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Guaranteed Investment Certificate (GIC)

Grow your savings with confidence

When you invest in a GIC, your principal is protected, and your return is guaranteed for the full term.

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Take advantage of our special offers

90-day non-redeemable registered GIC

4.00%*

Get this rate

13-month FlexSavings Cashable GIC

3.00%*

Get this rate

26-month non‑redeemable GIC

3.50%*

Get this rate

Advantages of a GIC

Keep your money safe while earning steady, predictable returns.

Great rates

Grow your money faster than with a regular savings account.

Safe and secure

Your principal is fully protected, keeping your savings 100% secure.

Flexible terms

Pick the right fit — short-term or long-term options tailored to match your goals.

Account options

Invest in GICs through a non-registered account, TFSA, RRSP, RRIF, or RESP.

Select your GIC

Specials
Short-term
Long-term
Accelerator
Escalator
Market-linked
U.S. dollar

GIC Specials

  • Limited-time offers.
  • Redeemable and non-redeemable.
  • Available in non-registered and registered accounts.
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GIC Specials

GIC Specials
Rate*

GIC Specials

90-day non-redeemable registered GIC
TFSAs, RRSPs, RRIFs, and FHSAs
Rate*

4.00%

GIC Specials

1-year redeemable GIC
Non-registered and registered accounts (except RESPs)
Rate*

2.85%

GIC Specials

13-month FlexSavings Cashable GIC
Non-registered accounts, TFSAs, and FHSAs
Rate*

3.00%

GIC Specials

14-month non-redeemable GIC
Non-registered accounts, TFSAs, RRSPs, RRIFs, and FHSAs
Rate*

3.15%

GIC Specials

26-month non-redeemable GIC
Non-registered accounts, TFSAs, RRSPs, RRIFs, and FHSAs
Rate*

3.50%

GIC Specials

5-year non-redeemable GIC
Non-registered accounts, TFSAs, RRSPs, RRIFs, and RESPs
Rate*

3.35%
* Rate and terms subject to change without notice. Conditions apply.

Short-term GICs

  • Terms from 90 to 364 days.
  • Redeemable and non-redeemable.
  • Available in non-registered accounts, TFSAs, RRSPs, and RRIFs.
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Short-term GICs

Redeemable GICs
Rate*

Redeemable GICs

90–179 days
Rate*

2.10%

Redeemable GICs

180–269 days
Rate*

2.10%

Redeemable GICs

270–364 days
Rate*

2.25%

Redeemable GICs

Non-redeemable GICs
Rate*

Rate*

Redeemable GICs

90–179 days
Rate*

2.60%

Redeemable GICs

180–269 days
Rate*

2.60%

Redeemable GICs

270–364 days
Rate*

2.75%
* Rate and terms subject to change without notice. Conditions apply.

Long-term GICs

  • Terms from one to five years.
  • Redeemable and non-redeemable.
  • Our laddering strategy helps you earn more while staying flexible.
  • Available in non-registered accounts, TFSAs, RRSPs, RRIFs, and RESPs.
Buy a GIC
Long-term GICs

Redeemable GICs
Rate*

Redeemable GICs

1 year
Rate*

2.20%

Redeemable GICs

2 year
Rate*

2.50%

Redeemable GICs

3 year
Rate*

2.75%

Redeemable GICs

4 year
Rate*

2.75%

Redeemable GICs

5 year
Rate*

2.80%

Redeemable GICs

Non-redeemable GICs
Rate*

Rate*

Redeemable GICs

1 year
Rate*

2.70%

Redeemable GICs

2 year
Rate*

3.00%

Redeemable GICs

3 year
Rate*

3.25%

Redeemable GICs

4 year
Rate*

4.00%

Redeemable GICs

5 year
Rate*

3.35%
* Rate and terms subject to change without notice. Conditions apply.

Accelerator GIC

  • The interest rate increases each year over the five-year term.
  • Option to convert to a regular GIC on the 3rd and 4th anniversaries.
  • Re-invest at higher rates if the market rises.
  • Redeem up to 20% of the principal with no penalty, once a year.
Buy a GIC
Accelerator GIC

Accelerator GIC
Rate*

Accelerator GIC

Year 1
Rate*

3.00%

Accelerator GIC

Year 2
Rate*

3.10%

Accelerator GIC

Year 3
Rate*

3.15%

Accelerator GIC

Year 4
Rate*

3.50%

Accelerator GIC

Year 5
Rate*

5.00%

Accelerator GIC

Effective yield
Rate*

3.55%
* Rate and terms subject to change without notice. Conditions apply.

Escalator GIC

  • The interest rate increases every 8 months over the two-year term.
  • Interest compounds every 8 months, so you earn interest on your interest.
  • Redeemed in part or in full on each anniversary date or up to 30 days after the anniversary.
  • Available in non-registered accounts, TFSAs, RRSPs, and RRIFs.
Buy a GIC
Escalator GIC

Escalator GIC
Rate*

Escalator GIC

Months 1–8
Rate*

3.00%

Escalator GIC

Months 9–16
Rate*

3.20%

Escalator GIC

Months 17–24
Rate*

4.00%

Escalator GIC

Average yield
Rate*

3.40%
* Rate and terms subject to change without notice. Conditions apply.

Market-linked GICs

  • Principal is 100% guaranteed at maturity.
  • Offer potential for higher returns by tracking the performance of recognized companies in Canadian or global stock markets.
  • No need to monitor the market.
  • No management fees to calculate or deduct from returns.
  • Available in non-registered accounts, TFSAs, and RRSPs.
Buy a GIC
Market-linked GICs

Canadian market-linked GICs
Rate*

Canadian market-linked GICs

3 year
Rate*

up to 7.43%

Fact sheet

Canadian market-linked GICs

5 year
Rate*

up to 9.02%

Fact sheet

Canadian market-linked GICs

Global market-linked GICs
Rate*

Rate*

Canadian market-linked GICs

3 year
Rate*

up to 8.29%

Fact sheet

Canadian market-linked GICs

5 year
Rate*

up to 9.16%

Fact sheet
* Maximum annual compound rate of return. Rate and terms subject to change without notice. Conditions apply.

