Vancity
Encyclopedia
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 billion CAD
in assets, employing over 2600 employees and operating 61 branches located across the Lower Mainland
and Vancouver Island
. On September 1, 2007, Tamara Vrooman, former Deputy Minister of Finance of British Columbia, took over as the credit union's Chief Executive Officer. 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, one of two credit unions in Canada to receive this honour (the other being Assiniboine Credit Union). Also, Vancity is consistently ranked as one of BC's Top 50 Employers.
Vancity owns the Citizens Bank of Canada
.
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. 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.
In April 2008, Vancity officially announced it has achieved carbon neutral
ity, two years ahead of schedule and the first North America based financial institution to do so.
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).
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
in Vancouver
Vancouver
Vancouver is a coastal seaport city on the mainland of British Columbia, Canada. It is the hub of Greater Vancouver, which, with over 2.3 million residents, is the third most populous metropolitan area in the country,...
, British Columbia
British Columbia
British Columbia is the westernmost of Canada's provinces and is known for its natural beauty, as reflected in its Latin motto, Splendor sine occasu . Its name was chosen by Queen Victoria in 1858...
and the largest English-speaking credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. 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 billion CAD
Canadian dollar
The Canadian dollar is the currency of Canada. As of 2007, the Canadian dollar is the 7th most traded currency in the world. It is abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies...
in assets, employing over 2600 employees and operating 61 branches located across the Lower Mainland
Lower Mainland
The Lower Mainland is a name commonly applied to the region surrounding and including Vancouver, British Columbia, Canada. As of 2007, 2,524,113 people live in the region; sixteen of the province's thirty most populous municipalities are located there.While the term Lower Mainland has been...
and Vancouver Island
Vancouver Island
Vancouver Island is a large island in British Columbia, Canada. It is one of several North American locations named after George Vancouver, the British Royal Navy officer who explored the Pacific Northwest coast of North America between 1791 and 1794...
. On September 1, 2007, Tamara Vrooman, former Deputy Minister of Finance of British Columbia, took over as the credit union's Chief Executive Officer. The Chair of Board is Patrice Pratt.
For several years, Vancity has been named one of Canada's Top 100 Employers
Canada's Top 100 Employers
Canada's Top 100 Employers is an annual competition that recognizes the best places in Canada to work. First held in 1999, the project aims to single out the employers that lead their industries in offering exceptional working conditions and progressive human resources policies. Winners are...
, as published in Maclean's
Maclean's
Maclean's is a Canadian weekly news magazine, reporting on Canadian issues such as politics, pop culture, and current events.-History:Founded in 1905 by Toronto journalist/entrepreneur Lt.-Col. John Bayne Maclean, a 43-year-old trade magazine publisher who purchased an advertising agency's in-house...
magazine, one of two credit unions in Canada to receive this honour (the other being Assiniboine Credit Union). Also, Vancity is consistently ranked as one of BC's Top 50 Employers.
Vancity owns the Citizens Bank of Canada
Citizens Bank of Canada
Citizens Bank of Canada is a British Columbia, Canada-based virtual bank owned by Vancouver City Credit Union . From 1997 until 2009 Citizens Bank offered personal and business banking services over the internet...
.
Recent developments
In November 2005, Vancity became the first Canadian financial institution to issue prepaid Visa cards, called mytreat gift card. In mid-2008, Vancity launched the first reloadable visa card, enviro Reloadable Visa card. Vancity also offers the unique "enviro Visa", which are credit cards that help to support the environment.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. 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.
In April 2008, Vancity officially announced it has achieved carbon neutral
Carbon neutral
Carbon neutrality, or having a net zero carbon footprint, refers to achieving net zero carbon emissions by balancing a measured amount of carbon released with an equivalent amount sequestered or offset, or buying enough carbon credits to make up the difference...
ity, two years ahead of schedule and the first North America based financial institution to do so.
Membership
Vancity is a member of Central 1 Credit UnionCentral 1 Credit Union
Central 1 Credit Union is a Vancouver, British Columbia-based, member-owned financial institution. It was formed in 2008 by the merger of Credit Union Central of British Columbia and the Credit Union Central of Ontario....
and is registered with the Credit Union Deposit Insurance Corporation of BC. Through its subsidiary Citizens Bank of Canada
Citizens Bank of Canada
Citizens Bank of Canada is a British Columbia, Canada-based virtual bank owned by Vancouver City Credit Union . From 1997 until 2009 Citizens Bank offered personal and business banking services over the internet...
, Vancity is also a member of the Canadian Bankers Association
Canadian Bankers Association
The Canadian Bankers Association is a financial lobbying group that works on behalf of 52 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 267,000 employees. The CBA was organized in Montreal in 1891, making it one of Canada’s oldest interest...
(CBA).