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Vancity
Type Credit union
Founded 1946
Headquarters Vancouver, British Columbia
Key people Tamara Vrooman, President/CEO
Industry Financial services
Revenue $397.2 million CAD (2008) [1]
Net income $46.8 million CAD (2008) [1]
Total assets $13 billion CAD (2008) [2]
Employees 2,564 (2008) [1]
Website vancity.com

Vancouver City Savings Credit Union, commonly referred to as Vancity is a member-owned financial institution in Vancouver, British Columbia and the largest English-speaking credit union in Canada. Founded in 1946, and the second oldest Credit Union in British Columbia (the oldest being Greater Vancouver Community Credit Union), Vancity provides a variety of financial services including banking, borrowing, investments, and insurance. At the end of 2008, it had more than 407,000 members and $13.0 billions CAD in assets, [2] employing over 2600 employees and operating 61 branches located across the Lower Mainland and Vancouver Island.[1] On September 1, 2007, Tamara Vrooman, former Deputy Minister of Finance of British Columbia, took over as the credit union's Chief Executive Officer. [3] The Chair of Board is Patrice Pratt.

For several years, Vancity has been named one of Canada's Top 100 Employers, as published in Maclean's magazine, the only credit union group in Canada to receive this honour.[4] Also, Vancity is consistently ranked as one of BC's Top 50 Employers. [5]

Vancity owns the Citizens Bank of Canada.

Contents

Recent Developments

In November 2005, Vancity became the first Canadian financial institution to issue prepaid Visa cards, called mytreat gift card.[6] In mid-2008, Vancity launched the first reloadable visa card, enviro Reloadable Visa card.[7] Vancity also offers the unique "enviro Visa", which are credit cards that help to support the environment.[8]

In September, 2006 Vancity launched ChangeEverything.ca, an online community focused on issues of change in Vancouver, the Lower Mainland and Victoria.

Vancity is known as a very progressive and diverse credit union, accepting members of all backgrounds and walks of life. They are active in the community, supporting initiatives to end poverty and acting on climate change. Vancity's latest focus is on improving and assisting Vancouver's Downtown Eastside, Surrey and Aboriginal communities within BC. [9] Vancity is also known for its support of the LGBT community.

In February 2008, Vancity officially merged with Greater Victoria Savings Credit Union, adding more than $66 million in assets, 5,100 members and four branches to the Vancity Group. [10]

In April 2008, Vancity officially announced it has achieved carbon neutrality, two years ahead of schedule and the first North America based financial institution to do so. [11]

Membership

Vancity is a member of Central 1 Credit Union and is registered with the Credit Union Deposit Insurance Corporation of BC. Through its subsidiary Citizens Bank of Canada, Vancity is also a member of the Canadian Bankers Association (CBA).

References

External links


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