U.S. dollar GICs

  • Terms from 30 days to five years.
  • Available in non-registered accounts, TFSAs, RRSPs, and RRIFs.
Buy a GIC
U.S. dollar GICs

Short-term GICs
Rate*

Short-term GICs

30–59 days
Rate*

2.80%

Short-term GICs

60–89 days
Rate*

2.85%

Short-term GICs

90–179 days
Rate*

2.90%

Short-term GICs

180–269 days
Rate*

3.00%

Short-term GICs

270–364 days
Rate*

3.10%

Short-term GICs

Long-term GICs
Rate*

Rate*

Short-term GICs

1 year
Rate*

3.70%

Short-term GICs

2 year
Rate*

3.55%

Short-term GICs

3 year
Rate*

3.70%

Short-term GICs

4 year
Rate*

3.75%

Short-term GICs

5 year
Rate*

3.75%
* Rate and terms subject to change without notice. Conditions apply.

Top 5 questions about a GIC

Make your money work harder. Book an appointment to get started.

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Terms and conditions

* Rate subject to change at any time. Conditions apply.

Sami Sappong

Board endorsed

Personal statement of interest

I have had the privilege of serving on the Board of FirstOntario for the last 3 years, including serving on various committees. I have gained a deeper understanding of member needs versus the value that FirstOntario is seeking to deliver. I understand the opportunities and challenges that we need to navigate to grow FirstOntario membership in an efficient and profitable manner for the long term. The opportunity to continue serving on the Board, and partner with Management, to deliver exceptional service and positive experiences to members and their communities would be a privilege.

What can you specifically contribute to the Board

  • Functional expertise in business transformation, strategic planning, project execution, M&A and change management
  • Financial services industry experience, including Credit Unions
  • Board governance experience
  • Leverage skills in teamwork, collaboration, stakeholder management, and facilitation to partner with other Board members to successfully deliver on FirstOntario’s strategic objectives

Education & Professional Designations

  • Accredited Canadian Credit Union Director (ACCUD)
  • MBA, MSc, PMP, CCMP

Work Experience

  • Sappong Consulting, Principal 2018 - present
  • Conestoga College, School of Business, Professor 2022 - present
  • Guaranteed Funeral Deposits, Vice President, Business Development
  • World Vision Canada, Vice President, Strategy & Efficiency Innovation
  • Meridian Credit Union, Vice President, Strategic Planning & Project Management
  • Foresters Financial, New York, NY, Vice President, Strategy & Planning
  • Sun Life Financial, Director, Market Development
  • Foresters Financial, Director, North American Strategy & Planning

Board & Committee Experience

  • Board Member - FirstOntario Credit Union (Committees: Strategy, Risk and Governance)
  • Board Member & Secretary - New Life Prison Ministries
  • Board Member - Connecting To Africa, Nova Scotia (Committees: Strategy)
  • Branch Councillor, Ontario South - Foresters Financial
  • Board Member - Victorian Order of Nurses

Lorie Peacock

Board endorsed

Personal statement of interest

As a proud member of FirstOntario Credit Union for more than 30 years, with over 12 years of experience as a director on the board, I am eager to leverage my skills and experience to enhance our Board's efforts to benefit our members, partners, and the community. I look forward to the opportunity to return to the Board and uphold our member-focused values. It’s important that we continue to operate our Credit Union based on the core values that differentiate the credit union from a bank, which means being democratic, community-based and focused on our members' needs. I am dedicated to nurturing the community relationships we have built over the years.

What can you specifically contribute to the Board

  • 30+ years Board experience
  • Mentor & Leadership
  • Strategic Planning
  • Risk Management
  • Mergers & Acquisitions

Education & Professional Designations

  • Credit Union Director Achievement Program (CUDA)
  • McMaster University Labour Studies Program

Work Experience

  • GM/CAW Workplace Training Facilitator
  • OFL Certified Health & Safety Instructor
  • WHMIS trainer
  • General Motors Employment Equity/Women’s Advocate
  • Human Rights Trainer & Investigator

    Board & Committee Experience

    Over 40 years of experience serving on a variety of Boards and committees:

    • Director FirstOntario Credit Union
      Committees: Elections, Governance, Corporate Social Responsibility, Risk
    • Executive Board St. Catharines & District Labour Council, Trustee
    • Board of Directors Niagara North Condominium, Chair
    • Women’s committee, Education, Community Services supporting a variety of community optimizations – Canadian Landmine foundation, Alzheimer’s Society, United Way, Hospice Niagara, Gilian’s Place, to name a few

    Dave Miller

    Personal statement of interest

    I have a deep respect for FirstOntario. Being a member for over 30 years, I have observed many positive changes while always continuing to be a respected, long-standing, community-focused credit union. I would hope my approach to board issues being framed around risk, regulatory, legal and financially sound decisions, and still allowing for creative ideas that best serve the members, community and organization will be a benefit. I embrace learning new approaches and working with motivated and diverse background individuals. Thank you for the opportunity.

    What can you specifically contribute to the Board

    • Work on several boards for over 20 years
    • Business management experience from for profit and not for profit perspective in all aspects of operations
    • Adherence to finance, risk, governance, policy and procedure
    • Strong financial acumen
    • Always take on a board role as an active director
    • Participation in committee work – finance, governance, risk, strategic planning, grants and awards

    Education & Professional Designations

    • BUSINESS ADMINISTRATION • Industrial Management major • Niagara College
    • CFEE - Certified Festival and Event Executive
    • CPP - Certified Professional Purchaser
    • CPIM - Certified in Production and Inventory Management
    • BOARD GOVERNANCE • DeGroote School of Business

    Work Experience

    • Executive Director • Burlington’s Sound of Music Festival
    • Logistic Manager • Dahl Brothers
    • Director Of Operations • Repla Limited

    Board & Committee Experience

    Served on policy and operational boards and committees with experience in finance, governance and nominating, education, strategic planning, bylaw review, board policy and procedure, jurying awards and grants, logistics, operations and programming.

    • Halton, Hamilton, Brant Regional Tourism Association (RTO3)
    • Festival And Events Ontario
    • Tourism Burlington
    • Ontario Contact
    • Burlington’s Sound of Music Festival

    Matthew Perri

    Board endorsed

    Personal statement of interest

    I wish to become a Director on FirstOntario’s Board because I strongly believe in the value of trusted advice in helping Canadians navigate their finances in order to achieve their life goals. My past and current experiences have provided me with the passion, technical skills, and soft skills to help an organization lead the charge in putting Clients first when it comes to their finances.

