Credit Union Central of British Columbia (Central)
- 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 Credit Unions of BC
- 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
- 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 Credit Union Difference
- 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.