"We believe, and our research shows, that there is a clear desire in the marketplace for an innovative digital bank that offers a true full-service alternative to the big banks," Meridian CEO Bill Maurin said.

"Canadians are looking for flexibility, convenience, and mobility as well as a banking relationship with a financial institution that is socially relevant, and treats them as individuals, with individual needs," Maurin said. "Meridian is already delivering a banking experience that meets those demands, exceeds expectations and clearly resonates with Ontarians. Our Member satisfaction rating is among the highest of any bank or credit union in Ontario . With Meridian Bank, we want to bring the same Meridian experience to other Canadians, and unlike other digital offerings out there, we want to do that with the service offering breadth of a traditional full service retail financial institution."

Since Meridian was created in 2005, it has grown to 270,000 Members in Ontario and more than quadrupled consolidated assets under management to $14 billion . It has a network of 81 branches across Ontario and has plans to open seven more by 2017.

Meridian Bank is expected to begin offering online and mobile based banking services outside Ontario in 2018. As a wholly owned subsidiary of Meridian, it will ultimately be owned by all Meridian Members and shares in the bank will not be publicly traded or sold. Like Meridian Credit Union, it will not be hostage to quarterly earnings per share targets the way publicly traded Banks are, and will therefore take a long term view in terms of how it invests to serve its customers.

"This will be a bank with a real difference. It will be based on the values and commitment to service excellence that has defined credit unions for decades, with an exceptional focus on partnering with our customers to build stronger households, businesses and communities across Canada ," Maurin said.