Credit Unions have a rich history in Canada, dating back to 1900 when Alphonse Desjardins opened the first caisse populaire (people’s bank) in Quebec. They grew rapidly, especially in Atlantic Canada, during the Great Depression, and by the early 1940s were being established across English Canada. Credit unions are credited with several innovations across the Canadian banking system, including being the first financial institutions to offer loans to women in their own names in the 1960s, the first to provide a fully functional online banking system, and the first to open mortgages and home equity lines of credit.
In Windsor-Essex, credit unions rose to popularity through groups representing diverse interests, such as media and culture, manufacturing, distilling, automotive, and education, among others. Over time, many groups started to see the benefit in coming together to share ideas and help each other, eventually bringing their operations together to form larger financial institutions.
WFCU Credit Union operates today following the amalgamation of 16 credit unions. A timeline of these credit unions and significant milestones is included below.
1940
Harvey Credit Union Limited, the first credit union in Windsor-Essex, is formed by Reverend Harvey Wilbur and the parishioners of Blessed Sacrament Church.
1941
Motorco Employees Plant Two Credit Union Limited is formed providing service to the employees at Chrysler Canada’s engine plant
1943
Winlay Credit Union Limited was formed to provide payroll deduction services to the employees of L.A. Young Spring and Wire Limited, a motor lamp factory later bought out by Chrysler Canada.
1944
Motorco Office Employees Credit Union Limited was formed by the salaried employees from Chrysler’s administration offices.
1949
Windsor District CNR Credit Union was formed to serve the employees of Canadian National Railway.
Toledo Scale Credit Union was formed for the employees of Toledo Scale – a leader in scales for the food, retail and automotive markets.
1951
Standard Machines Credit Union served the employees of its factory. Other small machine shops joined which led to the name change of C.J. Watson Credit Union before its acquisition.
1952
G.M.C. Employees Credit Union was formed to serve the employees and allies of General Motors.
Riverside Community Credit Union was formed as St. Rose De Lima Credit Union to serve the members of this parish.
1953
Scherer Employees Credit Union was formed serving R.P. Scherer Limited employees and their families. This company once held a near international monopoly on soft gelatin capsules.
1972
Education Credit Union was formed by Waterloo Region District School Board teachers, Ray Eaton and Gord Gamey, expanding to serve a membership base across Kitchener, Waterloo and Cambridge.
1979
Winlay Credit Union merged with Motorco Two and Motorco Office to become Motorco Community Credit Union.
1982
Harvey Credit Union joined Motorco Community Credit Union.
1985
GMC Employees, Riverside Community, and C.J. Watson Credit Unions joined the fold and the entity comprised of seven credit unions was officially named Windsor Family Credit Union
At the end of its first fiscal year, Windsor Family Credit Union reported assets of $35M, service totals of $54M, operated four retail locations, and employed 41 staff.
1987
Motorco Truck Divisions Credit Union joins the fold.
1988
Scherer Employees Credit Union becomes the ninth credit union to join Windsor Family.
1989
Windsor District CNR Employees and Toledo Scale Employees join Windsor Family.
1993
Wybro Credit Union, which served the employees of pharmaceutical company Wyeth & Brothers, Inc. joins Windsor Family.
2006
Windsor Family adopts a new strategic direction and launches a new logo and tagline, ‘Like a Bank, Only Better!’
Windsor Family expands its retail footprint for a total of nine branches across Windsor-Essex.
2012
Hiram Walker Employees’ Credit Union, serving the employees of the famous whisky distiller, merges with Windsor Family.
2015
Windsor Family undergoes a brand refresh to WFCU Credit Union.
2018
Utilities Employees Credit Union becomes the 14th credit union to join WFCU.
2020
Education Credit Union (ECU) joins WFCU, expanding WFCU’s reach and membership base across the Waterloo Region.
2023
Healthcare Credit Union in London becomes the 16th credit union to join the WFCU family.
