Innovation Federal Credit Union

Last updated

Innovation Federal Credit Union
Company type Credit union
Industry Financial services
FoundedJanuary 1, 2007;17 years ago (2007-01-01)
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.innovationcu.ca

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]

Contents

History

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]

Advice Centre locations

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]

Federal Credit Union

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]

Naming rights and sponsorships

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]

Recognition

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]

Supreme Court of Canada case

The credit union was party to the 2010 Bank of Montreal v Innovation Credit Union case. [31] [32]

See also

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References

  1. 1 2 3 "Innovation Credit Union Annual Report 2021" (PDF). innovationcu.ca. Retrieved 22 June 2023.
  2. ↑ "Innovation Announces Proposed Merger". SwiftCurrentOnline.com. Retrieved 24 April 2018.
  3. ↑ "Largest 100 Credit Unions : Fourth Quarter 2017" (PDF). Ccua.com. Archived from the original (PDF) on 20 April 2018. Retrieved 24 April 2018.
  4. ↑ "What is Guaranteed?". Cudgc.sk.ca. Retrieved 24 April 2018.
  5. ↑ ""Banking Revolution" – Saskatchewan Western Development Museum". wdm.ca. Retrieved 4 October 2018.
  6. ↑ "Did you know?". Northvalleycu.com. Retrieved 24 April 2018.
  7. 1 2 "Innovation Credit Union – About Us" (PDF).
  8. ↑ "CCUA The Largest 100 Credit Unions : Second Quarter 2017" (PDF). Ccua.com. Retrieved 18 April 2018.
  9. ↑ "Upgrades at Wilkie's credit union gives members more services". Battlefordsnow.com. 29 April 2016. Retrieved 18 April 2018.
  10. ↑ "Innovation Credit Union".
  11. ↑ Gazette, Government of Canada, Public Works and Government Services Canada, Public Services and Procurement Canada, Integrated Services Branch, Canada (14 October 2017). "Canada Gazette – MISCELLANEOUS NOTICES". Gazette.gc.ca. Retrieved 24 April 2018.{{cite web}}: CS1 maint: multiple names: authors list (link)
  12. ↑ "Innovation Credit Union members vote YES on federalization proposal – Prairie Post". Prairiepost.com.
  13. ↑ "Innovation Credit Union – Becoming a federal credit union". Innovationcu.ca.
  14. ↑ "Innovation Credit Union hoping to go national". Battlefordsnow.com. 5 April 2017.
  15. ↑ John Cairns (13 December 2017). "Innovation Credit Union votes yes to become federal". Newsoptimist.ca. Retrieved 18 April 2018.
  16. ↑ "Federal Credit Unions (FCUs)". cdic.ca. Retrieved 23 November 2018.
  17. ↑ "InnovationPlex | Swift Current". www.swiftcurrent.ca. Retrieved 22 June 2023.
  18. ↑ "Innovation Credit Union i-plex – Swift Current". Swiftcurrent.ca. Retrieved 18 April 2018.
  19. ↑ https://www.cityofnb.ca/news.html?NewsID=2529.{{cite web}}: Missing or empty |title= (help)
  20. ↑ "NORTH BATTLEFORD CELEBRATES NEW COMPLEX – News and Media – Government of Saskatchewan". Government of Saskatchewan. Retrieved 24 April 2018.
  21. ↑ John Cairns (16 June 2010). "Fundraising kickoff nets $6.1 mil". Newsoptimist.ca. Retrieved 24 April 2018.
  22. ↑ "Innovation Credit Union – Member Rewards program" (PDF).
  23. ↑ "Dr. Noble Irwin Foundation – Innovation Credit Union matches their Challenge!". Drirwinfoundation.com.
  24. ↑ "Innovation Credit Union". Innovationcu.ca.
  25. ↑ "Innovation Credit Union steps up with $100K donation for New Beginnings". Battlefordsnow.com. 22 March 2018. Retrieved 24 April 2018.
  26. ↑ "Top Employer: Innovation Credit Union". content.eluta.ca. Retrieved 24 April 2018.
  27. ↑ "INNOVATION CREDIT UNION SELECTED AS ONE OF SASKATCHEWAN'S TOP EMPLOYERS FOR THIRD YEAR IN A ROW" (PDF). Innovationcu.ca. Retrieved 18 April 2018.
  28. ↑ "Innovation Credit Union wins marketing award". Newsoptimist.ca. 11 May 2017. Retrieved 24 April 2018.
  29. ↑ "Caring Company".
  30. ↑ "2018 Employee Recommended Workplaces – The Employee Recommended Workplace Award". Employeerecommended.com. Retrieved 24 April 2018.
  31. ↑ "Bank of Montreal v. Innovation Credit Union – SCC Cases (Lexum)". Scc-csc.lexum.com. January 2001. Retrieved 18 April 2018.
  32. ↑ "Summary of Innovation Credit Union v. Bank of Montreal : Innovation Credit Union v. Bank of Montreal, 2009 SKCA 35 (CanLII)". Canliiconnects.org. Retrieved 18 April 2018.
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