    What can you specifically contribute to the Board

    My personal values to the Board of Directors will be:

    • Accountability
    • Strong communication
    • Presence
    • A sounding board
    • Passion for making it easier for Clients to do business with the financial services industry

    Education & Professional Designations

    • Chartered Professional Accountant (CPA) from CPA Ontario
    • Honours Bachelor of Commerce from McMaster University
    • Minor in Economics from McMaster University

    Work Experience

    • Advisor, Sun Life (Current)
    • Director, Strategic Initiatives, Sun Life (1 year)
    • Investor Relations (Analyst -> Manager -> Director), Sun Life (3 years)
    • Financial Analyst, Group Benefits, Sun Life (1 year)
    • Internal Auditor, Sun Life (1 year)
    • Internal Control Analyst, Ford Motor Company of Canada (1.5 years)

    Board & Committee Experience

    • Board member and Finance Subcommittee, John Howard Society of Hamilton, Burlington, & Area (~1 year)
    • Treasurer and Board member, Fetch + Releash Dog Rescue (4 years)

    Ejaz Nadeem

    Board endorsed

    Personal statement of interest

    As a lifelong advocate for financial literacy, sound governance, and member value, I am seeking election to the Board of FirstOntario Credit Union to contribute my strategic, financial, and leadership expertise. I bring a deep understanding of risk management, regulatory compliance, and fiduciary responsibility developed over three decades in the financial sector.

    My governance experience includes serving as National Chair, Treasurer, Finance & Audit Chair, and Governance Committee member. I am committed to strong oversight, financial stewardship, and member-driven decision-making. If elected, I will help strengthen financial sustainability, support innovation, and uphold the values that make FirstOntario trusted in our communities.

    What can you specifically contribute to the Board

    • 30+ years of financial services leadership with deep operational and strategic experience
    • Former FirstOntario VP & Head of Wealth Management, providing direct insight into members, culture, and regulatory expectations
    • Strong governance background: National Treasurer, Finance & Audit Chair, Governance Committee member
    • Robust financial literacy from P&L leadership, budgeting, forecasting, and capital awareness
    • Risk-aware decision-maker, experienced in conducting risk, suitability, compliance, and audit collaboration
    • Constructive challenge mindset grounded in clarity, evidence, and member outcomes
    • Collaborative board approach that respects roles, values diverse perspectives, and supports collective decisions
    • Commitment to cooperative principles and long-term member value
    • Focus on sustainable performance, financial resilience, and responsible risk-taking

    Education & Professional Designations

    • Master's Degree, MA (Economics) from the University of Alberta
    • Completed levels 1 and 2 of the Chartered Financial Analyst Program (CFA)
    • CFP and CLU designations

    Work Experience

    • Management Consultant 2021 – Present
    • VP & Head of Wealth, FirstOntario Credit Union 2011-2020
    • VP (Regional) Credential/Aviso Wealth 1998-2009

    Board & Committee Experience

    Current:

    • Board Trustee, Past Chair, The Institute for Advanced Financial Education
    • Board Director, Advocis, The Financial Advisors Association of Canada
    • Member, Governance Committee, Advocis

    Past:

    • Treasurer, Finance & Audit Committee Chair, Advocis
    • Board Director and Treasurer, Muslim Association of Hamilton
    • Board Director, Canadian Association of Gift Planners

    Carmelina La Vigna

    Board endorsed

    Personal statement of interest

    It would be an honour to once again serve on the Board of FirstOntario Credit Union and continue prioritizing our members and the long-term success of our credit union. As a member and a small business member, I was awarded the inaugural 2016 FirstOntario Credit Union’s 1Awards Niagara for small business entrepreneurs. I am committed to cooperative principles, member-owner values and investment in our communities. I have over 30 years’ experience providing accounting services to a variety of businesses, dealing with many financial institutions and entrepreneurial/start-ups. My financial literacy, prudent decision making, independent voice, leadership skills and community relations are positive contributions to safeguarding members’ best interests.

    What can you specifically contribute to the Board

    • Board of Directors and committee experience
    • Extensive accounting and business experience
    • Oversight, Insight and Foresight
    • Commitment to the time required to be a diligent director/committee member
    • Proud community and small business representative
    • Independent and impartial voice

    Education & Professional Designations

    • Accredited Canadian Credit Union Director (ACCUD), Dalhousie University
    • Audit Committee Effectiveness Course (ICD), Institute of Corporate Directors
    • Bachelor of Accounting (Honours) – Brock University

    Work Experience

    • 30+ years of Financial Administration/Consulting for various businesses. Specializing in law firm accounting, law firm and small business start-ups and full-cycle accounting services
    • Entrepreneur/Small Business Owner
    • Commercial Property Owner

    Board & Committee Experience

    • FirstOntario Board of Directors (3 years)
      • Audit & Risk Committee
      • Strategic Oversight Committee
      • Governance Committee
    • Club Roma (St. Catharines) Inc. Board of Directors (2 years)
    • Annual Club Roma Ladies Auxiliary Golf Tournament for Tender Wishes Foundation, Committee Member (26 years)

    Rick Sroka

    Board endorsed

    Personal statement of interest

    Since taking out my first mortgage and car loan with a credit union, I have always felt that I am treated as a person and not just a number. I believe in being part of a co-operative organization that puts value on members’ needs ahead of corporate profits. I strongly believe in the value and principles of the credit union movement and wish to continue to serve on the Board of Directors of FirstOntario to fulfill these ideals.

    What can you specifically contribute to the Board

    My strong financial background and over 30 years of credit union experience as a Board Director allow me to be an effective contributor to monitoring FirstOntario’s performance and managing risks. I have been involved in several successful merger/acquisition events and can add valuable input on any future opportunities. I feel that I have the experience to make a meaningful contribution as a Director for FirstOntario members.

