Tru Cooperative Bank and Libro Credit Union have signed a memorandum of understanding to explore a merger that would create a federally regulated, member-owned financial cooperative with nearly $33 billion in combined total assets and assets under administration. The proposed Tru Cooperative Bank would serve approximately 470,000 members and employ more than 2,200 employees through a multi-brand model preserving Libro’s Ontario presence and local brands. Member votes are anticipated in the first half of 2027, with both institutions remaining independent until regulatory and member approvals are secured. Libro members would vote on federal regulation and the merger, while Tru members would vote on the merger.