Since its inception on February 11, 1951, Cumberland & District Credit Union served as a local financial institution offering a full range of products and services. At a special membership meeting on August 22, 2012, Cumberland & District Credit Union members unanimously voted YES to a merger with First Credit Union. The merger was effective as of September 1, 2012.
At the time, Cumberland Credit Union was a single-branch credit union with $25 million in assets. The merger was the beginning of an exciting partnership that has resulted in new products and services for members, enhanced community relationships, a completely renovated branch, and new career opportunities for employees. It also led to a second branch in the Comox Valley.
Cumberland members (many of whom work in the Courtenay/Comox) had long asked for a branch in the Comox Valley. In early 2014 First Credit Union opened a satellite branch in Courtenay to provide lending and member services. Member feedback was very positive, and over the next few years, the Cumberland Branch achieved significant growth in membership, loans, and deposits. The satellite branch’s success prompted the Board of Directors to relocate the satellite branch to a stand-alone, full-service location in Courtenay Crossing; the new site opened August 2020.
Today, the Cumberland location serves over 2000 members and has $135 million in assets. The Cumberland and Courtenay branches employ a total of ten employees, five of whom worked at Cumberland & District Credit Union before the 2012 merger. First Credit Union is fortunate to have three of nine Board positions filled by directors who live in the Cumberland community. Each year thousands of dollars are donated to local not-for-profit organizations in the Comox Valley, and carefully designed community programming helps to bring the vision ‘to build financially healthy communities’ to life.