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.
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.
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.
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.
Central 1 is owned primarily by its member credit unions - 45 in B.C. and 119 in Ontario (as of January 1, 2011). Shareholdings in Central 1 reflect the proportional assets 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.
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.
Central 1 employs 500 staff and holds $14 billion in assets.
Disclaimer: Company Profiles in the Tech Directory on T-Net are created, edited and maintained primarily by employees within individual companies, and are subject to continual change without notice and possible errors and/or omissions. Information within the pages of this Tech Directory is of a general nature intended only for informational purposes, and such information should not be relied upon. T-Net does not warrant or guarantee the quality, accuracy or completeness of such information and expressly disclaims liability for any loss, inconvenience or damages (including special, indirect or consequential damages) caused as a result of any errors in, or omissions from, such information. If you see an error, please let us know. Copyright T-Net. All rights reserved.