Interior Savings Credit Union

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Interior Savings Credit Union
Interior Savings
Company typeCredit union
IndustryFinancial services
Founded1939
HeadquartersKelowna, British Columbia, Canada
Key people
  • Brian Harris (CEO)
RevenueC$82.55 million (2022)[1]
C$8.38 million (2022)
Total assetsC$3.1 billion (2022)
Websiteinteriorsavings.com

Interior Savings Credit Union operated as a member-owned financial co-operative headquartered in Kelowna, British Columbia. Established in 1939, the branch network expanded by multiple mergers and became one of the larger BC credit unions. The 2024 merger with Gulf & Fraser created the Beem Credit Union.

Interior Savings Credit Union[edit]

In 1939, the Kelowna and District Credit Union was established[2] as the fourth chartered credit union in BC. In 1995, the name changed to the Interior Savings Credit Union (ISCU).[3] In 1996, Vernon became the first branch outside of Kelowna.[4]

Following the Thompson Valley Savings merger in 2002, 79,000 members spanned across 20 branches at the briefly renamed Thompson Interior Savings Credit Union,[5] prior to resuming the ISCU name.[6]

Merging into the ISCU were the Spruce Credit Union in 2022[7] and the North Peace Savings and Credit Union in 2023.[8] At the time of the 2024 merger with Gulf & Fraser to create the Beem Credit Union, the ISCU comprised 90,000 members, 25 branches, 15 insurance offices,[9] and was the seventh largest credit union in BC.[10]

Okanagan Savings Credit Union[edit]

In 1939, the Oliver Credit Union (OCU) was incorporated with an initial 25 members.[11] In 1942, the Okanagan Falls Credit Union (OFCU) was formed.[12]

The OFCU merged into the OCU to form the Okanagan Savings Credit Union in 1971.[11] Comprising Oliver, Osoyoos, and Okanagan Falls branches, the latter merged into the Thompson Valley Savings Credit Union in 2000.[13]

Thompson Valley Savings Credit Union[edit]

The North Kamloops and District Credit Union was established in 1941[14][15] and renamed the North Kamloops Savings Credit Union in 1961.[16]

The Chase and District Credit Union was established in 1953.[17]

North Kamloops Savings was renamed the Thompson Valley Credit Union in 1966,[18] into which the Chase Credit Union and North Shuswap Credit Union merged around 1968.[19][20] During the 1970s, the name amended to the Thompson Valley Savings Credit Union (TVSCU) and the branch network comprised Kamloops, Kamloops North, Chase, Barriere, and Clearwater.[21]

In 2000, the Okanagan Savings Credit Union merged into the TVSCU,[13] which months earlier had acquired the Bank of Montreal branch operations in Ashcroft and Merritt.[22]

In 2002, the TVSCU, merged into the ISCU to become the sixth largest credit union in BC.[23]

Nicola Valley and District Credit Union[edit]

The Princeton Credit Union was established in 1941[24] and the Merritt Credit Union in 1961.[25] The Merritt and District Savings and Credit Union merged into the Princeton Credit Union in 1966 to become the Princeton-Merritt District Credit Union.[26] The branch network expanded to Ashcroft in 1970[27] and Lillooet in 1972,[28] changing the name to the Yale District Credit Union.[29]

The Merritt branch separated to create the Nicola Valley and District Credit Union (NVDCU) in 1973,[30] under which name the prior operations rejoined in 1982. The Kamloops branch of the Dogwood Credit Union was acquired in 1994.[31]

In 1998, the NVDCU merged into the TVSCU.[32]

North Peace Savings and Credit Union[edit]

Formed in 1947, the North Peace Savings and Credit Union membership was 1,930 by 1960.[33]

The Credit Union Deposit Insurance Corporation assumed supervision in 1980 when problems arose from too rapid expansion. To address a liquidity crisis in 1986, the BC credit union movement provided a $7.6 million loan to protect the 9,500 members.[34]

By 2016, the branches at Fort St. John, Fort Nelson, Hudson's Hope, and Taylor served the 13,300 members.[35] By the time of the merger into the ISCU in 2023, the Taylor branch had closed.[8]

Spruce Credit Union[edit]

In 1951, Prince George Roman Catholics formed the Sacred Heart Credit Union.[36] Membership, which was also open to non-Catholics, totalled 60 after three months[37] and 160 eight months later.[38]

The name changed[39] to the Spruce Credit Union (SCU) in the mid-1970s.[40]

By 2000, the membership exceeded 8,000.[41]

The SCU comprised 7,000 members across two branches at the time of the 2022 merger into the ISCU.[42]

References[edit]

