The United Communities Credit Union and Libro Financial Group announced plans to merge at a press conference in London on Wednesday morning.

Libro CEO Steve Bolton said in a statement “We want Southwestern Ontario to be the focal point of world-class financial thinking. We want to attract and support great ideas, and give our people the best tools for the job. This merger will create the capacity to make that happen.”

The financial institutions say the merger, which must still be approved by members, would not result in any layoffs or branch closures and the new company’s head office would be in London.

The merged credit union would operate 27 branches, with 556 staff in 21 communities and serve over 95,000 member-owners.

Those member-owners are expected to vote on the plan in late fall in a series of meetings, with the merger to be effective by the end of 2013 and full integration in 2014.

Bolton will serve as president and CEO of the new credit union, while Jim Lynn, CEO of the United Communities Credit Union will stay on during the transition.

Lynn has planned to retire in 2012, but postponed his plans to see the merger through.

Bolton added “We’ll select a name that honours both credit unions while positioning it for a strong future. We’ll remain focused on our communities, service excellence and our unique brand of coaching.”