Old East Village (OEV) will welcome a new financial institution to their neighbourhood by the end of the year after having gone without banking services since August 2018.
Libro Credit Union is opening a satellite branch on the northeastern corner of Dundas and Ontario streets. It’s expected to be open before the end of 2019.
Services to be offered at the branch will include banking services for business, retail and investment customers, on-site financial coaching and a 24-7 ATM and night deposit.
Libro CEO Steve Bolton made the announcement Wednesday, saying: “We think we are so good for Old East Village. We want to become part of the fibre that makes this place so great.”
The community has been left without a bank since last summer when TD Canada Trust closed in August.
President of the Old East Village Community Association Meg Pirie told Global News Radio 980 CFPL she is excited to see a financial institution back in the village and that banking is a definite need in this community.
“It is something the community has needed for some time. It’s incredibly exciting that it is an organization like Libro moving in because their values really align with the neighbourhood’s,” she said.
“I think Libro’s focus on community development and different programming and different education really fits well with Old East Village in terms of youth leadership and in terms of financial literacy for the broader community as well.”
With a financial institution in the community, banking will be a lot easier for OEV residents.
“It’s a lot more convenient for existing customers, and I think people will take a look and see them in the neighbourhood and see how convenient it is and maybe make a switch,” said OEV resident and Ward 4 Coun. Jesse Helmer.
Helmer said there is a lot of business growth happening in OEV.
“They have business banking needs. Having a financial institution here on Dundas is really important for the businesses in this area,” said Helmer.
“Having a financial institution move in is supporting that growth.”
Libro is the largest credit union in Southwestern Ontario with 32 locations. Libro’s headquarters are located on York Street next to the Via Rail train station in downtown London.