The early days for the Squamish Credit Union began when a group of individuals recognized a need. There were no banks in town, but there was a need for money and at low rates. In keeping with this tradition, the union donated a $60,000 fully loaded van to the Hilltop House Support Society senior centre.
"We've always said 'People first,'" said the union's only surviving founding member, Ed Antosh, during the donation ceremony. "And that's what today is about."
Antosh joined Mayor Ian Sutherland, Credit Union Chairman of the Board Tom Casey, support society staff and dozens of seniors for the ribbon cutting Monday (June 18). Olaf Olafssen was the first senior to recognize the need for transportation, bringing the first van to the society in 1992.
He said the new vehicle's mechanized lift will help those who have had trouble with the old van's stairs, and the roomier interior will allow four wheelchairs to ride together instead of two.
Olafssen's efforts 13 years ago continue to service the community with the old van being donated to the Sea to Sky Community Services.
The credit union's donation equates to $1,000 for every one of the 60 years it's been in service.
In April 1944, members of the Elks and Farmers Institute met and decided that they should form a credit union. Fourteen men agreed to sign as chartered members and they each bought one $5 share and paid a membership fee of 25 cents. The Squamish Credit Union became reality, with $73.50, on June 5, 1944. By the end of the first year, the Credit Union had $2,478 in share capital, $2,080 out in loans and 56 members.
In the early 1980s, the Credit Union was appointed as the Motor Licence office for the Squamish area and in 1985, purchased a general insurance agency, now known as SCU Insurance Services Ltd.
In 1987, the Credit Union was the first financial institution in Squamish to operate an ATM by installing one in the 7-11 store on Hwy. [email protected]
