Nova Scotia | Central Atlantic space (2023)

Credit unions in Nova Scotia over the years

Credit unions have been a trusted part of Canada's business community for over 100 years. From simple savings and loan organizations, they have developed into a network of full-service financial institutions offering easy access to flexible products and professional financial services online or in person. Canada's credit union system currently consists of nearly 1,059 individual credit unions and credit unions; Canada also has the highest number of members per capita in the world.

Proud of the first

Credit unions are not "branches" under central management. They are independent, autonomous institutions, responsible only to their clients, thanks to which they are able to quickly and effectively respond to their needs. That's why credit unions are innovators in the financial services industry. Credit union innovations that are now industry standards include ATMs, adjustable-rate mortgages, equity-linked GICs, home equity lines of credit, and PC-based home banking. These and many other advanced services have been developed by credit unions to meet the unique needs of customers and owners.

Social involvement

The depth and scope of community involvement is a hallmark of credit unions. As credit unions serve their jurisdictions, there are many community economic development initiatives. These initiatives include community loan funds, community partnerships and special programs to support disadvantaged people. In difficult economic times, many credit unions offer flexible loan repayment options and take a delicate approach to your specific needs.

The best solution for small businesses

This feature also makes credit unions ideal for meeting the needs of small business owners. According to the Canadian Federation of Independent Business' Banking Matters study, published in November 2007, credit unions and treasury associations together account for the largest share of the small business market in Canada at 22 percent.

Involved in the education of our members

The importance of educating owner-clients, staff and volunteers is another hallmark of credit unions. Perhaps nowhere was this better understood than in eastern Nova Scotia during the Depression of the 1930s. Obliged to local traders and usurers - fishermen, farmers and miners needed an easy-to-manage source of credit and education on how to use it wisely. After years of perseverance, the dream of educating the community, not just serving the wealthy who could afford college, came true. University of St. Francis Xavier in Antigonish established an extension department whose mission was to bring education to the community. The department became the engine of the co-operative movement in eastern Canada.

Credit unions in Nova Scotia began humble in the basements and kitchens of churches and today provide careers for more than 900 citizens. In Nova Scotia, 31 cash desks provide customers with access to services at 82 locations and 80 ATMs. The Fund is the only financial institution offering a full range of services in 30 provincial communes. Over the past 20 years, the size of these credit unions has doubled. Professional, modern cooperative facilities proudly stand in prominent locations throughout the province, and well-trained professionals provide high-quality services that consistently outperform the competition.

At the beginning…

The history of Credit Unions of Nova Scotia and Credit Union Central of Nova Scotia begins nine years before their formation, when in 1925 a group of farmers met and passed a resolution calling on the government to create credit union laws. In 1931, the credit union movement held its first known rally among lobster fishermen. In 1932, legislation was passed establishing first the Filene Credit Union, and the Reserve Mines Credit Union received the first charter of a credit union from the government of Nova Scotia. In 1934, the first meeting of the Nova Scotia credit unions was held in Sydney.

Founder of the Credit Union System in Nova Scotia

1930 - Brother, Can You Save a Dime?

The first known rally of the Credit Union movement was held in Little Dover in 1931 and was led by Roy F. Bergengren and Rev. J.J. compiled. Tompkins ("Father Jimmy"). This new idea of ​​cooperative credit was well received and spread rapidly from the seaport to the village and outpost throughout the province.

When Nova Scotia's first credit union opened its doors in 1932, the province was already in the grip of the Great Depression.

This era brought new protections for workers—including unemployment insurance and social security—as well as the growth of the credit union movement. To enable local self-determination, people banded together, pooled their meager savings, and borrowed from the community pool. The number of credit unions survived the crisis as numbers increased.

1934 On December 16, the first meeting of Nova Scotia Credit Unions is held at the Lyceum Center in Sydney. On this day we celebrate the founding of the Credit Union Central of Nova Scotia.

• Credit unions: 14
• Customer owners: 3124
• Net worth: $100,000

1936 The original Little Man Under an Umbrella from 1923 is copyrighted. It symbolized the "ordinary man" protected from financial difficulties by the umbrella of cooperative savings and credit unions.

1937 As early as 1937, the directors of the League of Nova Scotia Credit Unions (League) considered the possibility of patronage rebates for credit union members and standardized loan forms for all credit unions. (The league was the precursor to the Credit Union Central of Nova Scotia.)

1938 The Nova Scotia Government established the League of Nova Scotia Credit Unions by statute, which began operating as a clearinghouse for credit union funds.

In 1939, Newfoundland and Labrador passed its own credit union charter.

1940 - See you again

The 1940s were a period of conflict. In the early years, Nova Scotia and the rest of Canada were drawn into World War II. The shift in the workforce, as able-bodied men were sent overseas, pushed women to new positions in the workplace while running the household. During this period, the credit union's lending policies supported the war effort by providing loans to customer owners to purchase war bonds.

In 1940, Central began providing mortgages to members of the credit union.

1943 First all-Canadian credit union meeting

1947: Convention delegates pass resolution approving current accounts (implemented in 1950)

• Customer owners: 36,000
• Net worth: $3,200,000

1950 - All I have to do is dream

Nova Scotia credit unions expanded throughout the 1950s, providing more and more services to a growing number of members. By the middle of the era, Nova Scotia had over 200 credit unions and over 52,000 owner-clients. Through sustained membership campaigns, future leaders have been educated on the groundbreaking philosophy that a credit union is not just another financial institution—its job is not just to provide credit, but to provide "educational credit."

