Ont. credit union plots new digital bank to expand across Canada

A Canadian dollar or loonie is pictured in North Vancouver, on March 5, 2014 (Jonathan Hayward / THE CANADIAN PRESS).

TORONTO - Ontario credit union Meridian says it plans to launch a new bank in an effort to expand beyond Ontario.

The credit union hopes to start offering online and mobile-based banking services outside the province in 2018.

Meridian Bank will be a wholly owned subsidiary of the credit union.

Shares in the bank will not be publicly traded or sold.

Meridian CEO Bill Maurin says the bank will be based on the values and commitment to service that has defined the credit union.

Meridian was created in 2005 and has 270,000 members in Ontario and 81 branches across the province.