| Interior Savings | |
| Company type | Credit union |
| Industry | Financial services |
| Founded | 1939 |
| Headquarters | Kelowna, British Columbia, Canada |
Key people |
|
| Revenue | C$82.55 million (2022) [1] |
| C$8.38 million (2022) | |
| Total assets | C$3.1 billion (2022) |
| Website | interiorsavings.com |
Interior Savings Credit Union operated as a member-owned financial co-operative headquartered in Kelowna, British Columbia. Established in 1939, the branch network expanded by multiple mergers and became one of the larger BC credit unions. The 2024 merger with Gulf & Fraser created the Beem Credit Union.
In 1939, the Kelowna and District Credit Union was established [2] as the fourth chartered credit union in BC. In 1995, the name changed to the Interior Savings Credit Union (ISCU). [3] In 1996, Vernon became the first branch outside of Kelowna. [4]
Following the Thompson Valley Savings merger in 2002, 79,000 members spanned across 20 branches at the briefly renamed Thompson Interior Savings Credit Union, [5] prior to resuming the ISCU name. [6]
Merging into the ISCU were the Spruce Credit Union in 2022 [7] and the North Peace Savings and Credit Union in 2023. [8] At the time of the 2024 merger with Gulf & Fraser to create the Beem Credit Union, the ISCU comprised 90,000 members, 25 branches, 15 insurance offices, [9] and was the seventh largest credit union in BC. [10]
In 1939, the Oliver Credit Union (OCU) was incorporated with an initial 25 members. [11] In 1942, the Okanagan Falls Credit Union (OFCU) was formed. [12]
The OFCU merged into the OCU to form the Okanagan Savings Credit Union in 1971. [11] Comprising Oliver, Osoyoos, and Okanagan Falls branches, the latter merged into the Thompson Valley Savings Credit Union in 2000. [13]
The North Kamloops and District Credit Union was established in 1941 [14] [15] and renamed the North Kamloops Savings Credit Union in 1961. [16]
The Chase and District Credit Union was established in 1953. [17]
North Kamloops Savings was renamed the Thompson Valley Credit Union in 1966, [18] into which the Chase Credit Union and North Shuswap Credit Union merged around 1968. [19] [20] During the 1970s, the name amended to the Thompson Valley Savings Credit Union (TVSCU) and the branch network comprised Kamloops, Kamloops North, Chase, Barriere, and Clearwater. [21]
In 2000, the Okanagan Savings Credit Union merged into the TVSCU, [13] which months earlier had acquired the Bank of Montreal branch operations in Ashcroft and Merritt. [22]
In 2002, the TVSCU, merged into the ISCU to become the sixth largest credit union in BC. [23]
The Princeton Credit Union was established in 1941 [24] and the Merritt Credit Union in 1961. [25] The Merritt and District Savings and Credit Union merged into the Princeton Credit Union in 1966 to become the Princeton-Merritt District Credit Union. [26] The branch network expanded to Ashcroft in 1970 [27] and Lillooet in 1972, [28] changing the name to the Yale District Credit Union. [29]
The Merritt branch separated to create the Nicola Valley and District Credit Union (NVDCU) in 1973, [30] under which name the prior operations rejoined in 1982. The Kamloops branch of the Dogwood Credit Union was acquired in 1994. [31]
In 1998, the NVDCU merged into the TVSCU. [32]
Formed in 1947, the North Peace Savings and Credit Union membership was 1,930 by 1960. [33]
The Credit Union Deposit Insurance Corporation assumed supervision in 1980 when problems arose from too rapid expansion. To address a liquidity crisis in 1986, the BC credit union movement provided a $7.6 million loan to protect the 9,500 members. [34]
By 2016, the branches at Fort St. John, Fort Nelson, Hudson's Hope, and Taylor served the 13,300 members. [35] By the time of the merger into the ISCU in 2023, the Taylor branch had closed. [8]
In 1951, Prince George Roman Catholics formed the Sacred Heart Credit Union. [36] Membership, which was also open to non-Catholics, totalled 60 after three months [37] and 160 eight months later. [38]
The name changed [39] to the Spruce Credit Union (SCU) in the mid-1970s. [40]
By 2000, the membership exceeded 8,000. [41]
The SCU comprised 7,000 members across two branches at the time of the 2022 merger into the ISCU. [42]
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