CN (London) Credit Union
About Your Credit Union
CN (London) Credit Union
Total assets of the Credit Union, $592. Membership was at 94. Eleven loans were on the books with a total outstanding of $412.
Credit Union officers would visit members at their workstations to pick up deposits and advance loans. (Maximum loan was $300).
Meetings were held at a director's home. The Credit Union operated with five directors -- three Credit Committee and three supervisory volunteers.
Mr. J. Hodgetts was first Chairman of the Board, while Mr. George Jervis was the first Treasurer.
The initial annual meeting was held February 4th, 1946 at the Public Library on Queens Avenue with nineteen members in attendance.
Assets had grown to $300,000 and the personal loan limit raised to $2,000.
Notices of the annual meeting had progressed to include the phrase, "Lady Members cordially invited".
Charlie Crouch was appointed as the first full-time manager of the Credit Union in 1960.
For the first time, extra liquidity was being used to provide first mortgages to members on a limited basis.
It was around this time that the London Carshops closed reducing the number of "active" employees from 1,200 to about 600. The Board and Management had the foresight to know the Credit Union idea would continue to succeed in spite of the loss of jobs and managed their way through this most difficult of times.
With the closing of the carshops, the Credit Union went looking for a new home. Through the efforts of Mr. Keith Hunt, then area manager of C.N., the Board successfully moved the Credit Union into their first office on the 2nd floor at 205 York Street. It was important to know that C.N. management was actively supportive of the Credit Union. They realized an employee free of financial pressures made a more productive, safety conscious worker.
On November 22nd, 1965, the Credit Union received permission to change its name to CN (London) Credit Union Limited to reflect its openness to all C.N. employees working in London.
Assets continued to grow, exceeding 2.5 million. RRSP's were promoted to our membership. The Credit Union was relocated adjacent to the employee lunch room on the 6th floor of the new C.N. tower at 197 York Street.
CN management, especially Gerry Forbes and Oral Russell, were invaluable representatives in promoting the Credit Union to all new employees while ensuring the Credit Union had access to C.N. facilities as needed.
The office was moved again, down to the main floor adjacent to the elevators at 197 York Street. The office, though more accessible, was small and too confining.
The old manual bookkeeping ledgers were replaced with a state-of-the-art "Cudata" computerized banking system which allowed savings interest to be calculated daily and paid monthly. New products followed such as RRIF's, Nestegg savings, weekly and bi-weekly mortgage repayment options, as well as ATM access with a CuCard.
Assets reached 6 million. However, the early 80's presented unprecedented volatility in interest rates. Canada Savings Bonds paid 19% while mortgage rates exceeded 20%. Our Credit Union adapted and made the necessary changes. Switching to variable rate loan agreements allowed the Credit Union to lower lending rates to members as "Prime" fell.
Assets exceeded 8 million and membership surpassed 1,800. In addition, members had invested an estimated $10 million with the Credit Union into Concentra Financial® fixed term GIC's, RRSP's, RRIF's.
Pam Nozen and Cindy Gelinas joined our office staff, bringing the necessary skills to successfully implement new services as required by the membership. In 1995 the Credit Union celebrated its' 50th anniversary with a special golden jubilee dinner and AGM at St. Patrick's Parish hall.
Technological advances continued. Members gained 24 hour access to their money with links to Interac and Cirrus networks. Interac direct payment elimated the need to carry cash to pay for goods or services.
Personal chequing accounts, electronic deposits, pre-authorized debits and automatic funds transfers where made available to increase member convenience.
Group rates for home and auto insurance and a special roadside assistance package were offered along with a new lease alternative loan product.
Through the Deposit Insurance Corporation of Ontario (DICO) the provincial government increased deposit insurance coverage limits in Credit Unions to $100,000 from $60,000.
In November 2000, the Credit Union office was relocated to the 3rd floor at 205 York Street. The move was necessary to accommodate Via Rail's construction of London's new train station. With more floor space available, members are able to conduct business with greater ease and privacy.