    Education & Professional Designations

    • Chartered Professional Accountant (CPA)
    • Certified Management Accountant (CMA)
    • Bachelor of Arts Business, McMaster University
    • Audit Committee Certified (ACC) – Directors College (McMaster University)
    • Accredited Canadian Credit Union Director (ACCUD) – Dalhousie University

    Work Experience

    • Chartered Professional Accountant, Richard G. Sroka, 2012 – Present
    • Controller & HR Manager, Atlas Hydraulics Inc. 1999 – 2012
    • EHT Auditor, Ministry of Finance 1999 – 1999
    • Senior Accountant, Millard Rouse & Rosebrugh CPAs 1986 – 1999

    Board & Committee Experience

    • Audit & Risk Committee Chair/Vice Chair – FirstOntario
    • Strategic Oversight Committee Member – FirstOntario
    • Governance Committee Member – FirstOntario
    • Elections Committee Member – FirstOntario
    • Board Vice Chair – Three years, Rochdale Credit Union
    • Audit Committee Chair – Rochdale Credit Union
    • Governance Committee Member – Rochdale Credit Union
    • Board Chair – Polish Alliance
    • Audit Committee Chair – Polish Alliance

    Otto Penner

    Board endorsed

    Personal statement of interest

    As an area manager at GM, I have gained the knowledge of working with groups of people from varied backgrounds and experiences and practiced inclusive leadership styles. This experience has benefits of understanding Board dynamics, and therefore, I believe I bring strong people and leadership skills to the Credit Union. I have a keen interest in financial matters and have a working knowledge of establishing and managing budgets. I have working knowledge and understanding of ISO & ERM processes, due to my General Motors work experience related to Quality Risk Management (QS9000 & ISO14001).

    What can you specifically contribute to the Board

    • I believe in the co-operative philosophy of people helping people.
    • The Credit Union requires knowledgeable, strong Directors to be leaders into the future. Boards have a legal and moral obligation to maintain Director Accountability with high standards and ethics.
    • My recent focus has been on seniors' issues in Niagara, and I have found that more needs to be done. I bring an in-depth senior point of view to the Board since seniors are the fastest-growing segment of the population of the Niagara/Hamilton region.

    Education & Professional Designations

    • Bachelor of Science Degree in Management and Economics, (State University of New York) Business Leadership Certificate,
    • Board Governance Certificate from Niagara College,
    • Chartered Director from McMaster University/DeGroote School of Business.

    Work Experience

    • General Motors St. Catharines: Management for 42 years

    Board & Committee Experience

    • Credit Union member since 1963 and a Director since 1981, have served on every Board committee, including the Audit and Risk Committees, and have been Chair and Vice Chair numerous times.
    • As a member of the Governance Committee, we participated in achieving significant Board Governance reform, resulting in the governance model presently in existence at the Credit Union
    • Chair of the Niagara Falls Senior Advisory Committee and on the Board of the Age Friendly Niagara Council as Vice Chair.

    Open a business account

    If you’re new to Creative Arts Financial, book a virtual appointment to complete your membership application.

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    Already a member? Give us a call at 1‑866‑800‑2787.

    Become a business member

    If you’re new to Creative Arts Financial, book a virtual appointment to complete your membership application.

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    Become a member

    If you’re new to Creative Arts Financial, complete your membership application online or book a virtual appointment.

    Apply online
    Book an appointment
    Business U.S. Dollar Investment Savings account

    Balance
    Rate*

    Balance

    All balances
    Rate*

    0.20%
    * Per annum rate. Rate and terms subject to change without notice. Conditions apply.
    Business Savings account

    Balance
    Rate*

    Balance

    $0 – $100,000.00
    Rate*

    0.20%

    Balance

    $100,000.01 – $250,000.00
    Rate*

    0.30%

    Balance

    $250,000.01 – $500,000.00
    Rate*

    0.40%

    Balance

    $500,000.01 – $750,000.00
    Rate*

    0.60%

    Balance

    $750,000.01 – $1,000,000.00
    Rate*

    0.80%

    Balance

    $1,000,000.01+
    Rate*

    1.10%
    * Per annum rate. Rate and terms subject to change without notice. Conditions apply.

    Open an account

    If you’re new to Creative Arts Financial, complete your membership application online or book a virtual appointment.

    Apply online
    Book an appointment

    Already a member? Log in to online banking.

    Creative Arts Financial is closed on the following days

    Monday, February 16, 2026 Family Day
    Friday, April 3, 2026 Good Friday
    Monday, May 18, 2026 Victoria Day
    Wednesday, July 1, 2026 Canada Day
    Monday, August 3, 2026 Civic Holiday
    Monday, September 7, 2026 Labour Day
    Wednesday, September 30, 2026 National Day for Truth and Reconciliation*
    Monday, October 12, 2026 Thanksgiving Day
    Wednesday, November 11, 2026 Remembrance Day*
    Thursday, December 24, 2026 Christmas Eve**
    Friday, December 25, 2026 Christmas Day
    Monday, December 28, 2026 Observation of Boxing Day*
    Thursday, December 31, 2026 New Year's Eve**
    Friday, January 1, 2027 New Year's Day 2027

    * Member Service Centre, Member Solutions Team and Personal Assisted Tellers will be available from 8 a.m. to 5 p.m.

    ** On December 24 and December 31, branches will close at 1 p.m. Our Member Service Centre and Personal Assisted Teller services will be available from 7 a.m. to 4 p.m. and the Member Solutions Team can be reached from 8 a.m. to 4 p.m.

    Nick Eddy

    Branch Manager

    Nick has spent 20 years in the financial services industry, both in Canada and abroad. During his time at another Ontario-based credit union, his background in financial planning enabled him to help clients achieve both long- and short-term goals, including retirement planning, home purchases, tax minimization, and savings. Through this experience, he developed a strong appreciation for the cooperative approach that credit unions offer, making his role at Creative Arts Financial particularly meaningful.

    Nick is passionate about guiding members to achieve their financial goals and making planning for the future more accessible. He is also dedicated to promoting financial literacy for the next generation, aiming to help build a better tomorrow.

    Judy Kudla

    Vice President, Internal Audit

    Leading the Internal Audit team at FirstOntario, Judy is responsible for providing assurance and advisory services to enable the Audit Committee of the Board of Directors in their oversight role, and to support senior leadership in achieving organizational goals. She has 30 years of experience in Internal Audit, Risk Management, Process Improvement, Human Resources, Vision and Strategy. Judy has lived and worked across Canada and the US, including global leadership roles with AIG, American Express, Concentra Bank, MetLife, Oracle and PwC in Toronto, San Francisco, and New York City.

