Credit Union Central of British Columbia :: About Us

Central was created in 1944 as the financial facility for BC's fledgling credit union system and later became its payments clearinghouse; in 1970, a merger with the BC Credit Union League brought trade association services under its umbrella.
Central is owned by BC's credit unions; its role is to serve as central banker, liquidity manager, payments processor and trade association for the provincial credit union system. Central provides leadership, advocacy, technology and a range of support services in fulfillment of these key functions.
Central's Board is composed of 11 elected or appointed directors representing credit unions across the province. Only "external" nominees are eligible (e.g. local credit union directors, CEOs, general managers); Central's management is not represented.
Central employs 350 staff and holds $5.7 billion in assets (as at December 31, 2007).
Central is located in the BC Credit Union Centre, overlooking False Creek, at:
1441 Creekside Drive, Vancouver V6J 4S7
Telephone: (604) 734-2511
Fax: (604) 734-5055
Email: info@cucbc.com

The BC credit union system includes 48 independent credit unions with 373 branches and about 500 ATMs in 140 communities (including 41 where there is no other financial institution).
BC's first credit unions were established in 1939: today they form Western Canada's largest financial network.
BC credit unions serve over 1.6 million members (about one-third of the provincial population).
Together, BC credit unions hold over $42 billion in assets (as at Dec. 31, 2007).
BC credit unions employ about 8,000 British Columbians.
BC credit unions are democratically controlled through more than 400 locally-elected directors.
Over the past five years, BC credit unions have returned an average of $35 million annually to members in dividends and patronage refunds.
BC credit unions are community-based and open to all; in recent years, about one-third of British Columbians who changed financial institutions have switched their business to a credit union.
BC credit unions provide a fully competitive range of financial and investment products, strengthened by an overarching commitment to quality service.

Credit unions in Canada trace their roots to the first caisses populaires, formed by Alphonse Desjardins, in Levis, Quebec, 1900.
Today, there are some 1,058 credit unions and caisses populaires in Canada, many with multiple branches. They hold combined assets of $209 billion and serve 10.8 million members (as at Dec. 31, 2007).
Throughout its history, the Canadian credit union system has maintained a record of sound, prudent financial management, solid growth and uncompromising service to credit union members.

The fundamental operating principle of every credit union is democratic ownership; every member holds shares and has a vote in the decision-making process.
Credit unions are locally-based and locally-owned; they play a key role in fostering community development and local-socio-economic well-being.