Upcoming scheduled maintenance for online and mobile banking

Please be advised that we will be performing scheduled maintenance on Sunday, June 14. Online and mobile banking will be unavailable between 6 a.m. and 12 p.m. Thank you for your patience.

Personal
Business
About

Our current rates for personal members

Take advantage of our featured rates

FirstOntario investment shares

6.00%*

Learn more

5-year variable high ratio mortgage

3.55%*

Get this rate

3-year fixed high ratio mortgage

4.24%*

Get this rate

Personal accounts

Daily Interest Savings account

Balance
Rate*

Balance

$0 – $1,000.00
Rate*

0.05%

Balance

$1,000.01 – $5,000.00
Rate*

0.05%

Balance

$5,000.01 – $10,000.00
Rate*

0.05%

Balance

$10,000.01+
Rate*

0.05%
* Per annum rate. Rate and terms subject to change without notice. Conditions apply.
Daily Interest Savings account for seniors (60+)

Balance
Rate*

Balance

$0 – $1,000.00
Rate*

0.05%

Balance

$1,000.01 – $5,000.00
Rate*

0.05%

Balance

$5,000.01 – $10,000.00
Rate*

0.05%

Balance

$10,000.01+
Rate*

0.05%
* Per annum rate. Rate and terms subject to change without notice. Conditions apply.
High Interest eSavings account

Balance
Rate*

Balance

$0 – $100,000.00
Rate*

0.60%

Balance

$100,000.01 – $200,000.00
Rate*

0.75%

Balance

$200,000.01+
Rate*

0.80%
* Per annum rate. Rate and terms subject to change without notice. Conditions apply.apply.
Investment Savings account

Account options
Rate*

Account options

Non-registered savings
Rate*

0.30%

Account options

TFSA investment savings
Rate*

0.60%

Account options

FHSA investment savings
Rate*

3.20%

Account options

RRSP investment savings
Rate*

0.05%

Account options

RRIF investment savings
Rate*

0.05%
* Per annum rate. Rate and terms subject to change without notice. Conditions apply.
U.S. Dollar Investment Savings account

Balance
Rate*

Balance

All balances
Rate*

0.15%
* Per annum rate. Rate and terms subject to change without notice. Conditions apply.
View accounts

Loans and lines of credit

Personal loans

Loan type
Rate*

Loan type

Fixed rate secured loan
Rate*

as low as 6.89%

Loan type

Fixed rate unsecured loan
Rate*

as low as 8.49%

Loan type

Variable rate secured loan
Rate*

as low as 6.99%

Loan type

Variable rate unsecured loan
Rate*

as low as 7.49%
* Annual Percentage Rate (APR). Rate subject to change without notice. Conditions apply.
Personal line of credit

Line of credit type
Rate*

Line of credit type

Secured line of credit
Rate*

as low as 6.49%

Line of credit type

Unsecured line of credit
Rate*

as low as 7.49%

Line of credit type

Student line of credit
Rate*

as low as 5.50%
* Annual Percentage Rate (APR). Rate subject to change without notice. Conditions apply.
MeritLine home equity line of credit

Product
Rate*

Product

MeritLine home equity line of credit
Rate*

as low as 4.85%
* Annual Percentage Rate (APR). Rate subject to change without notice. Conditions apply.
View loans

Mortgages

Fixed rate mortgage

Term
Rate*

Term

6-month convertible closed
Rate*

6.34%

Term

6-month open
Rate*

8.09%

Term

1-year closed
Rate*

5.34%

Term

1-year open
Rate*

8.09%

Term

2-year closed
Rate*

4.79%

Term

3-year closed
Rate*

4.69%

Term

4-year closed
Rate*

4.84%

Term

5-year closed
Rate*

4.79%

Term

7-year closed
Rate*

5.79%

Term

10-year closed
Rate*

5.99%
* Annual Percentage Rate (APR). Rate subject to change without notice. Conditions apply.
Variable rate mortgage

Term
Rate*

Term

5-year open
Rate*

5.95%

Term

5-year closed
Rate*

4.05%
* Annual Percentage Rate (APR). Rate subject to change without notice. Conditions apply.
View mortgages

GICs

GIC Specials

GIC Specials
Rate*

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*
3.20%

GIC Specials

14-month non-redeemable GIC
Non-registered accounts, TFSAs, RRSPs, RRIFs, and FHSAs
Rate*
3.55%

GIC Specials

26-month non-redeemable GIC
Non-registered accounts, TFSAs, RRSPs, RRIFs, and FHSAs
Rate*
3.85%
* Rate and terms subject to change without notice. Conditions apply.
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

Redeemable GICs
Rate*

Redeemable GICs

1 year
Rate*
2.30%

Redeemable GICs

2 year
Rate*
2.75%

Redeemable GICs

3 year
Rate*
2.80%

Redeemable GICs

4 year
Rate*
2.80%

Redeemable GICs

5 year
Rate*
2.85%

Redeemable GICs

Non-redeemable GICs
Rate*

Rate*

Redeemable GICs

1 year
Rate*
3.00%

Redeemable GICs

2 year
Rate*
3.25%

Redeemable GICs

3 year
Rate*
3.35%

Redeemable GICs

4 year
Rate*
3.35%

Redeemable GICs

5 year
Rate*
3.50%
* Rate and terms subject to change without notice. Conditions apply.
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

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

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 8.45%

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

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*
3.80%

Short-term GICs

2 year
Rate*
3.75%

Short-term GICs

3 year
Rate*
3.75%

Short-term GICs

4 year
Rate*
3.80%

Short-term GICs

5 year
Rate*
3.80%
* Rate and terms subject to change without notice. Conditions apply.
View GICs

Foreign exchange

Foreign exchange rates

Currency

Buy rate*

Sell rate*

Currency

U.S. dollar (cash)

Buy rate*

1.4308

Sell rate*

1.3708

Currency

U.S. dollar (cheque/transfer)

Buy rate*

1.4213

Sell rate*

1.3793
* Rate subject to change without notice. Conditions apply.

