Libro Credit Union announces record growth – again

April 2, 2022

LONDON, ON – Libro Credit Union is celebrating another successful year, including record growth of more than $1 billion for the second year in a row.

The southwestern Ontario financial institution – which provides banking services to more than 110,000 Owners, each of whom owns part of the company – held an online annual general meeting on Saturday, April 2. Owners, staff and guests heard about how Libro turns its success into positive impact on people and communities as a company led by its social purpose.

Some of the highlights of Libro’s annual results are:

  • For a second consecutive year, Libro posted the largest growth in its history. The credit union’s total portfolio grew to $10.9 billion, an increase of $1.3 billion (14%) over the previous year, when Libro reported then-record growth of $1.1 billion (12.8%).
  • The new total of more than 110,000 Libro Owners includes 6,470 people who joined in 2021. The average age of individuals joining was 39. And 824 of those new Owners are locally-owned businesses, taking the total number of businesses banking with Libro to 10,234.
  • The credit union returned $13.96 million directly to Owners, in profit-sharing & dividends, and investment shares. Net income before profit-sharing and taxes was $25.43 million.

Steve Bolton, Libro’s CEO and Head Coach, said: “At Libro, we will always put people first. We’re celebrating successful annual results while also talking about how we make a difference to people and communities.

“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.”

Libro Credit Union is a cooperative and certified B Corp which is led by a social purpose beyond profit. Libro seeks to make an impact in its focus areas of financial resilience, housing, employment, and local food accessibility.

You can find more information in Libro’s 2021 annual report, Making Money Better.

We welcome all media requests and are happy to make leaders available for interview.

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Media contact: Mike Donachie, Communications Manager, Libro Credit Union
P: 519-672-0130 ext. 4344, C: 226-926-4068,