LCU Insurance Agencies

History of Credit Unions in British Columbia

Credit Unions have existed in Canada since the early 1900s when the first caisses populaires opened in Quebec to meet the financial institution needs of citizens that did not have access to banks due to their lack of wealth. Credit Unions then spread to Western Canada, primarily in response to difficulties faced in obtaining financing from banks during the Great Depression.  Credit Unions were largely community based and would provide loans to individuals based on their character and reputation within the community.

BC’s first Credit Union, Common Good Credit Union, opened its doors in Burnaby in 1936 as an alternative to chartered banks. The Credit Union movement grew in BC as groups of individuals with a common bond such as community, church, industry, cultural heritage, and union affiliation came together to develop their own financial co-operatives. These common bonds became the basis for membership. While common bond Credit Unions continue to exist today (i.e. Vancouver Police Credit Union, Operating Engineers Credit Union), the majority of BC Credit Unions have developed more inclusive membership models wherein anyone in BC may join almost any Credit Union.

History of Ladysmith & District Credit Union

Ladysmith & District Credit Union (LDCU) was founded on May 18, 1944, with charter 116 and a common bond of residents of Ladysmith, BC north to the Nanaimo River and south to Newcastle district boundary. LDCU has a proud role in the history of Credit Unions as it was the first Credit Union in North America to use the international trademark of Credit Unions (hands and globe) in its signage. The Credit Union has never undergone a name change nor has it merged with any other Credit Union; however, it is now an open bond Credit Union allowing anyone to become a member. The Credit Union has three main departments: Member Services, Financial Services, Support Services, and an Insurance Services subsidiary. LDCU has 5,250 members, 37 employees, and over $130 million in assets.

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