Quesnel and District Credit Union

Date of Incorporation: October 19, 1951

Membership: 6000

Area Served: Quesnel and Clinton

Activity: Financial services

Assets: $53 million

Background

The wood industry has played a significant role in the growth of the village of Quesnel for at least the past fifty years. There were a number of sawmills and planing mills in the town in the 1950s, as well as some smaller operations that worked out in the forest collecting logs. Many of the mills were small family or one-person operations. Western Plywood was the first major investor in the wood industry in Quesnel, and it paid some of the highest wages in the village at the time.

Forming the Credit Union

The birth of the credit union would not have happened without the tireless efforts of Poul and Margot Gyllich. Poul operated the canteen at the Western Plywood plant. Most of the individuals involved in the formation of the credit union were people who worked at Western Plywood. Twelve members and officers attended the credit union's inaugural meeting in the fall of 1951, each contributing the $1 membership fee (10 cents for the junior members). The aim of the founders was to help their community, their co-workers and themselves.

In the 1950s the credit union meetings and operations often took place at the Gyllich family home, as well as at the United Church and the Scout Hall. The credit union acquired a formal office space around the turn of that decade, sharing the building of the North Cariboo Growers' Co-op store. The credit union moved again in 1963 to its own building right downtown, and since then have renovated the building several times. The membership included the teachers' associations, members of the school board, and Weldwood of Canada employees, along with the original Western Plywood Company.

Organisational Structure

The credit union's current membership of 6000 includes a second branch in the community of Clinton. The board consists of seven members: two from Clinton, and five from Quesnel. The credit union employs thirty-nine people, many of whom have worked there for over twenty years.

The credit union carries out regular staff training, both on the job and through correspondence training such as insurance and mutual fund courses, which are offered over the Internet. Staff are reimbursed for their courses once they have completed them.

The Annual general meeting usually draws 100 members. The AGM provides an opportunity for member feedback, as well as acting as the venue for the election of the board.

The credit union recently hired a local student to conduct a membership survey to find out what type of services members would like to see, whether or not they are satisfied with the credit union's current services and degree of professionalism, and if they believe that the credit union represents the local needs of the community. In an increasingly aggressive financial services market, the credit union aims to tailor their services to the specific needs of the community in a way that the charter banks cannot match. The results of this survey were not yet collated when this report was compiled.

Community Commitment

The credit union maintains a strong commitment to its community. It sponsors community sports teams and events, and offers bursaries at the high schools in both Quesnel and Clinton.

The credit union still operates as a small local business that knows all its clients by name. They continue to provide membership dividends, depending on how the fiscal year has been. For the past 10-12 years the credit union has offered 20% on equity shares, 5% rebates on loan interest, and term deposit bonuses of 2%.

Looking to the Future

Survival for the credit union has been very tough, and the staff regularly discuss strategies for product and service development in order to attract new members to the credit union and expand the business of current members. Many of the members are long-term members that are retired or close to retirement. The credit union aims to expand youth membership, and has recently taken on a number of younger board members.

Case Study Information

This case study was developed for a report entitled Situating Co-operatives in British Columbia - 2000-2001, which was prepared for the Province of B.C. (Ministry of Community Development, Co-operatives and Volunteers) by the British Columbia Institute for Co-operative Studies, University of Victoria.  To obtain the information for the case study BCICS and the co-operative (credit union) entered into a partnership agreement. BCICS is grateful to the co-op members for their contributions and time. The case study is published with the approval of the co-operative. Further information regarding this study includes the following:

Researcher: Lloy Wylie

Date of research: 2001

Author:  Lloy Wylie

Date of writing: 2001

Editing: BCICS editorial group

Supervision: Kathleen Gabelmann, BCICS Research Co-ordinator

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