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Luminus Financial to acquire fellow Toronto CU, Victory Community

In Toronto, Luminus Financial Services & Credit Union Ltd plans to acquire Victory Community Credit Union Ltd in a deal slated to close by Dec. 29.

Victory Chair Carlo Polidoro said the merger comes at "a time when the ongoing story is of banks leaving certain communities — including our very own communities of Weston and Mount Dennis."

Their partnership is subject to regulatory and membership approval. The resulting entity is expected to have more than 6,000 member-owners and more than C$150 million in total assets.