The first 80 years!
Just over three-quarters of a century ago, in 1936, a number of Newfoundland senior public servants were considering the organization of a co-operative to provide various services to their fellow workers. A short year later, in 1937, an organizational meeting for the Credit Society was convened by Judge William Browne in Canon Wood Hall, St. John’s, and the first $121 was invested in December of that year, with Judge Browne providing a sum of money to get things rolling and the DSA lending $75 to produce a set of credit union books! It was a small start but this was the launch of what was to become a significant Newfoundland & Labrador financial service!
The first annual meeting took place at the Newfoundland Hotel on January 27, 1938 attended by a large gathering of civil servants. Following the election of officers, the Board officially admitted the first seventy-two members. Loan business commenced that February.
On July 17 of 1942, the Civil Service Co-operative Credit Society Limited was incorporated under the Co-operative Societies Act. That milestone followed five years of operation. The first office was opened in the Connors Building on the east corner of Queen and Water Streets, St. John’s, next door to the old Central Post Office. From here, offices were ultimately transferred to the basement of the Colonial Building.
The first full-time manager joined the Credit Society in 1975.
The name was changed three years later to Public Service Credit Union Limited and was registered on February 1, 1978.
In 1979, the first full-time office was rented at 23 Cashin Avenue, St. John’s.
Fast forward seven years and the Credit Union took another major step when it purchased its first building (April 14, 1986) at 403 Empire Avenue. On completion of a new layout and installation of equipment, these new offices were officially opened by founder, the Hon. W.J. Browne, P.C., Q.C., on October 16, 1986, International Credit Union Day.
In 1992 the Public Service Credit Union was only the second credit union in the Province to provide member-access through an ATM. In 1999, Internet access through Member Direct was provided for members. In 2003, the Credit Union commenced construction of modern new premises.
These new premises (see photo on previous page) are specifically designed to house the activities of a progressive financial institution.
In 2004 The Centennial Credit Union ceased operations and its members transferred their account to Public Service Credit Union. August 2nd of that same year marked the first day of operation of the PSCU’S new premises at 403 Empire Avenue, next to its previous location. The official grand opening was held on October 20th, 2004 during Co-op Week.
In 2006, PSCU hired for the first time a General Manager from the ranks of its own staff. PSCU also changed its bond to offer membership to all residents of Newfoundland and Labrador.
Ten years ago PSCU celebrated 70 years of providing financial services to its members. PSCU introduced its new suite of chequing and saving packages, accepted by credit unions as a standard packages under a common brand, YOUR Chequing and YOUR Saving.
In 2008 a new and enhanced service, Financial Planning and Wealth Management service was launched. Public Service Credit Union formed a partnership with four other Credit Unions in the Province, Horizon, Easternedge, Reddy Kilowatt and Community to offer Financial Planning to its members through Credential Financial Strategies. Under this arrangement PSCU provides financial advice and planning, including mutual funds and insurance products. The next year, two new products were added to the financial suite of products: Tax Free Savings Accounts (TFSAS) and High Interest Savings Accounts (HISAS).
In 2011 PSCU became a member of the newly formed company, Atlantic Central, which replaced the centrals in the Atlantic Provinces.
The Atlantic Central provides support and strength to 49 Credit Unions in Atlantic Canada serving 304,000 members at 133 branches.