Union Bay Credit Union was formed in April 1944 and has been serving the surrounding communities ever since. The original membership consisted of local families, colliery workers, fishermen, loggers, and sawmill workers. Originally we were located a few hundred feet south of our present location on the Island Highway in a small building known as "The Doll House". In 1968 we moved to a new location two doors down from the Fire Hall. The main branch moved to its present location on October 31, 1984. For the added convenience of our members we opened the Hornby Island Branch in March 1992, and our Lighthouse Branch in February 2001.
As the only full service financial provider between Qualicum Beach (to the south) and Courtenay (to the north), Union Bay Credit Union is proud to be part of your community.
We are a local, member-owned, co-operative financial institution. Our share capital comes from our members rather than outside investors, making us entirely accountable to the communities and the membership we serve. In fact, service to members is the only reason Union Bay Credit Union exists. A strong capital base ensures a continuance of the finest in new services being made available to our members and with your support our capital base will remain strong. Savings to members are equally important. Service charges are consisitently low while every effort is made to offer top interest rates for depositors and competitive rates to borrowers.
In credit unions, member share capital combines with accumulated reserves and dividends to form permanent equity. It is essential that our permanent equity grows with our broadened range of financial services in order to meet government and corporate standards and to effectively compete in today's marketplace. Your share capital does not trade on the stock market and is not subject to market fluctuations. Dividends, when applicable, will be paid annually to your existing member share capital. As a shareholder, you are entitled to a vote concerning the directorship of our Credit Union at annual membership meetings.
Thank you for becoming a member of Union Bay Credit Union. We look forward to serving all your future financial needs.