Vancity

Vancity
Credit union
Industry Financial services
Founded 1946
Headquarters Vancouver, British Columbia
Key people
Tamara Vrooman, President/CEO
Revenue $435 million CAD (2015)
$65.1 million CAD (2015)
Total assets $19.8 billion CAD (2015)
Number of employees
2,594 (2015)
Website vancity.com

Vancouver City Savings Credit Union, commonly referred to as Vancity, is a member-owned financial co-operative headquartered in Vancouver, British Columbia. By asset size, Vancity is the largest community credit union in Canada, with $19.8 billion in assets, 59 branches and more than 519,000 members.[1]

History

Vancity began operations in 1946 as an open-bond credit union in Vancouver, British Columbia, Canada. Initially a financial co-operative consisting of 14 Vancouver residents, Vancity has grown to serve B.C.’s Lower Mainland and the Victoria region of Vancouver Island.

On September 28, 1946, 14 Vancouver residents signed a charter to establish an open-bond credit union that would be open to any resident of the city, regardless of social affiliation.[2] On October 11, 1946, Vancouver City Savings Credit Union opened to the public. By the end of 1946, total assets were $2,966.

Vancity first operated out of a former machine shop on the corner of Broadway and Quebec streets in Vancouver. By the end of 1951, membership had reached 2,000. Assets grew rapidly after the introduction of personal chequing accounts in the same year, reaching $5 million in 1962, $10 million in 1965, $100 million in 1973, and $1 billion by 1980. Current assets are $19.8 billion.[3]

Milestones

Vancity has a history of innovation in the North American financial services market:

Services

Vancity’s primary lines of business include retail and business banking (deposit-taking and lending) and mortgage lending. Through wholly owned subsidiaries, Vancity also operates foreign exchange, life insurance, Visa credit cards, real estate development, and investment advisory services

Membership

Vancity is a member of Central 1 Credit Union and is registered with the Credit Union Deposit Insurance Corporation of British Columbia. In December 2010, Vancity joined the Global Alliance for Banking on Values (GABV).[10]

Awards and recognition

Vancity has won a number of important business and social innovation awards, including:

References

  1. "Vancity posts strong 2015 results and boosts membership". Vancity.com. Retrieved 2016-03-09.
  2. Archived August 9, 2014, at the Wayback Machine.
  3. "Vancity posts strong 2015 results and boosts membership". Vancity.com. Retrieved 2016-03-09.
  4. "Herschel Hardin". Herschelhardin.ca. Retrieved 2015-12-27.
  5. 1 2 3 4 5 ""Credit Union Firsts" commemorate a strong history of innovation | World Council of Credit Unions". Woccu.org. Retrieved 2015-12-27.
  6. Hardin, Hershel (1996). Working Dollars, p. 128. Douglas & MacIntyre, Vancouver. ISBN 1550544322
  7. Hardin, Hershel (1996). Working Dollars, p. 280. Douglas & MacIntyre, Vancouver. ISBN 1550544322
  8. Hardin, Hershel (1996). Working Dollars, p. 411. Douglas & MacIntyre, Vancouver. ISBN 1550544322
  9. Hardin, Hershel (1996). Working Dollars, p. 465. Douglas & MacIntyre, Vancouver. ISBN 1550544322
  10. "Global Alliance – For Banking on Values ~ Vancity (Canada)". Gabv.org. 2014-06-20. Retrieved 2015-12-27.
  11. "Top 50 socially responsible corporations: 2014". Macleans.ca. 2014-06-05. Retrieved 2015-12-27.
  12. http://www.corporateknights.com/article/2014-best-50-corporate-citizens-canada-ranking-announced
  13. Leung, Kristina (2015-04-21). "jobs at Vancouver City Savings Credit Union". Eluta.ca. Retrieved 2015-12-27.
  14. "Awards of Excellence | City of Vancouver". Vancouver.ca. Retrieved 2015-12-27.
  15. Graphically Speaking. "Past Winners of the BC Marketer of the Year Award". BCAMA. Retrieved 2015-12-27.
  16. Simon, Bernard (2014-06-20). "2013 Best 50". Corporateknights.com. Retrieved 2015-12-27.
  17. "CR Reporting Awards". Corporateregister.com. Retrieved 2015-12-27.
  18. Perkins, Tara (2014-06-20). "2012 Best 50". Corporateknights.com. Retrieved 2015-12-27.
  19. http://www.therixcenter.com/2011/03/engaged-citizenship-awards-2011-celebrating-business-giving-back-to-community/#criteria
  20. Kamenetz, Anya (2010-02-11). "Most Innovative Companies - Finance". Fastcompany.com. Retrieved 2015-12-27.
  21. "2009 Community Economic Development Award | Credit Union Central of Canada". Cucentral.ca. 2010-10-07. Retrieved 2015-12-27.
  22. "WXN Award Winners | Women Executives | Executive". Financial Post. 2014-05-22. Retrieved 2015-12-27.
  23. Laura Pratt is a Toronto-based freelance writer. "Sustainability Reporting". Cga-canada.org. Retrieved 2015-12-27.
  24. http://www.greatplacetowork.ca/best-workplaces/best-workplaces-in-canada/429-2006
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