Although much has changed since Powell River’s First Credit Union (FCU) incorporated in 1939, one central principle has stood the test of time: giving back to the community.
Now, as BC’s first charted credit union celebrates its 79th anniversary, the financial cooperative is taking a moment to celebrate the people who make it all possible: its members.
“When Powell River Credit Union incorporated in 1939, we served fewer than 100 members in Powell River,” says FCU chief executive officer Linda Bowyer. “Our membership has grown steadily over the past 79 years; we now serve almost 13,000 members in five communities, have over 400 million dollars in assets, and have given back millions of dollars to our communities. Our success is a direct reflection of our members trust in us and the cooperative system. We want them to know how much we appreciate them.”
As a cooperative, the credit union is owned by its members, who elect a board of directors. Members are encouraged to attend annual general meetings to find out what is going on in the organization, review financial reports and ask questions. Members also participate in the financial success of the credit union through patronage and dividend payments.
On Wednesday, June 6, based on 2017 profits, all members were paid a 3.23 per cent profit-share rebate on loan interest, deposit interest and service charges paid, which amounted to $360,000. Over the past year, more than $403,000 has been shared with members in the form of patronage funds and dividends.
In addition to sharing profits with members, FCU gives back thousands of dollars to the community each year through scholarships, donations, sponsorships, volunteer hours and community programs. In 2017, the credit union made a $20,000 donation to Powell River Hospice Society and secured a further $25,000 from partner cooperative Concentra for construction of a local hospice house in Powell River.
In total, the credit union provided more than $110,000 in donations and sponsorships to hundreds of organizations last year.
“First Credit Union is only able to donate funds that impact our community because our members do business with us,” says Bowyer. “As we grow and continue to get stronger, so does our capacity to give back to our members and positively impact our communities.”
Making a difference in the community goes beyond just giving back money. Volunteering and mentorship programs are other ways First Credit Union makes an impact.
On Thursday, June 21, FCU’s annual Community Impact Day takes place. The credit union will close its branches between 2 pm and 5 pm to allow its staff members to volunteer with local organizations such as Powell River Action Centre Food Bank, Cranberry Seniors Centre, Willingdon Creek Village, Community Resource Centre, BC SPCA Powell River and District Branch, and many others.
First Credit Union also mentors and develops young leaders through various youth programs and scholarships. CULEAD Young Leaders is a youth leadership program for grade 12 students that provides students with business skills, public speaking and leadership experience, and a scholarship for post-secondary education.
To coincide with the credit union paying patronage, and FCU’s 79th anniversary, each branch will host a Member Appreciation Day on Friday, June 8. Members are encouraged to stop by for cake, refreshments and member draws throughout the day.
As the credit union celebrates its anniversary, the First Credit Union team recognizes that none of the good the credit union provides for the community would be possible without the continued support of its members.
“We’re inviting our members to stop by the branch for cake and refreshments on Friday,” says Bowyer. “We would love the opportunity to say thank you and to show our appreciation for their dedication to First Credit Union and our community.”
For more information, visit firstcu.ca.
