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Meridian initially targeted a 2018 opening date for the bank, but its chief executive said in an April update that it is now eyeing 2019 to launch the lender.

“Our specific launch date remains flexible,” Pagnutti said, “as it is contingent on final approval from OSFI.”

A spokesperson for OSFI, the federal banking regulator, said that letters patent are issued following a review by the watchdog, which makes a recommendation to Canada’s finance minister. The minister decides whether or not to issue the letters patent, they said.

After a lender has been created through the issue of its letters patent, they must then obtain an “Order to Commence and Carry on Business,” which is issued by the superintendent.

“A newly incorporated federally regulated financial institution may not commence operations until it completes the second step, which is there to ensure the federally regulated financial institution in question has the necessary systems, management structure, control processes and regulatory compliance management systems in place,” OSFI spokesperson Annik Faucher said in an email.

The word “motus” means a movement or motion in Latin. Meridian has also applied to trademark the “motusbank” name, according to a federal registry.

Meridian has said its bank would not be publicly traded and would ultimately be owned by Meridian members. Pagnutti added that the bank would be a separate legal entity that operates independently with its own member base and banking system.