Toward the end of this era, credit union growth slowed. The goal was to increase membership to about 70,000, or 10 percent of Nova Scotia's population.

1952: League headquarters moved from St. Francis. The building is dedicated in September 1952.

1958 25th anniversary of the Credit Union movement in Nova Scotia.

Dominion Steel and Coal Corporation (DOSCO) is the first credit union with assets reaching one million dollars.

1959

• Customer owners: 59,993
• Assets: $14,111,000

1960s - Times are changing

Early in this era, education was central, and the Atlantic Regional Credit Union School was created for credit union managers, employees, and volunteers. The goal was to revive the original inspiration of the Antigonish movement.

In the mid-1960s, many of the smaller rural credit unions became full-time employees. Canada's centenary celebrations have brought with it increased competition. Banks offered higher interest rates: the amendment to the Banking Law gave them greater advertising freedom, and marketing played an increasingly important role in financial services.

1963 US President John F. Kennedy commemorates International Credit Union Day by signing the Federal Credit Union Act.

1966 The familiar Hands and Globe logo is introduced as the new symbol of the credit union

1967

• Members: 93,133
• Assets: $36,731,000

1968 By special act of the Canadian Parliament, the Nova Scotia and Central credit unions (then known as the League) formed the League Savings and Mortgage Company to provide mortgages to homeowner customers.

70s - We are the world

Credit union growth boomed again in the early 1970s. Their presence in the country was strong and united as they successfully campaigned to prevent unfair taxation of credit unions.

The explosion of knowledge and technology in the 1970s brought rapid and disturbing changes. Economic conditions deteriorated significantly in the first half of the era; Nova Scotians faced industrial closures and unemployment was high.

In response to a volatile economy, rising inflation and record-high interest rates, Nova Scotia's credit unions stuck to their traditional values ​​and recognized the vital role they play in the local economy.

1971 Opening of the current Credit Union Central building on Lady Hammond Road, Halifax. The move to the provincial capital, Halifax, and the construction of a new building sent a clear message to the public: credit unions are here to stay and grow.

1974 Established League Data to provide information services, end-to-end solutions and data support services to credit unions.

In 1975, credit unions moved their accounting and data management online for the first time, starting with Dartmouth Community and then Greenwood in early 1976.

• Customer Owners: 132,595
• Assets: $123,666,000

The 80s and 90s - simply the best

Credit unions in Nova Scotia grew steadily between 1938 and 1969 from 12,000 to 97,000 members. The transition years of the 1970s and early 1980s saw a reorientation of the credit union movement.

In the 1990s, with the development of science, technology and communications, the economy shifted from commercial to resource-based interests. This new economy has forced credit unions to rethink their business and expand their services to meet the changing lifestyle needs of owner-clients.

1989 League Savings opens an office in Moncton, New Brunswick.

1993

• Credit unions: 71
• Members: 171,033
• Assets: $630,147,000

1994 Credit unions begin introducing ATMs in Nova Scotia.

1998 Launch of MemberDirect online banking.

The head office supports the purchase of the first branch of the bank in the province.

1999 The Nova Scotia Credit Unions Charitable Foundation is established to enhance the charitable work of our system.

A new age is coming

Today, one in five Nova Scotians belongs to a credit union. The 21st century brought with it the need for the development of new cash registers. The merger created larger savings and credit unions that can offer a full range of financial services.

The merger was not limited to Nova Scotia, however, as there was a trend of consolidation across the country. As credit unions continued to coalesce across Canada, discussions began at the regional level to create a single hub for the Atlantic region.

In addition, assets reached new highs. The addition of Newfoundland and Labrador credit unions as shareholders of Credit Union Central of Nova Scotia also contributed to this growth.

In 2000, Nova Scotia credit unions returned over $1.1 million in common stock dividends and patronage rebates to members just for doing business with them.

In 2001, Newfoundland and Labrador credit unions became shareholders of Credit Union Central in Nova Scotia.

System assets exceed $1 billion for the first time.

2002 Credit unions in the Atlantic provinces launched a new branding strategy focused on the competitive advantage of our professional network.

2004 37 credit unions serve 85 communities in Nova Scotia; 11 credit unions serve 37 communities in Newfoundland and Labrador

2005 Commencement of the Small Business Finance Program, a joint initiative of the Nova Scotia Co-operative Council, Nova Scotia Central Credit Union and the Department of Economic and Rural Development. Since its establishment, 1,347 jobs have been created and 2,335 jobs have been retained.

In 2007, talks began to establish a regional headquarters for all four Atlantic provinces.

2009 Nova Scotia and Newfoundland and Labrador credit unions unanimously agree to form Atlantic Central with credit unions of New Brunswick and Prince Edward Island.

The Immigrant Small Business Loan Program, a joint initiative of the Nova Scotia Co-operative Council, Nova Scotia Central Credit Union, local credit unions, the Department of Economic and Rural Development, and the Department of Immigration, was launched.

A $33,000 donation from Nova Scotia credit unions brings the system's total donations to the IWK Foundation to over $1 million; Nova Scotia credit unions receive a "Thanks for a Million" award over the radio during their annual fundraising marathon.

• Credit unions: 42
• Members: 208,551
• Net worth: $1.8 billion

2011 Credit union headquarters PEI, NB and NS combine in a corporate merger to form Atlantic Central with a strength of 62 credit unions and 340,000 members.