History/Philosophy

In the early 1900s, average working Canadians had little access to the banks. Credit Unions, organized locally according to cooperative models, were born in this country as a result. The first credit union was created in Levis, Quebec in 1900 when 80 people banded together as a caisse populaire.

By the early 1940s, credit unions had been established across Canada, primarily by groups of Canadians with common work or life interests. And the rest is history - as the system now employs over 24,000 people, serves 4.9 million members and manages assets of over $91 billion.

Our history is the foundation of our philosophy: that everyone deserves an opportunity to achieve financial well-being, that working together, cooperatively, works for the good of all and that giving back to communities is a key rationale for profitable operations.

Cooperative Principles:

• Voluntary and open membership
• Democratic member control
• Member economic participation (through member shares)
• Autonomy and independence (self-help organizations controlled by members)
• Education, training and information (for members, staff and directors)
• Cooperation among cooperatives (working together locally, regionally, nationally and internationally)
• Concern for community

Around The World: The international credit union system is comprised of 91 countries, 43,000 credit unions and 136 million members. As a member in Canada, you are a welcome and respected member of a strong movement in a global community.