Let’s talk about how we can make the most of your money.

Contact us
Terms and conditions

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

Rob Somma

Senior Vice President, Retail Banking

As Senior Vice President, Retail Banking, Rob Somma leads the overall strategy, performance, and evolution of the retail banking portfolio. In this role, Rob is responsible for branch banking, alternative delivery channels, and the day‑to‑day experiences of members and frontline colleagues across the retail network.

Rob has over 25 years of financial services experience, including various leadership roles across retail, wealth and business banking. This diverse background allows Rob to combine the scale, discipline, and performance focus of large financial institutions with the cooperative, people‑first values that define credit unions. He has held progressively senior positions in the credit union system and at FirstOntario, including Director, Retail Sales, Vice-President, Member Solutions, Vice President, Alternate Delivery Channels, and Vice President, Retail Banking, before being appointed Senior Vice President, Retail Banking here at FCU in July 2025. His career reflects a deep understanding of branch operations, sales effectiveness, direct and indirect channel delivery, and member-focused solutions.

Rob holds a Bachelor of Business Administration (Honours) from Brock University and has continued to invest in leadership development, reflecting his commitment to continuous learning and innovation.

Community involvement is a core part of Rob’s leadership approach. He supports a range of local and regional initiatives and believes visible, hands on leadership strengthens communities and reflects FirstOntario’s commitment to positive impact.

Azfar Karimuddin

Chief Technology Officer

Azfar Karimuddin is our Chief Technology Officer and leads our Technology, Operations and Transformation teams. Azfar and his team drive strategic initiatives around operational efficiency, resiliency, stability and security of our technology and operations platforms as well as processes, with a key focus on employee and member experience.

Azfar has more than 25 years of experience leading initiatives around core, digital, payments and cloud transformation within the financial services industry. Before joining FirstOntario, he held executive and leadership roles at various scheduled banks and publicly listed financial technology product organizations. Azfar has a Bachelors in Business Administration in Management of Information Systems, an MBA in Management and an Executive MBA from Rotman School of Management, University of Toronto.

Lorie Peacock

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

    Carmelina La Vigna

    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

    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

    Open a business account

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

    Book an appointment

    Already a member? Contact us to open a new account.

    Become a business member

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

    Book an appointment

    You can also apply online through our self‑serve platform, powered by FirstOntario Credit Union. Select Creative Arts in the Preferred branch drop‑down.

    Become a member

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

    1.55%

    Balance

    $100,000.01 – $250,000.00
    Rate*

    1.60%

    Balance

    $250,000.01 – $500,000.00
    Rate*

    1.70%

    Balance

    $500,000.01 – $750,000.00
    Rate*

    1.80%

    Balance

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

    1.90%

    Balance

    $1,000,000.01 – $2,500,000.00
    Rate*

    2.00%

    Balance

    $2,500,000.01+
    Rate*

    2.10%
    * Per annum rate. Rate and terms subject to change without notice. Conditions apply.

    Open an account

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

    Book an appointment

    Already a member? Log in to online banking.

    Creative Arts Financial is closed on the following days

    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

    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

    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 First Ontario’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 Councilor, Ontario South - Foresters Financial
    • Board Member - Victorian Order of Nurses

    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.

    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

    Chair of the Board

    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

    Vice Chair of the Board

    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

    Balance
    Rate*

    Balance

    All balances
    Rate*

    0.15%
    * Per annum rate. Rate and terms subject to change without notice. Conditions apply.
    Daily Interest Savings account for seniors (60+)

    Balance
    Rate*

    Balance

    $0 – $1,000.00
    Rate*

    0.05%

    Balance

    $1,000.01 – $5,000.00
    Rate*

    0.05%

    Balance

    $5,000.01 – $10,000.00
    Rate*

    0.05%

    Balance

    $10,000.01+
    Rate*

    0.05%
    * Per annum rate. Rate and terms subject to change without notice. Conditions apply.
    Investment Savings account

    Account options
    Rate*

    Account options

    Non-registered savings
    Rate*

    0.30%

    Account options

    TFSA investment savings
    Rate*

    0.60%

    Account options

    FHSA investment savings
    Rate*

    3.20%

    Account options

    RRSP investment savings
    Rate*

    0.05%

    Account options

    RRIF investment savings
    Rate*

    0.05%
    * Per annum rate. Rate and terms subject to change without notice. Conditions apply.
    Daily Interest Savings account

    Balance
    Rate*

    Balance

    $0 – $1,000.00
    Rate*

    0.05%

    Balance

    $1,000.01 – $5,000.00
    Rate*

    0.05%

    Balance

    $5,000.01 – $10,000.00
    Rate*

    0.05%

    Balance

    $10,000.01+
    Rate*

    0.05%
    * Per annum rate. Rate and terms subject to change without notice. Conditions apply.
    High Interest eSavings account

    Balance
    Rate*

    Balance

    $0 – $100,000.00
    Rate*

    0.60%

    Balance

    $100,000.01 – $200,000.00
    Rate*

    0.75%

    Balance

    $200,000.01+
    Rate*

    0.80%
    * Per annum rate. Rate and terms subject to change without notice. Conditions apply.apply.