    Judy holds a Bachelor of Arts degree and a Master of Accounting degree from the University of Waterloo. She has the designations of Chartered Professional Accountant, Chartered Accountant and Certified Internal Auditor. She has also received certifications in Six Sigma Black Belt and the Kanban System Design and is a registered Scrum Master.

    Mudasir Marfatia

    General Counsel

    Mudasir Marfatia leads the Legal, Governance, and Government Relations functions at FirstOntario, steering the organization through a dynamic regulatory and business environment.

    A results-driven legal professional, Mudasir possesses deep expertise in corporate, financial services, and technology law. Before joining FirstOntario, he honed his skills at leading law firms, including McMillan LLP and Thornton Grout Finnigan LLP, where he advised clients on complex regulatory matters, distressed M&A, lending arrangements and enforcement actions within the financial services sector.

    Following a successful career in private practice, Mudasir served as Assistant General Counsel at Ernst & Young LLP, where he provided strategic legal counsel supporting the technology and consulting practices. In addition, Mudasir led internal acquisitions and structured novel arrangements for new service offerings.

    Mudasir has been consistently recognized by his peers and was awarded General Counsel of the Year in the Banking and Financial Services category at the prestigious 2024 Lexology Awards Gala for North America.

    He holds both Undergraduate and Master’s degrees from the Richard Ivey School of Business at Western University and earned his Juris Doctor from Osgoode Hall Law School.

    Sheila Ingram

    Senior Vice President, Risk

    With over 20 years of extensive experience acquired through progressive roles in the credit union sector, Sheila is a seasoned professional specializing in risk management. Holding a Business Diploma from Niagara College, a Canadian Risk Manager (CRM) designation from the Global Risk Institute and a Risk Management Diploma from the University of Toronto, Sheila brings a wealth of knowledge and expertise to the table.

    Sheila is responsible for leading the risk management and compliance team, ensuring that enterprise risks are identified, managed and effectively optimized. Her role includes oversight of privacy, compliance, anti-money laundering, enterprise risk management and fraud, as well as corporate insurance and corporate security. Throughout her career, she has demonstrated a strong ability to provide strategic risk management solutions across various industries.

    With a commitment to excellence and continuous learning, Sheila has positioned herself as a trusted advisor and leader. Her comprehensive understanding of risk management principles and practices ensures that she can effectively mitigate risks and enhance organizational resilience.

    Michael Walsh

    Senior Vice President, Information Technology

    Senior Vice President, Information Technology, Michael Walsh, oversees the FirstOntario IT Division, which includes IT Governance, Project Management Office, Infrastructure, Security, IT Operations, Service Support Desk, Intelligence and Analytics, Application Development, Quality Assurance and Application Support as well as Digital Innovation.

    A senior IT management professional with over 30 years’ experience in Information Technology, Michael’s vast experience includes more than 20 years of managing and directing IT teams, while developing and aligning strategic and tactical plans with corporate objectives.

    Michael joined the credit union system in 2005 at FirstOntario, managing the IT Infrastructure team and graduating to the position of Director, Enterprise Technology. It was during this time that Michael implemented best practices for Data Centre management and network design. He then went on to assist with a banking migration to Temenos Transact.

    Certified on IBM AS/400 systems and with his PMP certification, Michael is a lifelong learner and respected leader in the IT space.

    Rob Cefaratti

    Senior Vice President, Alternative Investments

    As Senior Vice President, Alternative Investments, Rob Cefaratti is responsible for the strategic direction and operations of the Alternative Investment Department. Rob boasts more than 35 years of experience in the financial services industry, holding progressive roles within both the banking and credit union systems. Proudly, he has spent the last 25 years with FirstOntario, holding positions such as Executive Vice President, Credit, Vice President, Business Banking Group and Director, Retail Banking.

    Rob holds a Bachelor of Arts from Western University, an Honour’s Bachelor of Business Administration from Brock University and a Master’s in Business Administration from Dalhousie University. Presently, Rob is completing the Chartered Director certification from McMaster University.

    Invested in the community, Rob has held numerous positions with chambers of commerce, Rotary Clubs and United Way agencies throughout the Niagara Region.

    Joanne Battaglia

    Senior Vice President, Marketing, Communications & Community Partnerships

    A strategic marketing professional with over 25 years of experience in retail, B2B and the financial services industry, Joanne Battaglia has held senior Marketing positions with such companies and Dylex, Diversey, Kodak, CUMIS and Canadian Tire Financial Services.

    Joanne joined FirstOntario in 2011 as Director of Marketing & Product Strategy, before being promoted to Senior Vice President Marketing, Communications & Community Partnerships in 2022. In this role, she leverages her marketing expertise, passion for community social responsibility and innovative approach to business to create impact in the communities that FirstOntario serves.

    An active and dedicated member of the community, Joanne is currently Director on the Hamilton Bulldogs Foundation, Director with Ontario Credit Union Charitable Foundation board, Director with Cancer Assistance Program – Hamilton (CAP), and an active member of Hamilton’s Tiger-Town Council. She has previously served as Vice-President on the Stoney Creek Chamber of Commerce board and as Director on St. Joseph’s Villa Foundation board.

    She holds an Honours Bachelor of Commerce degree from McMaster University and an Executive Management Diploma from the DeGroote School of Business, McMaster University.

    David Moore

    Chief Retail Banking Officer

    Chief Retail Banking Officer, David Moore, is responsible for leading and executing strategies across the Retail Banking Group; Alternative Delivery Channels; Marketing, Communications and Community Partnerships; Human Resources and Learning and Development. David plays a pivotal role in driving operational excellence, enhancing member experience and fostering a positive organizational culture. Additionally, he has oversight of specialized divisions, including the Dealer Centre, Mortgage Broker, Digital Services and Creative Arts Financial.

    David has over 24 years of experience driving innovation, transformation and growth within the financial services industry. He has held a variety of executive roles throughout his career leading digital banking, analytics, marketing, finance, operations and sales at several of the largest credit unions in Canada. David has a BA and an MBA in business and economics from Wilfrid Laurier University.

    John Doran

    Chief Financial Officer

    John Doran is the Chief Financial Officer at FirstOntario Credit Union and is responsible for leading the Finance, Treasury and Procurement teams.

    John’s expertise has been central to FirstOntario’s success in developing and delivering strategies designed to enhance profitability, safeguard members’ assets, create value for the membership and maximize FirstOntario’s financial contributions to local communities.

