Vancity


Vancouver City Savings Credit Union, commonly referred to as Vancity, is a member-owned financial co-operative headquartered in Vancouver, British Columbia, Canada. By asset size, Vancity is the largest community credit union in Canada as of 2018, with in assets plus assets under administration, 59 branches and more than 534,000 members.

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 British Columbia'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. 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 $5million in 1962, $10million in 1965, $100million in 1973, and $1billion by 1980., current assets are $22.9billion.

Milestones

Vancity has a history of innovation in the North American financial services market:
Vancity's primary lines of business include retail and business banking 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.