Our Credit Union
Financial StatementsClick here to view our AGM Report
Click here to view our 2013 Audited Financial Report
History of our Credit UnionOn February 17, 1944 a highly committed group of citizens from Dunn Township, united in a common effect and bond of purpose, wrestled with philosophical differences between a Credit Union and a bank and viewed positively the benefits that could be derived from organizing a financial co-operative. The Dunn Township Credit Union Limited was incorporated March 24, 1945 and a full slate of officers was elected on April 12, 1945.
From its meager beginnings Dunn Township Credit Union membership was to triple and assets were to multiply five fold: however, the following decade could be characterized as a period of slow growth that was to come to a resounding end in 1959. Shareholders at the 13th Annual General Meeting, with purpose and imagination, altered the name of the Credit Union to encompass Dunnville and District, which was to impact immediately on the well being of the institution. Increased services, a membership drive in local industries: Lundy Steel, Dominion Fabrics and ERCO Industries Ltd. and the April 1960 purchase of the Sylvania Credit Union assets (a credit union which had operated in the plant for six years) burgeoned the Dunnville and District Credit Union membership to 267 up from 59 members.
Manager Reginald Ash, who had run the operation voluntarily since 1951 was now to be paid a salary of $20 monthly and telephone and mileage expenses.
Under the stewardship of E.J. Hellyer as manager, 1960-1966, the Credit Union saw another relocation to 207 Queen Street over the Toronto Dominion Bank, assets doubled to $115,985 and profits tripled to $7063.
Following the retirement of W.C Fear, in February, 1982 Percy Goodfallow became manager during which time the Credit Union entered the "Modern Age" with the advent of a computerized data system with CUDATA (Ont) having a direct link to Credit Union Central of Ontario in Toronto.
Dunnville and District Credit Union had undergone major transformations, to which some needed a reassessment. However, the tremendous potential inherent within the Credit Union to serve the community as "People helping People" generated boundless optimism that we could realign our sense of direction and statement of philosophy. This was the ultimate challenge to squarely face our board and the next manager Robert R. Shaver who in January, 1983 assumed his new duties. His personal rapport with Board, staff and public, his astute business sense and his personal sense of propriety have gone great lengths to promote a strong viable business image in the community, one that is consistent with the Dunnville and District Credit Union's philosophy.
From Bob's arrival, Dunnville and District Credit Union Limited had shown startling growth with the selling of RRSPs, and personal and mortgage loan limits increased.
With Bob's retirement in March 1987, C.R. (Bud) Giles was hired as the new Manager-Treasurer. During Bud Giles tenure the Credit Union continued to grow. New services introduced: U.S Savings, Club 60, Fatcat Youth Account, RRIF's and residential second mortgages. However the Credit Union was in a deficit position and under the government regulator, OSDIC's supervision.
In September of 1991 the Board appointed local resident Don Ecker as Manager-Treasurer. The Credit Union was now faced with the decision to either merge with another Credit Union or meet the challenge to become a viable entity. On January 29, 1992 at the 47th Annual General Meeting, president Dan Blanchard received the membership, board, and staff approval to accept the challenge. A strategic plan was designed to take a step back before moving forward. The Credit Union returned to profitability in 1993 and was well on its way in 1994 to building a strong, viable Credit Union for the future. By 1995 the Credit Union served over 1800 members, assets had reached the level that by DICO regulation definition, was no longer considered a small credit union. In 1997 the Credit Union had achieved the goal of becoming regulatory compliant. New services also continued to be offered during this 5 year "righting of the ship": Mastercard, Member ATM/Debit cards, Index-linked term deposits, mutual funds, NISA accounts, home equity line of credit and home and auto insurance. In April, 1993 the Credit Union's longest serving employee Lois McQuade decided to retire after 23 years of dedicated service.
The next few years leading up to the new millennium continued to see the Credit Union grow and prosper. The board declared a share dividend in 1998 and continues to do so annually. A video security system was installed, a result of a robbery in March 1998, installation of an ATM, a new telephone system, and a new banking system, the design of our own web site www.DDCU.com and the introduction of Registered Education Savings Plans.
The new century brought new staff and a focus on exceptional member service. The board' s attention turned to more office space and possible re-location. The credit union made a commitment to support the local community with corporate donations to various organizations, youth sports, clubs and charities. We continued to improve our products and services by partnering with Atlas & Civic Credit Union in Welland to offer wealth management benefits such as estate planning, taxation advice, and enhanced investment options.
In January 2003 the Credit Union purchased property at 208 Broad Street East and relocated to a new 3000 sq ft office. The Credit currently carries government deposit insurance of $100,000 and unlimited insurance on registered deposits. The credit union now serves over 2200 members, and is well capitalized to meet the opportunities of the future.