About Us
Central 1 Credit Union is the central financial facility and trade
association for the B.C. and Ontario credit union systems. It's an "umbrella
organization," representing member-owned retail financial institutions that
serve 2.9 million members and hold $70 billion in assets.
Owned and funded by our credit union stakeholders, we operate on multiple
levels to advance their goals -- from functioning as the system's wholesale
financial arm to providing the full range of trade association and development
services. Our organization is financially strong and innovative, with a
record of progressive management and an excellent credit rating.
From headquarters at the Credit Union Centre in Vancouver, B.C., and an office
in Mississauga, Ont., Central 1 provides leadership and support to a network
that operates more than 800 retail branches in the two provinces.
As the official voice of our member credit unions in B.C. and Ontario, we
represent their interests through ties to Credit Union Central of Canada,
other provincial centrals, federal and provincial regulatory agencies and
various affiliated organizations providing insurance, technology, education
and wealth management services.
Quick Facts
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B.C. Central Credit Union was created in 1944 as the financial facility
for B.C.'s fledgling credit union system and later became its payments
clearinghouse; in 1970, a merger with the B.C. Credit Union League brought
trade association services under its umbrella. In 1996, B.C. Central's name
was changed to Credit Union Central of British Columbia.
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The Ontario Credit Union League was formed in 1941 to meet the needs of
the province's credit unions. In 1990, its name was changed to Credit
Union Central of Ontario.
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On July 1, 2008, the two centrals combined under the name of Central 1
Credit Union. The combination involved Credit Union Central of British
Columbia acquiring the assets and assuming the liabilities of Credit
Union Central of Ontario at fair market value.
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Central 1 is owned primarily by its member credit unions - 45 in B.C.
and 137 in Ontario (as of January 1, 2010). Shareholdings in Central 1
reflect the proportional assets in of member credit unions in each province,
with B.C. credit unions holding 69 per cent of voting shares and Ontario
credit unions holding 31 per cent.
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Central 1's role is to serve as central financial facility, liquidity manager,
payments processor and trade association for the provincial credit union
systems of B.C. and Ontario. It provides leadership, advocacy, technology
and a range of support services in fulfillment of these key functions.
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Central 1 employs 500 staff and holds more than $11 billion in assets.
