This exciting transaction puts Luminus Financial in the top 100 credit unions in Ontario.
TORONTO, ON – April 28, 2023 – We are thrilled to announce that Airline Financial and Luminus Financial members have voted in favour of approving the Airline Financial asset purchase by Luminus Financial. Membership votes were held on April 25 and April 27, with the result of close to 100% of voting members agreeing to the proposal. Through their scale and combined resources, the credit unions will be able to improve service for their collective memberships, employees and communities.
“The joining of our two organizations is an exciting step forward for Luminus Financial. We look forward to serving the combined membership of both credit unions with renewed enthusiasm,” said George De La Rosa, CEO of Luminus Financial.
The combined organization will operate under the legal name of Luminus Financial Services & Credit Union, doing business as Luminus Financial, providing services to nearly 7,000 members spanning across southern Ontario. Combined total assets under administration will be approximately $220 million, ranking Luminus Financial as one of the top 100 credit unions in Ontario.
“This step is a continuation of our community-focused mission, and we are excited to be partnering together with Luminus Financial to further enrich the lives of our members and community with better products, services, and member support,” said Tracy Harris, CEO, Airline Financial.
Members will gain access to an expanded range of financial products and services, including higher deposit rates, lower fees on certain services, increased loan limits, improved technology offerings, extended branch locations, and additional financial education opportunities.
Luminus Financial sees this as a collaborative acquisition, with all Airline Financial employees being offered positions at Luminus Financial. Prioritizing the now 25 full-time staff to service members throughout this transition period was important to both Luminus and Airline Financial. As a result, this purchase will not cause any job losses. Member-owners can continue to expect the level of service and expertise both organizations have proudly provided their communities for years.
In addition to expanding its employee base and range of products and services for its member-owners, the purchase also means that Luminus Financial will be moving its head office to the main Airline Financial branch located at 5401 Eglinton Ave W. Suite 110 Etobicoke, ON.
While continuous improvements are being made behind the scenes, Luminus Financial is proud to confirm there will not be a disruption to current operations or service delivery during or after this transition period.
ABOUT LUMINUS FINANCIAL
Luminus Financial, founded in 1951, provides everyday banking solutions for individuals, families, and businesses in Ontario with an expertise in under-banked markets. With over 4,500 members and nearly $180 million in assets, our vision is to truly enrich the lives of our member-owners and community by providing clearly better banking products, services, and financial advice.
ABOUT AIRLINE FINANCIAL
Airline Financial Credit Union was established in 1950 by a group of dedicated individuals to provide financial services for the employees of Pearson (Malton) Airport. Based on the spirit of co-operation, it was the beginning of a financial institution that has continually evolved to meet the needs of today’s members. Our growth to a membership base of over 2,600 and assets of over $45 million is due to the value of ownership, solidarity and responsibility that is the core of all co-operative movements.
