Credit Union Central of British Columbia

Credit Union Central of British Columbia

November 03, 2006 09:00 ET

Credit Union Central of British Columbia: Credit Union Community Support in B.C. Tops $16 Million and 26,000 Hours

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2006) - Supporting local communities with their hearts, hands and money, B.C. credit unions have raised the bar on their previous best efforts.

According to a survey of their community philanthropy conducted by Ipsos Reid, credit unions gave nearly $16.7 million to B.C. communities in 2005, up from $11.8 million a year earlier.

Credit union employees made their impact by dedicating over 26,000 hours of time to community causes as part of their paid work. Beyond that, about 80 per cent of employees were involved in the community as unpaid volunteers.

These efforts benefited many important sectors of the community, including health care, education, economic development, arts and culture, and sports.

"Credit unions have gone from strength to strength in supporting their communities, so the results of the survey are really no surprise," says Linda Archer, Vice-President of Human Resources and Marketing at Credit Union Central of British Columbia. "Through their time, expertise and money, credit unions really make a difference in the community."

Monies funnelled into the community through credit union giving come in various forms, including donations and sponsorships, scholarships and bursaries, disbursements by their charitable foundations, and waived or reduced service charges for community organizations.

One in four B.C. credit unions -- 13 altogether -- have their own charitable foundations. Contributions to these foundations amounted to about $2.5 million in 2005, and disbursements were slightly over $1.3 million.

Understanding the importance of community economic development and the role played by non-profit organizations, B.C. credit unions rewarded their efforts by waiving service charges and paying higher interest rates on deposits for more than 10,000 community organizations.

The Ipsos Reid survey was conducted from mid-May to early July of this year for Credit Union Central of Canada. Respondents to the online questionnaire consisted of credit union CEOs, general managers or marketing managers. Thirty-five credit unions in B.C. responded to the survey.

There are 51 credit unions in B.C. Together, they have more than $37 billion in assets and 1.5 million members, and operate 359 branches in 139 communities, including 40 that have no other financial institution. The credit union system employs more than 8,000 British Columbians.

Contact Information

  • Credit Union Central of British Columbia
    Linda Archer
    Vice-President, Marketing and Human Resources
    (604) 737-5068