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Credit Unions in Nova Scotia Through the Years

Credit unions have been a reliable part of Canada’s economic community for more than 100 years. Beginning as simple savings and loans organizations, they grew to a network of full service financial institutions providing easy access to flexible products and professional financial services online or in person. Canada's credit union system currently consists of almost 1,059 individual credit unions and caisses populaires; Canada also boasts the world's highest per capita membership.

Proud to First

Credit unions are not “branches” subject to centralized direction. They are independent, autonomous institutions accountable only to their customer-owners, and so they are able to respond quickly and effectively to their needs. As a result, credit unions are innovators in the financial services industry. Credit union firsts that are now industry standards include ATMs, variable rate mortgages, equity-linked GICs, home equity lines of credit and PC-based home banking. These, and many other progressive services, were developed by credit unions to meet unique customer-owner needs.

Community Involvement

The depth and breadth of engagement with community involvement is a hallmark of credit unions. Credit unions exist to serve their particular jurisdictions, so community economic development initiatives abound. These initiatives include community loan funds, community partnerships and special programs to assist the disadvantaged. During periods of economic difficulty, many credit unions create flexible loan repayment options and adopt sensitive approaches to accommodate specific needs.

Small Business's Best Solution

This characteristic also makes credit unions ideally suited to serve the needs of the small business owner. According to the Canadian Federation of Independent Business' Banking Matters published in November 2007, with a combined total of 22 per cent, credit unions and caisses populaires have the largest share of the small business marketing in Canada. 

Committed to Customer-Owner Education

The importance of education of customer-owners, staff and volunteers is another hallmark of credit unions. Perhaps nowhere was this better understood than in eastern Nova Scotia during the depression of the 1930s. Mortgaged to the local merchants and loan sharks – fishermen, farmers and miners needed a source of manageable credit and education on how to use it wisely. After years of perseverance, the dream to bring education to the community, rather than serving only the affluent who could afford to come to the university, was realized. St. Francis Xavier University in Antigonish organized an extension department whose mission was to bring education to the community. The department became the prime mover in the cooperative movement in eastern Canada.

From humble beginnings in church basements and kitchens, credit unions of Nova Scotia now provide careers to more than 900 citizens. In Nova Scotia, 31 credit unions provide 82 locations and 80 ATMS to customer-owners to access services. In 30 provincial communities the credit union is the only full service financial institution. Over the past 20 years, these credit unions have doubled in size several times over. Professional, modern credit union premises stand proudly in high profile locations throughout the province, and well trained professionals provide quality service that consistently rates higher than competitors.

Timeline: Our Past

Credit Union Central of Nova Scotia at 75: Our Present

Evolution: Our Future