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Credit Union History
PACE Credit Union is dedicated to offering a full range of financial services to its members and operates as a financial co-operative which is owned and democratically controlled by its members. We are your perfect financial partner and we have been providing banking services to PACE members for generations. Membership is open to all residents, businesses, and non-profit organizations in the province of Ontario, and we are owned completely by our members, who become immediate shareholders in PACE. Deposits are insured by the Deposit Insurance Corporation of Ontario.
What is a credit union?
A credit union is a financial co-operative which is owned and democratically controlled by its members, the shareholders. As a public corporation, a credit union is required by law to hold an Annual Meeting to report to the shareholders and to elect a Board of Directors and an Audit Committee. The Board of Directors sets policies which determine the operation of the credit union and also oversees its results. Credit unions are regulated by provincial governments. In Ontario, Members' deposits are protected by the Deposit Insurance Corporation of Ontario. For complete information on deposit insurance coverage, please ask us for a free brochure published by that Corporation. To learn more about credit unions please visit: www.ontariocreditunions.com
The Canadian Credit Union System...
Credit unions have been serving Canadians since 1900. They began as an alternative to the commercially centered, largely inaccessible banking system. Credit unions enabled people to save their money to provide loans to their fellow members. Today, there are over 610 Credit Unions and caisse populaires in Canada, serving 4.6 million members. Currently, there are more than 270 credit unions and caisses populaires in Ontario with combined assets of $16 billion, serving some 1.6 million members.
In April, 2003, the Minister of Finance, Janet Ecker, executed the Certificate of Amalgamation, the final decree in the union of PACE Savings & Credit Union Limited (PACE), and Greater Toronto Area (GTA) Savings & Credit Union Limited.
PACE originally got it's name from "Peel (Region) And Co-op Employees" - "PACE". The roots of PACE Savings & Credit Union date back to the real beginnings of the credit union system in Ontario to Farmunited Credit Union.
A major "First"...
Farmunited is a famous old name, dating to the days when the members were nearly all involved in agriculture. In those days (the thirties and forties) the area now contained within Peel Region was almost ALL involved in agriculture. Farmunited Credit Union was the first credit union in Ontario to be chartered under the "new" Credit Unions Act of 1940 -- the year before the Ontario Credit Union League (now generally called the Credit Union Central of Ontario, located on Matheson Boulevard in Mississauga) came into existence.
Over the years, the credit union grew through the amalgamation of a number of different smaller credit unions, enabling more to be done for members as one larger credit union, than a number of smaller limited-service units.
The credit unions that have combined to make PACE Savings & Credit Union the success it is today include:
Together, PACE and GTA Credit Union have a rich and powerful history of providing our hard working members with the unique opportunity to share ownership in a caring, community-oriented, forward moving financial institution.
- Stouffville Credit Union started in 1955
- IBM Employee's Credit Union started in 1962
- Markham Stouffville Credit Union
- Uxbridge Credit Union started in 1953
- Greater Toronto Area (GTA) Credit Union
- Cangeco Credit Union
- Co-Op Employees Credit Union
- Peel Region Credit Union
- Farmunited Credit Union
- Czechoslovak Credit Union
- Maple Leaf Credit Union
- North York Community Credit Union
- Federal Employees Hamilton Credit Union
- Celestica Credit Union
- Medical Dental Financial