For a second year in a row, Libro Credit Union has posted growth of more than $1 billion.
The largest credit union in southwestern Ontario announced during an online annual general meeting on Saturday that its total portfolio grew to $10.9 billion, an increase of $1.3 billion or 14 per cent over the previous year.
Those figures mark the credit union's second straight record year. In 2020, Libro's portfolio grew by $1.1 billion or 12.8 per cent.
"We’re celebrating successful annual results while also talking about how we make a difference to people and communities," said Libro CEO Steve Bolton. “We’re thanking everyone who does business with Libro and reminding them they have made a great decision by putting their money where it will have the best impact. And we’re asking more people to join us as Owners so we can keep growing for more impact every year.”
The credit union returned $13.96 million directly to its customers, in profit-sharing, dividends, and investment shares.
More than 6,400 people joined the credit union last year for more than 110,00 total customers. According to Libro, 824 of its new customers are locally-owned businesses. There are now a total of 10,234 businesses banking with the credit union.
Libro has more than 36 locations across southwestern Ontario.
