Central 1 Credit Union

Central 1 Credit Union

October 15, 2009 08:00 ET

Central 1 Credit Union: Ontario Credit Unions Donate Record $5.3 Million to Community Projects

MISSISSAUGA, ONTARIO--(Marketwire - Oct. 15, 2009) - Ontario credit unions increased their support for community projects to $5.3 million in 2008, up about 10 per cent from $4.8 million in 2007, a new survey shows. More than 80 per cent of the donations supported charitable efforts in the local communities where credit unions operate.

Under the theme Your Money, Your Choice, Your Credit Union, credit unions are celebrating International Credit Union Day on Thursday, Oct. 15, part of Co-op Week which is celebrated from Oct. 11-17.

Last year Ontario credit unions provided donations to groups, sponsorships, scholarships, supported charitable foundations and provided free or reduced-cost financial services to community groups.

Credit unions are member-owned financial co-operatives with a strong local focus.

The annual survey which is done nationally for Credit Union Central of Canada (Canadian Central), the national trade association for the credit union system, has shown a steady increase in donations over the past eight years since the first survey was done.

Nationally, Canadian credit unions donated $42.1 million, up 18 per cent from $35.8 million in 2007.

The bulk of the assistance in Ontario was in donations and sponsorships -- $2.1 million, up from $2 million in 2007. Credit unions also provided $518,000 in financial services to community organizations; $383,000 in donations-in-kind; $470,000 in contributions to credit union charitable foundations; and $182,000 in scholarships.

The survey gathered responses from 93 of the 145 Ontario credit unions affiliated with Central 1 Credit Union in 2008, representing 78 per cent of the assets in the system.

Nationally, there are currently 427 credit unions affiliated with Canadian Central and they have more than five million members and assets of $117 billion.

About Central 1:

With $9.5 billion in assets, Central 1 Credit Union is the central liquidity management facility and trade association for its nearly 200 member credit unions in B.C. and Ontario. From offices in Vancouver, B.C., and Mississauga, Ont., more than 500 employees provide a wide range of services, including liquidity management, payments settlement, Internet financial services and trade association functions.

Contact Information

  • Central 1 Credit Union
    Art Chamberlain
    Media Relations Manager
    905-282-8534 or 1-800-661-6813, ext. 8534
    905-238-5008 (FAX)
    www.central1.com