Interior Savings Credit Union

Last updated

Interior Savings Credit Union
Interior Savings
Company type Credit union
Industry Financial services
Founded1939
Headquarters Kelowna, British Columbia, Canada
Key people
  • Brian Harris (CEO)
RevenueC$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.

Contents

Interior Savings 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]

Okanagan Savings Credit Union

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]

Thompson Valley Savings Credit Union

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]

Nicola Valley and District Credit Union

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]

North Peace Savings and Credit Union

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]

Spruce Credit Union

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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References

  1. ↑ Interior Savings Annual Report 2022 (PDF). www.interiorsavings.com (Report).
  2. ↑ "Daily News (Nelson)". library.ubc.ca. 20 Sep 1939. p. 7.
  3. ↑ "Morning Star". www.newspapers.com. 19 Feb 1995. p. 38.
  4. ↑ "Morning Star". www.newspapers.com. 5 May 1996. p. 38.
  5. ↑ "Kamloops This Week". arch.tnrl.ca. 16 Jan 2002. p. A28.
  6. ↑ "Kamloops Daily News". arch.tnrl.ca. 27 Sep 2003. p. B3.
  7. ↑ "Prince George Citizen". www.princegeorgecitizen.com. 29 Dec 2021.
  8. 1 2 "North Peace Savings and Credit Union". npscu.ca. 15 May 2023.
  9. ↑ "Ashcroft-Cache Creek Journal". www.ashcroftcachecreekjournal.com. 16 Nov 2023.
  10. ↑ Largest 100 Credit Unions 2022 4Q (PDF). ccua.com (Report). Mar 2023. p. 4.
  11. 1 2 Emmanuel, Joy (2007). "A Passion for Possibilities, Co-operatives and Communities in BC" (PDF). uniteddiversity.coop. New Rochdale Press. pp. 105, 108 (94, 97). ISBN   978-1-55058-353-3.
  12. ↑ Pryce, Elizabeth (1994). "Okanagan Historical Society: Laurence and Isabella Vader of Okanagan Falls". library.ubc.ca: 98 (96).
  13. 1 2 "Kamloops Daily News". arch.tnrl.ca. 28 Sep 2000. p. A2.
  14. ↑ "Victoria Daily Times". www.newspapers.com. 13 Jun 1941. p. 15.
  15. ↑ "Kamloops Daily Sentinel". arch.tnrl.ca. 21 Jul 1971. p. A4.
  16. ↑ "Province". www.newspapers.com. 20 Feb 1962. p. 1.
  17. ↑ "Kamloops Sentinel". arch.tnrl.ca. 26 Oct 1953. p. A3.
  18. ↑ "Kamloops Daily Sentinel". arch.tnrl.ca. 18 Oct 1966. p. A8.
  19. ↑ "Kamloops News". arch.tnrl.ca. 17 Mar 1978. p. X6.
  20. ↑ "Salmon Arm Observer". www.newspapers.com. 21 Dec 1983. p. 22.
  21. ↑ "Kamloops News". arch.tnrl.ca. 21 Apr 1976. p. A5.
  22. ↑ "Kamloops This Week". arch.tnrl.ca. 13 Aug 2000. p. A15.
  23. ↑ "Kamloops Daily News". arch.tnrl.ca. 10 Dec 2001. p. B1.
  24. ↑ "Similkameen Star". library.ubc.ca. 7 Aug 1941. p. 1.
  25. ↑ "Merritt Herald". arch.tnrl.ca. 28 Dec 1961. p. A3.
  26. ↑ "Merritt Herald". arch.tnrl.ca. 19 Jan 1966. p. A9.
  27. ↑ "Merritt Herald". arch.tnrl.ca. 3 Jun 1970. p. A3.
  28. ↑ "Merritt Herald". arch.tnrl.ca. 29 Mar 1972. p. A16.
  29. ↑ "Merritt Herald". arch.tnrl.ca. 19 Apr 1972. p. A1.
  30. ↑ "Merritt Herald". arch.tnrl.ca. 12 Dec 1973. p. A1.
  31. ↑ "Merritt Herald". arch.tnrl.ca. 15 Jun 1994. p. A1.
  32. ↑ "100 Mile House Free Press". www.newspapers.com. 20 May 1998. p. 10.
  33. ↑ "Edmonton Journal". www.newspapers.com. 19 Mar 1960. p. 44.
  34. ↑ "Province". www.newspapers.com. 13 Apr 1986. p. 35.
  35. ↑ "Terrace Standard". www.terracestandard.com. 28 Jan 2016.
  36. ↑ "Prince George Citizen". pgnewspapers.pgpl.ca. 12 Mar 1951. p. 3.
  37. ↑ "Prince George Citizen". pgnewspapers.pgpl.ca. 18 Jun 1951. p. 4.
  38. ↑ "Prince George Citizen". pgnewspapers.pgpl.ca. 25 Feb 1952. p. 3.
  39. ↑ "Prince George Citizen". pgnewspapers.pgpl.ca. 24 Feb 2014. p. 3.
  40. ↑ "Prince George Citizen". pgnewspapers.pgpl.ca. 25 Feb 1972. p. 1.
    "Prince George Citizen". pgnewspapers.pgpl.ca. 23 Sep 1977. p. 17.
  41. ↑ "Prince George Citizen". pgnewspapers.pgpl.ca. 20 Apr 2000. p. 5.
  42. ↑ "Interior Savings". www.interiorsavings.com. 4 Jan 2022.
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