Our History

Our founding members’ original concept of serving hard-working people neglected by the big banks is now embraced by more than 11,000 members with 6 branches throughout the province.

Looking back, we realize our success stems from our loyal members, dedicated staff and board of directors. Together, we have built this credit union by maintaining an unwavering commitment to the mission upon which we were founded. We have become BC’s largest, fully-unionized credit union by embracing the vision to create a values-driven credit union, one inspired by passion, dedicated to service, and guided by strong principles.

1944: Incorporated as the I.W.A. (New Westminster) Credit Union. The IWA (New Westminster) Credit Union was founded by individuals who were unsatisfied with the products & services available from the other financial institutions in the area. These pioneers were also all members of, or had family who where members of the International Woodworkers of America.

1967: The introduction of daily savings accounts to the Credit Union industry.

1968: The introduction of chequing accounts.

1975: Distillery Employees Credit Union merged with the I.W.A. (New Westminster) Credit Union.

1976: The Longshoreman’s & Warehousemen’s Credit Union amalgamated with the I.W.A. (New Westminster) Credit Union.

1977: I.W.A. (New Westminster) became an open bond credit union.

1978: I.W.A. (New Westminster) purchased all the assets and assumed the liabilities of Federal Civil Servants Credit Union.

1979: The credit union changed its name to the I.W.A & Community Credit Union to reflect the expansion of our common bond to include all of the individuals who lived or worked in the communities it served.

1991: Telephone banking was introduced to the credit union's membership.

1996: I.W.A. & Community CU was the first financial institution in Canada to offer Internet banking.

1999: The credit union merged with Sound Savings Credit Union (which itself was the result of the merger of Victoria Labour Council Credit Union and Utilco Credit Union) and changed our name to Community Savings Credit Union (CSCU) to reflect the organization's commitment to high service standards for the communities it serves.

2003: CSCU donated $100,000 to the CU Foundation to form the Terry Smith Memorial Fund in honour of his 33 years of service to Community Savings including 20 years as Chair Person.

2006: Introduction of the WealthView Banking System, MemberDirect, and MemberConnect to better serve membership's needs.

2008: Community Savings was one of the first financial institutions in Canada to introduce mobile banking.

2009: Merged with Operating Engineers Credit Union (OECU). Learn about OECU's proud history.

2010: Community Savings became the first financial institution in British Columbia to sign the living wage agreement and become a living wage employer. Living Wage for Families.