Province of Ontario Savings Office

Province of Ontario Savings Office
Company typeCrown agency
IndustryBanking
Founded1922 (1922)
DefunctApril 1, 2003 (2003-04-01)
FatePrivatized and acquired by Desjardins Group
SuccessorDesjardins Credit Union
Area served
Ontario
OwnerGovernment of Ontario

The Province of Ontario Savings Office (POSO) was a financial institution established by the Government of Ontario, Canada in 1922 to provide a government-owned alternative to banks. The POSO was closed in 2003 when its assets were sold to the Quebec-based Desjardins Group cooperative of caisses populaires (credit unions) to form Desjardins Credit Union.[1][2] In 2011, Desjardins Credit Unions in Ontario were transferred to Meridian Credit Union.[3]

  1. ^ "Desjardins to Buy Province of Ontario Savings Office". CBC.ca. 2003-01-28. Archived from the original on July 24, 2012. Retrieved 2007-11-03.
  2. ^ "Ontario Savings Office put up for sale". The Globe and Mail. July 5, 2002. Retrieved July 9, 2020.
  3. ^ "Desjardins Credit Union to join forces with Meridian", Meridian Credit Union news release, March 11, 2011