motusbank set to wind down, pending regulatory approval.
TORONTO, March 26, 2025 –Meridian Credit Union (“Meridian”) and Coast Capital Savings Federal Credit Union (“Coast Capital”) announced their intention to acquire Motus Bank (“motusbank”) assets and liabilities. motusbank, a national, digital subsidiary of Meridian, is slated to wind down within a year, pending all regulatory approvals. Products and accounts will transition to Meridian or Coast Capital, ensuring uninterrupted service for members.
Most lending products held by Ontario residents will be transitioned to motusbank’s parent company, Meridian, in spring 2025. These motusbank members will join the 380,000 Members of Meridian, unlocking additional banking products and services, and Membership benefits.
“As a Member-owned organization and Ontario’s largest credit union, we’ve made the decision to sharpen our focus on the growth and success of Meridian,” said Jay-Ann Gilfoy, President and CEO of Meridian and its subsidiary, motusbank. “We are confident in the future of our purpose-based business model, leveraging technology, community impact, and individual advice and connection as our key differentiators.”
motusbank has entered into a definitive agreement with Coast Capital. Pending regulatory approval and other customary closing conditions, all lending products held in provinces other than Ontario, a small selection of lending products held in Ontario, and all deposit accounts from all provinces will be transitioned to Coast Capital.
“As Canada’s largest federal credit union, we’re looking forward to welcoming motusbank members to Coast Capital,” says Calvin MacInnis, Coast Capital President & CEO. “We’re committed to providing an exceptional member experience and unlocking financial opportunities for our members through expert advice, competitive products and services, and an award-winning digital banking platform that will support the transition.”
As member-owned, values-based Canadian credit unions, Meridian and Coast Capital are committed to providing a full complement of quality financial products, services and advice to motusbank members.
motusbank launched in 2019 as a federal, digital bank for all Canadians and currently serves 16,000 members. Over the last several years, the technological benefits of operating a digital bank have been continuously integrated across Meridian systems. motusbank is planning to cease operations within a year, pending regulatory approval. There will be no job losses as a result of the closure.
Every motusbank member will receive further guidance on the impact to their products and services in the coming days and throughout the process. For most, limited action will be required.
All existing support channels, including secured messages through the online banking portal and real-time support lines will remain open until motusbank’s closure. motusbank deposits continue to be eligible to be insured by the CDIC.
Further information about motusbank’s wind-down can be found at motusbank.ca/announcement.
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About Meridian Credit Union
Meridian is Ontario’s largest credit union, and one of the largest in Canada. Guided by our purpose, “helping you achieve your best life,” Meridian delivers personal, and wealth financial business solutions to over 380,000 Members. Our bold Meridian for Good strategy is aimed at helping people get access to the money and advice they need; plan for a better future that is clean, resilient, and diverse; and be financially confident. Meridian has two operating subsidiaries: Meridian OneCap Credit Corp (“MOCC”) and motusbank. For more information, please visit: meridiancu.ca.
We acknowledge the land on which we operate is the traditional territory of many nations including the Mississaugas of the Credit, the Anishinaabe, the Chippewa, the Haudenosaunee and the Wendat peoples and now home to many diverse First Nations, Inuit, and Métis. We also acknowledge that Toronto is covered by Treaty 13 with the Mississaugas of the Credit.
About Coast Capital
At Coast Capital, we’re not dreaming about a better future, we’re building one. We’re a member-owned financial cooperative with an 80-year legacy of unlocking financial opportunities that positively impact people and communities. We believe that every Canadian deserves a financial partner who actually cares how things turn out. Driven by our social purpose, we look at everything we do through the lens of how we can help nearly 600,000 members, our employees, and communities. Ranked in the platinum category of the 2022 Corporate Knights’ Social Purpose Ranking and a proud Certified B Corporation™, we’re part of a global movement building a more inclusive, equitable and regenerative economic system. We’re deeply committed to making our financial cooperative a great place to work as demonstrated by some of our accolades. Coast Capital is a platinum member of Canada’s Best Managed Companies and one of Canada’s Most Admired Corporate Cultures. To learn more, visit us online at coastcapitalsavings.com.
For more information contact:
Erick Bauer, Public Relations, Meridian Credit Union
Erick.Bauer@meridiancu.ca 416-587-4185