Manager Vito DiPaola and acting manager of business services Adam Meger explained what FirstOntario has to offer, during a Niagara Board of Trade and Commerce (NBOTAC) lunch at Club Capri Wednesday.
NBOTAC board member Mal Woodhouse remarked that while Thorold banks have been “abandoning the community," forcing Thoroldites to go to Merritton in recent years, “credit unions are going in the opposite direction.” He posed the question: “You view the service side as more important and the personal contact; is that a driven policy or is it temporary?”
“That’s our business model,” replied Meger. “We want to make sure we give back to our members. We are staying here in Thorold, and that’s for sure.”
With 32 branches across the province, “We’ve been around since 1939,” said DiPaola. “We’re the second largest in Ontario, with 115,000 members, and a management base of $5 billion.”
“Locally, we sponsor student nutrition programs, our Blue Wave group volunteers for charities, and we differ from the banks. Everyone has a mutual say. We have a local presence. Anyone affiliated with NBOTAC gets a special offer. We offer great value in banking. We’re not just about deposits and mortgages. We have a wealth team if you’re looking for mutual funds, stocks or bonds.”
Located at 35 Albert St. West, FirstOntario also has insurance brokers, DiPaola added.
“We do life insurance and an independent brokerage does home and other types of insurance.”
Adam Meger, acting manager of business services, graduated with a business degree from Brock in 2008 and joined Thorold's FirstOntario team this past March.
With six to seven years of business experience, he told the group, “My passion is doing business banking. I love being able to help business owners reach their dreams.”
Partnering with account brokers and lawyers, Meger stated, “We’re small enough to offer tailor-made solutions to get your business where you need to be,” including lines of credit and equity loans. “Everything is approved locally.”
“My promise to my members is I go to their business and learn a little bit more about them so they don’t have to shut down their business to come see me.”
“We have all the services that the banks have. We share our profits with our members with lower fees."
“Typically, we have significantly higher GIC rates and the ability to do short-term and long-term deposits, unlock personal lines of credit; we offer Visa credit cards, cash back and travel cards.”
In Ontario, credit unions have four per cent of the market share, according to DiPaola.
“In Niagara, it’s closer to 20 per cent. Banks tend to do more hostile takeovers. We are not like that at all. We are regulated by the provincial government.”
For more information, call 905-227-5228 or visit www.firstontario.com
The next NBOTAC event is a Business After 5 hosted by Gluckstein Lawyers on Dec. 5
In addition, NBOTAC will partner with the BIA and Thorold Tourism to hold their annual Christmas Social at Donnelly’s Pub on Dec. 10.
