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Innovation Credit Union

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Innovation Credit Union
Credit union
IndustryFinancial services
FoundedJanuary 1, 2007; 12 years ago (2007-01-01)
HeadquartersSwift Current, North Battleford, Saskatchewan, Canada
Key people
Daniel Johnson, CEO
ProductsSavings; chequing; consumer loans; mortgages; credit cards; online banking
Revenue$16.6 million CAD (2016)[1]
Total assets$2.3 billion CAD (2016)[1]

Innovation Credit Union is a Canadian credit union. It was formed on January 1, 2007 though the merger of Southwest Credit Union and BCU Financial (previously Battlefords Credit Union)[1][2]. Innovation is the third largest credit union in Saskatchewan and 21st largest credit union in Canada.[3] All deposits are insured by the Saskatchewan Credit Union Deposit Guarantee Corporation.[4]

History[edit | edit source]

Innovation is the 21st largest credit union in Canada, and the third largest credit union in Saskatchewan. The credit union has over 51,000 member owners and total assets under administration of over $2.4 billion. Innovation offers banking, wealth management, credit products and services through 23 advice centres[5][6] including a branch on wheels which goes to smaller communities that lack brick and mortar financial services.[7]

Pioneer Credit Union, which eventually re-branded to Southwest Credit Union and formed Innovation Credit Union, was the first financial institution in Canada to pilot Point of sale[8]. The pilot took place in Swift Current, Saskatchewan in 1985 and involved the installation of point of sale systems at 28 Pioneer Co­-op outlets[9].

Advice Centre Locations[edit | edit source]

Innovation Credit Union refers to its physical locations as Advice Centres. Innovation has Advice Centres in the Saskatchewan communities of Buffalo Narrows, Meadow Lake, Shell Lake, Leoville, Glaslyn, Meota, Medstead, Hafford, North Battleford, Battleford, Cut Knife, Wilke, Swift Current, Gull Lake, Cabri, Hodgeville, Gravelbourg, Frontier, Eastend, Lancer, Ponteix, and Mankota. The Credit Union also had an administration office in Regina.

In March of 2018, the members of Goodsoil Credit Union and Pierceland Credit Union voted in favour of amalgamating with Innovation Credit Union effective January 1, 2019.[10][11]

Federal Credit Union[edit | edit source]

In October of 2017, Innovation Credit Union provided notice of its intent to apply to become a federal credit union [12]. The following December, Innovation Credit Union members voted in favor of a proposal to become the first federal credit union headquartered in Saskatchewan. Of 17,214 members who voted, 82% voted in favor of the Special Resolution[13][14][15][16]. This will make Innovation Credit Union the second federally-regulated credit union in Canada, with UNI Financial Cooperation being the first[17].

Naming rights[edit | edit source]

The credit union holds the naming rights to the Innovation Credit Union iPlex in Swift Current, a multi-purpose recreation facility mainly used for ice skating and curling. The facility is used by Western Hockey League's Swift Current Broncos.[18]

North Battleford's Credit Union CUplex opened in 2013 is also named for the credit union which donated $1.5 million for lifetime naming rights. The overall facility includes four-components: the Dekker Centre for the Performing Arts, the Northland Power Curling Centre, the NATIONSWEST Field House, and the Battlefords CO-OP Aquatic Centre.[19][20]

Recognition[edit | edit source]

Innovation Credit Union was recognized as one of Canada's top 100 employers through the Annual Saskatchewan's Top Employers competition in 2018[21], 2017, 2016, and 2015.[22]

In 2017 ICU won two Achievement in Marketing Excellence (AIME) Awards, one of which was for creating the first mobile branch of any credit union in Canada, which serves small communities without financial institutions especially in the Northern part of the Province.[23] Since then, they have added a second mobile unit to their fleet.