    Throughout his tenure, John has been a valued member of the credit union’s executive team, providing effective leadership for a variety of significant and complex projects. As an active member of the credit union community and a financial expert, John is a frequently sought after speaker and has presented on a variety of topics at regional and national finance and treasury-focused conferences. He has also represented FirstOntario as a key interested party during regulator consultation processes.

    John received a Bachelor of Accounting degree from Brock University and is both a designated Chartered Professional Accountant and a Chartered Financial Analyst.

    Kevin Tom

    Chief Investment Officer

    As the Chief Investment Officer of FirstOntario Credit Union, Kevin Tom is responsible for generating revenue outside the core retail business through the operations of Alternative Investments and Non-Margin Income, Wealth, Credit – Commercial and Retail, FirstOntario Insurance Brokers and our Business Banking Group.

    Kevin has more than 25 years of experience within the financial services industry through progressive roles held at banks and credit unions.

    His most recent experience includes Divisional Chief Operating Officer of the Corporate Investments Division and progressive senior roles within Wealth Management and Corporate Credit. He is also a Past President of the Okanagan chapter of Chartered Financial Analysts.

    Kevin received a Bachelor of Science degree from the University of Manitoba and holds the designations of Chartered Financial Analyst, Chartered Director and Chartered Investment Manager. He is active in the community and currently sits on the boards of directors for the Hamilton Centre for Civic Inclusion and the Hamilton Community Foundation.

    Mark Perkins

    Chief Risk Officer

    Chief Risk Officer, Mark Perkins, oversees Risk, Credit, Operations and Administration, Strategy, as well as FirstOntario’s Environmental, Social and Governance (ESG) and Social Purpose programs.

    Mark has worked in the financial industry for over 30 years.

    He has been with FirstOntario since 2012 and has extensive experience in business process improvement, project management, change management, product management, commercial sales, credit adjudication, risk management, strategy and syndication. He spent six years in consulting and technology roles, followed by 20 years in increasingly senior commercial sales and credit roles.

    Mark holds an honours degree in economics from McMaster University and is involved with a number of local charities focused on improving the lives and safety of individuals within the FirstOntario footprint. He’s on the Board of Directors for Credit Canada, a national not-for-profit focused on credit counseling and financial literacy, as well as Food For Life, a grassroots-driven organization committed to food rescue and sustainability.

    Lloyd Smith

    Chief Executive Officer

    Lloyd Smith has been instrumental in FirstOntario’s ongoing success for more than 30 years. His commitment to growing the credit union to benefit members, employees and communities is central to everything Lloyd does. Over the years, this commitment has been evident in his leadership and achievements in a number of strategic areas including finance, treasury, corporate services, risk management and corporate investments.

    Lloyd began his career in 1990, working at Family Savings & Credit Union (Niagara) Limited as Controller. In 1999, he was actively involved in the merger between Family Savings and Avestel Credit Union, which formed FirstOntario Credit Union. Lloyd became FirstOntario’s CEO in 2019.

    An active participant in FirstOntario’s employee Blue Wave volunteer program, Lloyd is often seen out in the community, supporting a variety of initiatives that align with the credit union’s charitable priorities of youth health and wellness, affordable and sustainable housing, food insecurity and financial literacy. He also currently serves as Vice Chair of the board of directors for the FirstOntario Performing Arts Centre in St. Catharines.

    Lloyd holds a Bachelor of Administration degree from Brock University, is a Chartered Professional Accountant, a Certified General Accountant and a Certified Chief Executive.

    Audrey Wubbenhorst

    With extensive experience in governance, banking and human resources, Audrey brings a well-rounded skill set to FirstOntario’s Board of Directors. She has served on Boards overseeing corporate strategy and currently teaches business and communications at the college level.

    Audrey holds a strong academic and professional foundation, including an MBA in Financial Services and an MA in Communications. She is a Fellow of the Institute of Canadian Bankers and holds the ICD.D designation, reflecting a deep commitment to Board governance excellence.

    Audrey’s work experience includes:
    • Professor, Humber College (10+ years)
    • 13+ years working in banking including corporate banking, human resources and communications
    Audrey’s Board and Committee experience includes:
    • Trustee, CAAT Pension Plan
    • Director, Humber College
    • Director, National Diabetes Trust (“Clothesline Program”)
    • Director, Scouts Canada
    • Director, Central LHIN
    • Director, BUILD Toronto
    • Director, Toronto Community Housing Corporation
    • Director, Ernestine’s Women’s Shelter

    Stu Walker

    Stu Walker has served on FirstOntario’s Board of Directofor the past seven years. Stu believes he has taken the necessary steps to serve you better through experience, personal and professional development and wishes to continue using that knowledge by giving back to FirstOntario and its members. Stu is a firm believer in the cooperative spirit of the credit union system whose values and principles are about giving forward to our communities not about improving shareholder value on the backs of its members.

    Now retired, Stu was employed as a Finance Manager for over 25 years, performing various senior management functions and responsibilities.

    He served on the Board of Directors for Prime Financial Credit Union for over 11 years and as Chair of the Board for two years. He assisted with facilitating the successful merger with FirstOntario. While on the Prime Financial Board, Stu also served as Vice Chair for six years and Chair of the Planning Committee for three years. While on the Prime Financial Board, Stu also served as Treasurer on the Board of Directors for the Hamilton & District Chapter of the Credit Institute of Canada for six years.

    Stu has completed the Credit Union Directors Achievement (CUDA) program earning the Accredited Canadian Credit Union Director designation and also holds a Chartered Director designation from Directors College. Stu also graduated from the Audit program at Directors College. He continues to maintain his standing through professional development, active participation and frequent volunteering.

    In the past, Stu has participated in both of the Junior Achievement Programs; The Business Advisor program and their Project Business program. As a volunteer and a Director representing different organizations, Stu brings a well-rounded sense of what is required in order to serve FirstOntario’s members to the best of his ability. He believes that as a credit union Director, he is responsible first and foremost to the Membership by listening and enacting policies and procedures that will strengthen FirstOntario Credit Union.

    Stu has served as Audit & Risk Committee Chair, Governance Committee Chair and as a member of the Strategic Oversight Committee of FirstOntario’s Board of Directors.

