Type | Credit union |
---|---|
Industry | Financial services |
Founded | January 1, 2007 |
Headquarters | Swift Current, Saskatchewan |
Key people | Daniel Johnson, CEO |
Products | Savings; chequing; consumer loans; mortgages; credit cards; online banking |
Revenue | $85.5 million CAD (2021) [1] |
Total assets | $4.047 billion CAD (2021) [1] |
Website | www |
Innovation Federal Credit Union is a Canadian credit union. It was formed on January 1, 2007, through the merger of Southwest Credit Union and BCU Financial (previously Battlefords Credit Union). [1] [2] Innovation is the third largest credit union in Saskatchewan and the 21st largest credit union in Canada. [3] Deposits are insured by the Canada Deposit Insurance Corporation (CDIC). [4]
When Pioneer Credit Union and Western Credit Union merged, they re-branded to Southwest Credit Union in 1993. Southwest Credit Union and BCU Financial merged January 1, 2007 to form Innovation Credit Union. This was the first financial institution in Canada to pilot Point of sale. [5] The pilot took place in Swift Current, Saskatchewan in 1985, and involved the installation of point of sale systems at 28 Pioneer Co-op outlets. [6]
Innovation is the 21st largest credit union in Canada, and the third largest credit union in Saskatchewan. The credit union has over 58,000 member owners [7] and total assets of $4.047 billion CAD (2021). [7] Its services include banking, wealth management, credit products and services through 24 advice centres. [8] [9]
Innovation Credit Union refers to its physical locations as Advice Centres. Innovation has Advice Centres in the Saskatchewan communities of Buffalo Narrows, Goodsoil, Pierceland, Meadow Lake, Shell Lake, Leoville, Glaslyn, Meota, Medstead, Hafford, North Battleford, Battleford, Cut Knife, Wilke, Swift Current, Gull Lake, Cabri, Hodgeville, Gravelbourg, Frontier, Eastend, Lancer, Ponteix, and Mankota. The Credit Union also has administration offices in Regina, SK and Saskatoon, SK. [10]
In October 2017, Innovation Credit Union provided notice of its intent to apply to become a federal credit union. [11] The following December, Innovation Credit Union members voted in favor of a proposal to become the first federal credit union headquartered in Saskatchewan. Of 17,214 members who voted, 82% voted in favor of the Special Resolution. [12] [13] [14] [15] The Credit Union received approval to begin operating as Innovation Federal Credit Union effective June 23, 2023.This will make Innovation Federal Credit Union the first Saskatchewan credit union to be federally-regulated and the third federally-regulated credit union in Canada, with UNI Financial Cooperation being the first, and Coast Capital Savings being the second. [16]
The credit union holds the naming rights to the InnovationPlex [17] in Swift Current, a multi-purpose recreation facility mainly used for ice skating and curling. The facility is used by Western Hockey League's Swift Current Broncos. [18]
North Battleford's InnovationPlex, [19] opened in 2013, is named for the credit union which donated $1.5 million for lifetime naming rights. The overall facility includes four-components: the Dekker Centre for the Performing Arts, the Northland Power Curling Centre, the NATIONSWEST Field House, and the Battlefords CO-OP Aquatic Centre. [20] [21]
As of 2021, Innovation has donated over $7.29 million [22] to the communities it operates in. [23] [24]
In 2018, Innovation donated $100,000 to the new Saskatchewan Hospital. In recognition of this donation, the patient business centre will be named in honour of Innovation Credit Union. [25]
Innovation Credit Union was recognized as one of Canada's top 100 employers through the Annual Saskatchewan's Top Employers competition in 2018, [26] 2017, 2016, and 2015. [27]
In 2017, Innovation won two Achievement in Marketing Excellence (AIME) Awards, one of which was for creating the first mobile branch of any credit union in Canada. The mobile branch served small communities without financial institutions especially in the Northern part of the Province. [28] Innovation is recognized as a Caring Company by Imagine Canada. [29] Imagine Canada gives this designation to companies who lead by example in their community support efforts.
In 2018, Innovation Credit Union was recognized as an Employee Recommended Workplace by The Globe and Mail and Morneau Sheppel. [30]
The credit union was party to the 2010 Bank of Montreal v Innovation Credit Union case. [31] [32]
North Battleford is a city in west-central Saskatchewan, Canada. It is the seventh largest city in the province and is directly across the North Saskatchewan River from the Town of Battleford. Together, the two communities are known as "The Battlefords". North Battleford borders the Rural Municipality of North Battleford No. 437, as well as the North Battleford Crown Colony.
Swift Current is the sixth-largest city in the Canadian province of Saskatchewan. It is situated along the Trans Canada Highway 177 kilometres (110 mi) west of Moose Jaw, and 223 kilometres (139 mi) east of Medicine Hat, Alberta. As of 2021, Swift Current has a population of 16,750, a growth of 0.9% from the 2016 census population of 16,604. The city is surrounded by the Rural Municipality of Swift Current No. 137.
