Rapport Credit Union and WFCU Credit Union have recently entered discussions to explore a potential merger. If approved, the new entity will be a locally minded and member-centric organization, serving 86,000 members throughout Ontario with branches across 22 communities. The proposed merger will connect Ontario’s four corners – from Thunder to Kingston and Toronto to Windsor – and form a more advanced, robust, and competitive credit union with a more expansive retail banking network and broader membership base. It will also positively influence revenue growth, operational efficiency, sustainability, and member equity.

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Source: Rapport Credit Union & WFCU Credit Union

Rapport Credit Union (“Rapport”) and WFCU Credit Union (“WFCU”) have entered discussions to explore a potential merger.

The proposed agreement will connect Ontario’s four corners, forming a more advanced, robust, and competitive credit union with an expansive retail banking network and broader membership base. Serving members from Thunder Bay to Kingston and Toronto to Windsor, and numerous smaller communities in between, the new entity will be a locally-minded and member-centric organization, serving 86,000 members throughout the province with branches across 22 communities. Working as one entity with the new benefit of provincial scale, this merged credit union is positioned to become the top financial service provider for individuals and businesses in Ontario.

Rapport and WFCU are strongly aligned with their values, community roots, and purpose-driven cultures. They share a core business philosophy, placing members' best interests at the heart of every business decision, and their leaders are committed to ensuring this remains so, regardless of size. Financially, the proposed merger will positively influence revenue growth, operational efficiency, sustainability, and member equity.

The Board of Directors of both credit unions are committed to further exploring the merits of joining together, prioritizing the best interests of their members, employees, and the communities they serve. Discussions at this stage will centre around the enhanced provincial branch network, more competitive products and services, innovative new technologies and tools, improved community benefits, and additional opportunities for employee advancement and success.

Rapport and WFCU are presently engaged in exploratory dialogue and planning. Great focus and care will be taken as the team embarks on due diligence where the leadership will consider and explore the strengths and opportunities of the proposed merger.

Once the due diligence phase is completed, a business case will be presented to the Boards for their approval and a subsequent application will be made to the Financial Services Regulatory Authority (FSRA) for its review and consideration.

Members will be able to receive initial updates on the potential merger through the Rapport and WFCU websites. When the thorough analysis is complete and if a merger is recommended, Rapport and WFCU will launch a dedicated website to provide further timely communications, allowing members to track the progress of this joint endeavour.

As they continue to explore and navigate this unique and promising path, both credit unions are optimistic and encouraged by the preliminary benefits such a progressive new credit union will bring to their members, employees, and communities across the province. Together, they are very excited to start laying the foundation for Ontario’s leading Credit Union.