Enderby & District Credit Union

BC Co-op Membership Profile |


A BRIEF HISTORY

The Beginning – April 7, 1947


Thirteen members invested $103 in Enderby and District Credit Union at
their organization meeting at the City Hall Last Thursday night.

Thomas a. Switzer, B.C.
Association of Credit Unions Organizer attended the meeting and
addressed the gathering on the functions of a credit union,
illustrating his points by examples of what credit unions had done for
people in various places and different walks of life.

He strongly advised joining the B.C. Credit Union League if only for the low cost protection offered by their insurance plan.

N.S. Johnson was elected
temporary secretary – treasurer. The meeting chose the following
directors, who elected their own officers as follows: President P.G
Farmer; Vice-President B.Schulte; Secretary-Treasurer N.S. Johnson;
G.W. McLeod and N. Oberle.

11 Years Later – 1958

Enderby Credit UnionThe McLeods – father and son, were the guiding hands at Enderby and District Credit Union.

For 15 years, from 1958
through 1972, the McLeods where in charge of running the credit union.
The tradition started with George William McLeod who was succeeded by
Wayne McLeod in 1965, within days of the death of his father.

In 1953 G.W. McLeod was
elected to the House of Commons as the Member of Parliament for
Okanagan/Revelstoke. Following two terms in Ottawa, G.W. returned to
purchase a real estate and insurance business in Enderby. It was at
this time he took up the cause of the local credit union which had been
incorporated in 1947 but since then had grown very slowly. Being
interested in community credit unions and supportive of their goals,
G.W. volunteered to act as treasurer and to house the operation in his
office.

Wayne McLeod explains:
"The credit union was a very small operation providing only
share-savings accounts and personal loans. The ‘office’ consisted of a
single desk drawer. This caused great consternation to the inspector
who would stop in for a surprise visit to count cash and check the
records. He’d be invited to have a seat at the desk, shown the drawer
and encouraged to do his thing, without benefit of an adding machine or
calculator."

"My father was of the old
school," continues Wayne."He had no time for new-fangled gadgets; he
could add the columns mentally with great speed and accuracy."

"The inspector was also
shocked at the lack of security – no vault, no till, no locks except
those on the entrances. But there really wasn’t a great need for such
security measures. Funds where deposited in the local bank and, when
the credit union required additional funding, the bank provided a loan."

As credit union
treasurer, however, Wayne soon grew bold enough to make a change – the
purchase of an adding machine. "A brand new really nice modern one; it
cost a $100!"

He recalls, "By 1972 my
own business was expanding and our directors and members were pressing
for chequing services. I knew that once chequing accounts came on
stream I wouldn’t be able to manage both the credit union and my
business – so I resigned and Keith Armstrong succeeded me. He came from
the banking system and was trained in financial matters. It was Keith
who introduced chequing."

"But since then we’ve
grown by leaps and bounds. My father took the operation from almost
scratch to about $125,000 in assets; when I left, assets where
approaching $800,000."

Thirty Eight Years Later, 1985


November, 1985 the doors on the new Credit Union building as we know it
today, opened and customers where coming in right at 9 AM.

Today the Enderby and
District Credit Union has over $24,000,000 in assets and over 5000
members. Our credit union is the major financial institution serving
this area.