The Desjardins Group is a Canadian financial service cooperative and the largest federation of credit unions in North America. It was founded in 1900 in Lévis, Quebec by Alphonse Desjardins. While its legal headquarters remains in Lévis, most of the executive management, including the CEO, is based in Montreal.
The Canada Deposit Insurance Corporation is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and savings institutions. CDIC insures Canadians' deposits held at Canadian banks up to C$100,000 in case of a bank failure. CDIC automatically insures many types of savings against the failure of a financial institution. However, the bank must be a CDIC member and not all savings are insured. CDIC is also Canada's resolution authority for banks, federally regulated credit unions, trust and loan companies as well as associations governed by the Cooperative Credit Associations Act that take deposits.
The Western Canadian Baseball League (WCBL) is a collegiate summer baseball league based in Saskatchewan and Alberta that descends from leagues dating to 1931.
The Innovation Credit Union iPlex is a 2,879-seat multi-purpose arena in Swift Current, Saskatchewan, Canada. The arena was built in 1967 as a Canadian Centennial project and originally known as the Centennial Civic Centre. In 2007, Swift Current city council approved a $14 million expansion to the Centennial Civic Centre. Construction of the hockey-curling complex was completed in fall 2007.
Access Communications is a Canadian telecommunications service provider operating in over 235 communities in Saskatchewan. Headquartered in Regina, the co-operative provides internet, cable television, telephone and security services to residential and business customers. Its primary competitor is Saskatchewan's government-owned SaskTel.
The Saskatchewan Junior Hockey League is a Junior 'A' ice hockey league operating in the Canadian province of Saskatchewan and one of nine member leagues of the Canadian Junior Hockey League.
Elrose is a town located just to the north of the Coteau Hills. It is south of Rosetown and north of Swift Current on Highway 4 and Highway 44. A community in the middle of an agricultural economy, Elrose has also become a local hub of activity in the oil industry. The town is surrounded by the Rural Municipality of Monet No. 257.
Envision Financial, a division of First West Credit Union, is based in British Columbia, Canada. Founded in 1946, Envision Financial was established in 2001 through a merger between Lower Mainland-based Delta Credit Union, whose roots were in the fishing industry, and Fraser Valley-based First Heritage Savings Credit Union, which had historic ties to the farming and agriculture industries. First Heritage Savings Credit Union was the product of a merger between East Chilliwack Credit Union and Clearbrook District Mennonite Savings Credit Union in 1983. It is insured by the Credit Union Deposit Insurance Corporation of British Columbia.
Crown corporations in Canada are government organizations with a mixture of commercial and public-policy objectives. They are directly and wholly owned by the Crown.
EllisDon is an employee-owned construction services company that was founded and incorporated in 1951 in London, Ontario, Canada, by brothers Don and David Ellis Smith. The company is headquartered in Mississauga, Ontario, Canada.
Canada has significant per-capita membership in credit unions, representing more than a third of the working-age population. Credit union membership is largest in Quebec, where they are known as caisses populaires, and in western Canada.
Ann Harbuz (Napastiuk) was a Canadian artist. A self-taught artist, she is known for folk art painting depicting 20th-century Canadian Ukrainian prairie perspectives. She drew inspiration from her rural and Ukrainian origins in Western Canada, reflecting her very personal vision of the social life of her community, a vision which is a combination of memories, dreams and reality. While her art career began late in life, she produced more than 1000 paintings and painted objects.
Saskatchewan Landing Provincial Park is a provincial park in the Canadian province of Saskatchewan. It is located in the valley of the South Saskatchewan River at the western end of Lake Diefenbaker in the RM of Saskatchewan Landing No. 167, about 50 km (31 mi) north of Swift Current. The park is 5,735 hectares in size.
The 190 mile long (300 km) Swift Current-Battleford Trail was an important late-19th century transportation and communications link between settlements of Swift Current and Battleford - the result of a brisk trade, in buffalo bones which resulted heavy traffic between the two regions. Because of the large volume of Red River cart traffic, the ruts created during this period are still visible today. The historical significance of this resulted in The Battleford Trail becoming a provincial heritage site in 1982.
Rosemarie Ashley Falk is a Canadian politician from Saskatchewan, who has represented the riding of Battlefords—Lloydminster in the House of Commons of Canada since a by-election victory in 2017. She is a member of the Conservative Party of Canada caucus. Falk currently serves as the Deputy Shadow Minister for Families, Children and Social Development and Status of Women.
The 2019 World Under-17 Hockey Challenge is an ice hockey tournament that was held in Swift Current, Saskatchewan and Medicine Hat, Alberta, Canada from November 2 to November 9. The World Under-17 Hockey Challenge is held by Hockey Canada annually to showcase young hockey talent from Canada and other strong hockey countries.
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