 member-owners from two locations, with total assets of over $150 million.
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About Luminus Financial
Luminus Financial (formerly Starnews), an Ontario credit union, was founded in 1951. Headquartered in Toronto, Canada, Luminus provides banking products and services, including business and personal banking, loans, investment products and insurance to over 4,000 members.
Renamed in 2011, Luminus is the designated credit union for employees of Toronto Star, Metroland, Air Canada, Globe and Mail and Metro. In 2015 it opened the Financial Hub at 1 Yonge Street, where member-owners have access to a full range of financial resources and services outside of the credit union’s standard product and service offerings, including foreign currency exchange and wealth management services through service providers.
Members of Luminus are also owners of the credit union. At Luminus, member-owners have access to financial services at the least possible cost. Additionally, Luminus’ profits are shared with its members in the form of bonus interest on deposits and interest rebates on loans and mortgages.