    Carey Smith

    Carey Smith has been a member and exclusively banking with FirstOntario Credit Union for over 30 years and has had the privilege of serving on the Board for 13 years, with most of those years serving as Board Chair. During his tenure, FirstOntario survived the challenges of global recession, the ultra-low interest rates, and the pandemic. FirstOntario survived without laying-off employees and had record growth and profitability.

    Carey is excited at the prospect of returning to the Board to ensure our member-based values continue, that “numbers aren’t everything” and “caring about our communities.”

    Carey’s education and work experience includes:
    • Chartered Director (C.Dir), McMaster University
    • Accredited Canadian Credit Union Director (ACCUD), Dalhousie University
    • Regulatory Strategy Program, Harvard University
    • Professional Management Program, York University
    • Certified Adjudicator & Paralegal, Osgoode Hall Law School
    • Police Exemplary Service Medal (PESM), Governor General of Canada
    • Chief Executive Officer, Bereavement Authority of Ontario (BAO)
    • Director, Investigations & Enforcement, Ontario Motor Vehicle Industry Council (OMVIC)
    • Detective Sergeant, Halton Regional Police Service

    Peter Scott

    A dedicated credit union member for over 30 years and a former Board member, Peter Scott is enthusiastic to return to the Board of Directors. With three decades of Board, committee and leadership experience, as well as a business owner, Peter brings valuable insights and a strong sense of responsibility to the role – one he has always viewed as an honour and privilege.

    Peter’s work experience includes:
    • National Training Coordinator, General Motors/Unifor
    • Labour Studies Coordinator Niagara Region, McMaster University
    • Simply Voting, GM Lead Council
    • Facilitator, pre-retirement program
    • Curriculum Development Instructor, Niagara College
    • Former business owner, The Water Source
    Peter’s Board and Committee experience includes:
    • Director, FirstOntario Credit Union
    • Director, Lookout Point Golf Club
    • Director, FirstOntario Credit Union/Family Savings
    • Executive Board, Unifor Local 199

    Sami Sappong

    I wish to offer the leadership experience I have gained from partnering with executives and Boards, to develop and implement business transformation strategies in the financial services industry. My experiences have provided me a good understanding of the opportunities and challenges that Credit Unions navigate to achieve profitable growth and enhance the wellbeing of members and their communities.

    I have supported Boards in their governance roles by organizing strategic planning retreats, providing updates to the Risk Management Committee, and using KPIs to monitor and report on strategic plan performance, identifying early warning signals, and recommending actions to manage execution risk.

    Sami’s work experience includes:
    • Sappong Consulting. Principal
    • Guaranteed Funeral Deposits (2021 – 2022) – Vice President, Business Development & Administration
    • World Vision Canada (2019 – 2020) – Vice President, Strategy & Efficiency Innovation
    • Meridian Credit Union (2015 – 2018) – Vice President, Strategic Planning & Project Management
    • Foresters Financial, New York, NY (2011 – 2014) – Vice President, Strategy & Planning
    • Sun Life Financial (2010 – 2011) – Director, Market Development
    • Foresters Financial (1998 – 2009):
      • Director, North American Strategy and Planning
      • Director, Business Technology
      • Director, Business Development
      • Project Director
      • Senior Project Manager
    Sami’s Board and Committee experience includes:
    • Secretary, Board of Directors, New Life Prison Ministries (2021 – present)
    • Past Board of Directors Member – Victorian Order of Nurses (2007 – 2008) & Ensemble Noir Music Group (2004 – 2006)
    • Branch Councilor, Ontario South, Foresters Financial (current)

    Otto Penner

    As a former area manager at General Motors, I gained the knowledge of working with groups of people from varied backgrounds and experiences and practiced an inclusive leadership style. This experience helped me understand Board dynamics and I believe I bring strong people and leadership skills to the Credit Union. I have a keen interest in financial matters and have a working knowledge of establishing and managing budgets. I also have working knowledge and understanding of ISO & ERM processes, due to my work experience related to Quality Risk Management and an understanding of ERM as related to the Credit Union.

    I believe in the co-operative philosophy of people helping people. The Credit Union requires knowledgeable, strong Directors to be leaders into the future. Boards have a legal and moral obligation to maintain Director Accountability with a high standards and ethics. My recent focus has been on Seniors’ issues in Niagara, and I have found that more needs to be done. I bring an in-depth senior point of view to the Board since seniors are the fastest growing segment of the population of Niagara and Hamilton regions.

    Otto’s work experience includes:
    • General Motors St. Catharines management for 42 years
    Otto’s Board and Committee experience includes:
    • Credit Union member since 1963 and a Director since 1981, serving on every Board committee, including the Audit and Enterprise Risk Management Committee, and have been Chair and Vice Chair numerous times
    • As member of the Governance Committee, I participated in achieving significant Board Governance reform resulting in the governance model presently in existence at the Credit Union
    • Chair of the Niagara Falls Senior Advisory Committee and on the Board of the Age Friendly Niagara Council as Vice Chair

    Lorri Meulendyks

    Lorri has been a member of FirstOntario since 1982. She has worked both for and with Canadian Credit Unions for over 35 years as an employee of The CUMIS Group Limited/The Co-operators (insurance providers to Credit Unions).

    Lorri has a passion for efficiency and holds certifications as a certified business process management practitioner, CBPMP, and Lean Six Sigma Black belt. She also has experience in Information Technology, Project Management, Corporate Finance, Internal Audit, Business Architecture, Security, Customer Service, Business Resumption Planning and Strategic Planning.

    In addition she was a member of the Canadian Systems Development Committee for Life Insurance companies (LOMA) for over 4 years. As a retiree, Lorri is eager to both learn and contribute to FirstOntario and its Members, by providing effective governance and stewardship.

    Dianne MacLean

    Dianne MacLean and her husband Dave have both lived and worked in the Hamilton area for the past 40 years. A mother to four children, Dianne is now retired and is enjoying spending time with her seven grandchildren. In her career, Dianne attended McMaster University and Mohawk College to attain the designation of “FCCUI” - Fellow of the Canadian Credit Union Institute.

    Dianne began her working career at the Canadian Imperial Bank of Commerce and Canada Permanent Trust before taking a position with Keen Community Credit Union - later known as Prime Financial.

