Vancity
 |
|
| Credit union | |
| Industry | Financial services |
| Founded | 1946 |
| Headquarters | Vancouver, British Columbia |
|
Key people
|
Tamara Vrooman, President/CEO |
| Revenue | $435 million CAD (2015) |
| $65.1 million CAD (2015) | |
| Total assets | $19.8 billion CAD (2015) |
|
Number of employees
|
2,594 (2015) |
| Website | vancity.com |
Vancouver City Savings Credit Union, commonly referred to as Vancity, is a member-owned financial co-operative headquartered in Vancouver, British Columbia. By asset size, Vancity is the largest community credit union in Canada, with $19.8 billion in assets, 59 branches and more than 519,000 members.
Vancity began operations in 1946 as an open-bond credit union in Vancouver, British Columbia, Canada. Initially a financial co-operative consisting of 14 Vancouver residents, Vancity has grown to serve B.C.’s Lower Mainland and the Victoria region of Vancouver Island.
On September 28, 1946, 14 Vancouver residents signed a charter to establish an open-bond credit union that would be open to any resident of the city, regardless of social affiliation. On October 11, 1946, Vancouver City Savings Credit Union opened to the public. By the end of 1946, total assets were $2,966.
Vancity first operated out of a former machine shop on the corner of Broadway and Quebec streets in Vancouver. By the end of 1951, membership had reached 2,000. Assets grew rapidly after the introduction of personal chequing accounts in the same year, reaching $5 million in 1962, $10 million in 1965, $100 million in 1973, and $1 billion by 1980. Current assets are $19.8 billion.
Vancity has a history of innovation in the North American financial services market:
Vancity’s primary lines of business include retail and business banking (deposit-taking and lending) and mortgage lending. Through wholly owned subsidiaries, Vancity also operates foreign exchange, life insurance, Visa credit cards, real estate development, and investment advisory services
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