Toronto, Canada – July 16, 2007: Portfolio+ Inc. is pleased to announce that two of its customers, Grand River Credit Union and Mitchell & District Credit Union have decided to pursue a merger. It is planned that the merged credit unions will operated under the name Your Neighourhood Credit Union, which Grand River Credit Union will be merging with on October 1, 2007.
“I’d like to congratulate both credit unions on their decision.”, says G. Robert Leeming, President of Portfolio+ Inc., “We will continue to work with our credit union partners to help them become stronger still”.
Portfolio Plus is used by both Grand River Credit Union and Mitchell and District Credit Union. Portfolio Plus offers a Plug-In Banking platform that is affordably priced and scalable for small or large deployments. Installations of Portfolio Plus can include modules for web banking, loans, mortgages, term deposits, investments, accounting, retail banking, CANNEX interface, FundSERV interface, ATM/POS switch interfaces, and more.
The planned merger will result in a credit union that has 13 branches, 29,100 members and $410 million in assets. The merger, of course, is subject to due diligence, regulatory and membership approvals. It is anticipated that the merger will be closed by December 31, 2007.
To find out more about the planned merger visit the Mitchell & District Credit Union announcement.
Portfolio+ Inc. connects financial institutions with customers and partners using innovative technologies. Its software solutions and open banking technology are used by financial institutions in Canada, Ireland, and the UK. With its powerful +Open Banking Platform and fully documented APIs, Portfolio+ has the power to connect banks, credit unions, and financial institutions with an evolving ecosystem of financial services technology that is putting everyday customers in control of their financial data.
Located in the Greater Toronto Area (GTA), Portfolio+ is used by 6 of the 7 largest financial institutions in Canada and is a part of Volaris Group Inc.