Niverville Credit Union

The idea of establishing a Credit Union in Niverville originated in a corner grocery store during 1948. On March 17, 1949, a general meeting was held at which time 23 persons subscribed for a total of $150.75 in shares. On March 21, 1949, the organization meeting and first annual meeting of Niverville Credit Union Society Limited was held at the Community Hall. Bylaws were approved and the first officers were elected. The first office of the Credit Union was located at the Niverville B/A Station. No rent was charged for the first two years. At the start the ceiling on a loan to any one individual was $100. This was soon raised to $150 and on May 28, 1949 the ceiling on loans was removed. In 1954 the charter was extended to include the New Bothwell and Randolph areas. The Credit Union grew fairly rapidly and in 1956 the office was relocated to its own building measuring 480 square feet. During 1967 the Credit Union reached assets of $1 million. The same year a new office building providing 2800 square feet was completed. This new building provided modern "banking" facilities to its members including a night deposit vault as well as safety deposit box rentals. The Credit Union continued to grow quite rapidly. By 1977 assets had increased to $12.2 million with 2500 members. The office building was expanded by some 1254 square feet in that year. On September 1, 1983 the Niverville and Landmark Credit Union merged. The Landmark office had a total membership of 604 with $834,000 in assets. Loans outstanding were $596,875. During 1988 we commenced with an expansion program for the Niverville office to allow for more lobby area. At the same time provisions were made to install an Automated Teller Machine (ATM). June 13, 1998 marked the grand opening of our new building in Landmark. Services at this location were expanded to include an ATM and safety deposit boxes. Growth from $150 dollars to $250 million and 23 members to 7,500 members is a tribute to those who had the initiative and courage to organize the Credit Union. The 23 members starting the Credit Union in 1949 and those who have supported it during the 50 years of operation, including all directors, committee members and staff, have helped in building the financial institution that now serves the Niverville and Landmark districts. The growth of the Credit Union has been steady, averaging approximately 8.25% annually since 2000.