  1. ^ Interior Savings Annual Report 2022 (PDF). www.interiorsavings.com (Report).
  2. ^ "Daily News (Nelson)". library.ubc.ca. 20 Sep 1939. p. 7.
  3. ^ "Morning Star". www.newspapers.com. 19 Feb 1995. p. 38.
  4. ^ "Morning Star". www.newspapers.com. 5 May 1996. p. 38.
  5. ^ "Kamloops This Week". arch.tnrl.ca. 16 Jan 2002. p. A28.
  6. ^ "Kamloops Daily News". arch.tnrl.ca. 27 Sep 2003. p. B3.
  7. ^ "Prince George Citizen". www.princegeorgecitizen.com. 29 Dec 2021.
  8. ^ a b "North Peace Savings and Credit Union". npscu.ca. 15 May 2023.
  9. ^ "Ashcroft-Cache Creek Journal". www.ashcroftcachecreekjournal.com. 16 Nov 2023.
  10. ^ Largest 100 Credit Unions 2022 4Q (PDF). ccua.com (Report). Mar 2023. p. 4.
  11. ^ a b Emmanuel, Joy (2007). "A Passion for Possibilities, Co-operatives and Communities in BC" (PDF). uniteddiversity.coop. New Rochdale Press. pp. 105, 108 (94, 97). ISBN 978-1-55058-353-3.
  12. ^ Pryce, Elizabeth (1994). "Okanagan Historical Society: Laurence and Isabella Vader of Okanagan Falls". library.ubc.ca: 98 (96).
  13. ^ a b "Kamloops Daily News". arch.tnrl.ca. 28 Sep 2000. p. A2.
  14. ^ "Victoria Daily Times". www.newspapers.com. 13 Jun 1941. p. 15.
  15. ^ "Kamloops Daily Sentinel". arch.tnrl.ca. 21 Jul 1971. p. A4.
  16. ^ "Province". www.newspapers.com. 20 Feb 1962. p. 1.
  17. ^ "Kamloops Sentinel". arch.tnrl.ca. 26 Oct 1953. p. A3.
  18. ^ "Kamloops Daily Sentinel". arch.tnrl.ca. 18 Oct 1966. p. A8.
  19. ^ "Kamloops News". arch.tnrl.ca. 17 Mar 1978. p. X6.
  20. ^ "Salmon Arm Observer". www.newspapers.com. 21 Dec 1983. p. 22.
  21. ^ "Kamloops News". arch.tnrl.ca. 21 Apr 1976. p. A5.
  22. ^ "Kamloops This Week". arch.tnrl.ca. 13 Aug 2000. p. A15.
  23. ^ "Kamloops Daily News". arch.tnrl.ca. 10 Dec 2001. p. B1.
  24. ^ "Similkameen Star". library.ubc.ca. 7 Aug 1941. p. 1.
  25. ^ "Merritt Herald". arch.tnrl.ca. 28 Dec 1961. p. A3.
  26. ^ "Merritt Herald". arch.tnrl.ca. 19 Jan 1966. p. A9.
  27. ^ "Merritt Herald". arch.tnrl.ca. 3 Jun 1970. p. A3.
  28. ^ "Merritt Herald". arch.tnrl.ca. 29 Mar 1972. p. A16.
  29. ^ "Merritt Herald". arch.tnrl.ca. 19 Apr 1972. p. A1.
  30. ^ "Merritt Herald". arch.tnrl.ca. 12 Dec 1973. p. A1.
  31. ^ "Merritt Herald". arch.tnrl.ca. 15 Jun 1994. p. A1.
  32. ^ "100 Mile House Free Press". www.newspapers.com. 20 May 1998. p. 10.
  33. ^ "Edmonton Journal". www.newspapers.com. 19 Mar 1960. p. 44.
  34. ^ "Province". www.newspapers.com. 13 Apr 1986. p. 35.
  35. ^ "Terrace Standard". www.terracestandard.com. 28 Jan 2016.
  36. ^ "Prince George Citizen". pgnewspapers.pgpl.ca. 12 Mar 1951. p. 3.
  37. ^ "Prince George Citizen". pgnewspapers.pgpl.ca. 18 Jun 1951. p. 4.
  38. ^ "Prince George Citizen". pgnewspapers.pgpl.ca. 25 Feb 1952. p. 3.
  39. ^ "Prince George Citizen". pgnewspapers.pgpl.ca. 24 Feb 2014. p. 3.
  40. ^ "Prince George Citizen". pgnewspapers.pgpl.ca. 25 Feb 1972. p. 1.
    "Prince George Citizen". pgnewspapers.pgpl.ca. 23 Sep 1977. p. 17.
  41. ^ "Prince George Citizen". pgnewspapers.pgpl.ca. 20 Apr 2000. p. 5.
  42. ^ "Interior Savings". www.interiorsavings.com. 4 Jan 2022.
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