Vancity

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Vancity
Type Credit union
Industry Financial services
Founded 1946
Headquarters Vancouver, British Columbia
Key people Tamara Vrooman, President/CEO
Revenue $423 million CAD (2012)
Net income $57 million CAD (2012)
Total assets $17.1 billion CAD (2012)
Employees 2,544 (2012)
Website vancity.com

Vancouver City Savings Credit Union, commonly referred to as Vancity, is a financial co-operative with 492,101 member-owners and 57 branches in Metro Vancouver, the Fraser Valley, Victoria and Squamish. Vancity began operations in 1946, and has grown into a significant financial player in twenty-first century. The National Trade Association of Canada's Credit Unions, lists Vancity as Canada's largest community credit union.

The credit union’s primary lines of business include retail and business banking (deposit-taking and lending) and commercial mortgage lending. Through its wholly owned subsidiaries, Vancity’s lines of business also include foreign exchange services, life insurance services, Visa credit card services, real estate development and investment advisory services. Through Citizens Bank of Canada, Vancity also operates in Calgary, Toronto and Vancouver.

Recent developments[edit]

In November 2005, Vancity became the first Canadian financial institution to issue prepaid Visa cards, called "mytreat gift card".[1]

In 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.[2]

In February 2009, Vancity became the first credit union in Canada to participate in the First Nations Market Housing Fund, a new and innovative initiative established to give First Nations members greater access to housing loans on reserve and on settlement lands where appropriate.[3]

In May 2011, Vancity became the largest organization in Canada to become a Living Wage Employer. This means that all of its employees and the employees of its major service providers will earn the income needed to meet a family of four’s basic living needs.[4]

Membership[edit]

Vancity is a member of Central 1 Credit Union and is registered with the Credit Union Deposit Insurance Corporation of BC. In December 2010, Vancity joined the Global Alliance for Banking on Values (GABV).[citation needed]

References[edit]

External links[edit]