    Dianne worked at Prime Financial for twenty-nine years as a Manager and Assistant General Manager. While employed with Prime Financial, Dianne managed human resources and administered the employee benefits program. Dianne particularly enjoyed interacting with members and helping them with their financial decision making.

    Dianne gave her time as treasurer as a Board Member of the Fifty Point Yacht Club for three years. She also sat on the Board of Prime Financial Credit Union for a year as a member of the audit and governance committees.

    A volunteer with the Cancer Society, Dianne participated in a program called “Reach to Recovery” and also volunteered with the Breast Cancer Society. Along with her three daughters, she participated in a sixty km walk to raise money for cancer research at the Princess Margaret Hospital. While at Prime Financial, Dianne organized and participated, along with her staff, in the annual Terry Fox Run at Gage Park for twenty years. Dianne’s other interests include yoga and sailing.

    Dianne relishes her years working for Prime Financial and has always believed very strongly in the credit union philosophy. She and her family have enjoyed the many benefits that have come with being credit union members over the years. She has served in the position of Chair for the Governance, Audit & Risk Management, Strategic Oversight and Elections committees. During her time on FirstOntario’s Board of Directors, she has also achieved her Accredited Canadian Credit Union Director designation. Dianne is thrilled to have the opportunity to help the credit union and the membership.

      Julie Fleet

      Julie Fleet has been a member of FirstOntario Credit Union since 1975, back when we were known as Stelco Credit Union. Julie shares the core values of the credit union movement. Her goal is to learn and contribute to the FirstOntario Board of Directors to keep the vision going and to move FirstOntario forward in the financial services industry.

      Julie brings over 40 years of financial experience, experience with small business and risk management and Board experience with not-for-profit organizations. She also possesses her Investment Funds in Canada (IFIC) license and is a Certified Financial Planner through the Canadian Securities Institute.

      Julie’s work experience includes:
      • Financial Advisor at the Royal Bank of Canada
      • Certified Financial Planner at Canadian Imperial Bank of Commerce
      Julie’s Board and Committee experience includes:
      • Board Member/President - Community Support Centre for Haldimand Norfolk
      • Binbrook Agricultural Society

      Ophelia Chang

      As the inaugural Director of Risk Management at TAI, Ophelia has led the development and implementation of a comprehensive risk strategy, established key performance metrics and promoted a strong risk-aware culture. She brings a solid foundation in financial literacy and oversight through both governance roles on non-profit Boards and professional positions as an accountant, auditor and risk management.

      Ophelia holds a Master of Science in Technology Management and a Bachelor of Commerce degree. She also has professional audit designations as a Certified Internal Auditor (CIA) and Certified Information Systems Auditor (CISA).

      In addition, Ophelia has earned a Technology Infrastructure Certification and is certified in ITIL, reflecting a strong foundation in both governance and technology management.

      Ophelia’s work experience includes:
      • Director Risk Management, TAI
      • Director Risk Management, Brookfield Business Partners
      • Director Internal Audit, Brookfield Corporation
      • Manager Internal Audit, Brookfield Corporation
      • Senior Manager Regulatory Compliance Monitoring and Testing, HSBC Bank Canada
      • Audit Manager, BMO Financial Group
      • IT Audit Manager, Sun Life Financial
      Ophelia’s Board and Committee experience includes:
      • Director, FirstOntario: Strategic Oversight Committee, Audit Committee
      • Treasurer, Choirs Ontario
      • Secretary, Etobicoke Historical Society

      Steve Boucouvalas

      Steve Boucouvalas brings 25 years’ expertise in financial markets and leadership roles to FirstOntario Credit Union.

      He shares the values of the member/owner model benefitting individuals, businesses and local charitable causes. Serving the community is very important to Steve and he has an active role on the board of his local hospital.

      Steve possesses a Bachelor of Commerce degree in Finance & Accounting, has taken the Canadian Securities Course as well as leadership and management training courses.

      Steve’s work experience includes:
      • Deputy Bank Treasurer, Republic National Bank of New York (Canada)
      • Managing Director, HSBC Bank Canada
      • LTP Advisors, CEO
      Steve’s Board and Committee experience includes:
      • Bank of Canada, Foreign Exchange Committee
      • RNB NY (Canada), Asset and Liability Committee
      • Toronto Financial Services Alliance, Co-Chaired RMB Hub working Group
      • HSBC, Top Team Committee, Global FX
      • Oakville Hospital Volunteer Association, Vice Chair of the Board, Chair of Fundraising Committee, Finance and Audit Committee, Executive Committee

      Carrie Beltzner

      Carrie has been a member of FirstOntario Credit union for over 25 years and currently resides with her family in Hamilton. After having the privilege of beginning her career within Ontario’s cooperative banking, she began a career in Ontario’s healthcare system which led her to hold various health care planning and implementation positions across Canada in leadership roles, executing complex change initiatives for health care providers and health system planning and oversight bodies.

      Carrie holds an EMBA from the Richard Ivey School of Business. She also holds the ICD.D designation from the Institute of Corporate Directors, demonstrating her commitment to boardroom excellence and ongoing governance education.

      Additionally, she is an Accredited Canadian Credit Union Director (ACCUD) and currently serves as Vice Chair on the FirstOntario Credit Union Board.

      Carrie’s work experience includes:
      • President St. Joseph’s Home Care and Executive Lead St. Joseph’s Health System Centre for Integrated Care
      • Implementation Lead, Health Quality Ontario & Program Development Branch Ministry of Health
      • Lead Provincial Standards Sustainability Office, Toronto Central Local Health Integration Network
      • Manager Implementation, Ornge
      • Project Manager, Development and Projects Central 1
      • Government Relations Specialist, Credit Union Central of Ontario (CUCO)
      • Volunteer Administrator, Ontario Credit Union Foundation (OCUF)
      Carrie’s Board and Committee experience includes:
      • First Ontario Credit Union
        • Vice Chair, (2023 – Present)
        • Member, Audit and Governance Committees (2024)
        • Member, Governance and Risk Committees (2023)
        • Chair of Elections Committee and Member of Strategic Oversight Committee (2022)
        • Member Governance and Elections Committees (2021)
      • Board Director & Not-for-Profit Designate, Home Care Ontario (2023-2024)
      • Chairperson, Peel Addiction Assessment and Referral Centre (PAARC) (2016-2021)
      U.S. Dollar Investment Savings account

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