In 2018,Innovation Credit Union was recognized as an Employee Recommended Workplace by The Globe & Mail and Morneau Sheppel. [24]

Sponsorships[edit | edit source]

Innovation has given back over $5.2 million to the communities it operates in.[25][26]

In 2017 Innovation contributed:

  • Close to $440,000 in sponsorships and donations
  • $26,500 in scholarships and spirit awards
  • Over $18,300 in staff donations to local charities
  • 14,608 hours of staff volunteerism

In 2018 Innovation donated $100,000 to the new Saskatchewan Hospital. In recognition of this donation, the patient business centre will be named in honour of Innovation Credit Union. [27]

Supreme Court of Canada case[edit | edit source]

The credit union was party to the 2010 Bank of Montreal v Innovation Credit Union case.[28][29]

See also[edit | edit source]

References[edit | edit source]

  1. 1.0 1.1 1.2 "Innovation Credit Union Annual Report 2016" (PDF). Innovationcu.ca. Retrieved 18 April 2018.
  2. https://www.swiftcurrentonline.com/local/innovation-announces-proposed-merger
  3. https://www.ccua.com/~/media/CCUA/About/facts_and_figures/documents/Largest%20100%20Credit%20Unions/top100-4Q17_12-Apr-18.pdf
  4. https://www.cudgc.sk.ca/the-guarantee/what-is-guaranteed/
  5. "CCUA The Largest 100 Credit Unions : Second Quarter 2017" (PDF). Ccua.com. Retrieved 18 April 2018.
  6. "Upgrades at Wilkie's credit union gives members more services". Battlefordsnow.com. 29 April 2016. Retrieved 18 April 2018.
  7. http://enterprise-magazine.com/features/mobile-banking-gets-wheels/
  8. https://www.woccu.org/newsroom/releases/Credit_Union_Firsts_commemorate_a_strong_history_of_innovation
  9. https://northvalleycu.com/did-you-know/
  10. Media Release March 29/18 https://www.innovationcu.ca/SharedContent/documents/LatestNews/2018/20180329GoodsoilVoteResults.pdf
  11. Media Release March 28/18 https://www.innovationcu.ca/SharedContent/documents/LatestNews/2018/20180328PiercelandVoteResults.pdf
  12. http://www.gazette.gc.ca/rp-pr/p1/2017/2017-10-14/html/misc-divers-eng.html
  13. "Innovation Credit Union members vote YES on federalization proposal - Prairie Post". Prairiepost.com.
  14. "Innovation Credit Union - Becoming a federal credit union". Innovationcu.ca.
  15. "Innovation Credit Union hoping to go national". 5 April 2017.
  16. John Cairns. "Innovation Credit Union votes yes to become federal". Newsoptimist.ca. Retrieved 18 April 2018.
  17. http://www.cdic.ca/en/about-di/federal-credit-union/Pages/default.aspx
  18. "Innovation Credit Union i-plex - Swift Current". Swiftcurrent.ca. Retrieved 18 April 2018.
  19. https://www.saskatchewan.ca/government/news-and-media/2013/may/24/north-battleford-celebrates-new-complex
  20. http://www.newsoptimist.ca/news/local-news/fundraising-kickoff-nets-6-1-mil-1.1567235
  21. https://content.eluta.ca/top-employer-innovation-credit-union
  23. http://www.newsoptimist.ca/news/northwest-region/innovation-credit-union-wins-marketing-award-1.19482877
  24. Fifty-Three Canadian Organizations Recognized as Employee Recommended Workplaces https://www.employeerecommended.com/2018-employee-recommended-workplaces
  25. "Dr. Noble Irwin Foundation - Innovation Credit Union matches their Challenge!". Drirwinfoundation.com.
  26. "Innovation Credit Union". Innovationcu.ca.
  27. http://battlefordsnow.com/article/600454/innovation-credit-union-steps-new-beginnings
  28. "Bank of Montreal v. Innovation Credit Union - SCC Cases (Lexum)". Scc-csc.lexum.com. Retrieved 18 April 2018.
  29. "Summary of Innovation Credit Union v. Bank of Montreal : Innovation Credit Union v. Bank of Montreal, 2009 SKCA 35 (CanLII)". Canliiconnects.org. Retrieved 18 April 2018.

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