Credit Union Early History

As published in 1975

The Thompson Valley Credit Union branch in Clearwater is on the move again. This time premises are being moved from the Clearwater flats to the Brookfield Shopping Plaza in the building recently constructed. Grand opening takes place this Saturday, Sept. 20 at 2:30p.m.

During the years since its incorporation on Dec. 19, 1961 the credit union has had a very active past.

Early in 1961 a meeting was held in the old women’s institute hall, now the location of B.C. Tel premises. Mr. J. O. Simpson came out from North Kamloops to address the 50 Clearwater and area residents who turned out, and Clearwater Savings and Credit Union was launched by 22 persons who signed the incorporation papers.

Jan. 13, 1962, twelve charter members and 16 other residents turned out to a meeting of the North Thompson Savings and Credit Union, again addressed by Mr. Simpson.

First president was Bill Bevan assisted by vice-president Arnold Phillips. Other directors were Eric Norfolk, Norman Thompson and Miep Quelle. Mrs. Miep Quelle became secretary-treasurer. Helmut Godau, Stan Davison, H. Forsyth, Phil Sargeant, Eileen Downey, Rev. Schlaak comprised the balance of the executive.

Charlie Burman joined the executive in a search for premises the end of January. Membership consisted of 26 persons.

Loan limits were set at $500 (provided funds were available) at the end of February.

In March Mrs. Margaret Graffunder in Vavenby and Mrs. Irvine in Birch Island became collectors for those areas.

By May membership was up to 68, and Charlie Burman joined the supervisory committee. In October Charlie Ludtke and W.A. Lloyd-Jones joined the executive to fill resignations. Membership was boosted to 93.

After a year of operation the credit union had acquired more than 100 members as well as 10 juniors, and a 2.5 per cent dividend was paid to shareholders as the result of a net profit of $85.92. Ed Hansen and Stan Sweet were elected as officers.

Norman Thompson became president assisted by Mr. Sweet as vice-president and Mrs. Quelle as secretary-treasurer for 1963.

In April it was decided to build a new office 16×20 feet on skids under direction of Charlie Burman, Ed Hansen and Norman Thompson. Property was leased from the Quelles who also bought the old building.

At the end of the year more than 160 persons were members. A 4.5 per cent dividend was declared on net profits of $646.50.

New names on the committee were R. Williams and Wilf Lawson and they were joined later in the year by Earl Johnston and A. Lestander.

Following the resignation of Norman Thompson as president, Stan Sweet took over the office assisted by Mr. Hansen.

Discussion was given to opening an office in Vavenby in 1965 to arrange moving the office as well as increasing the size of the building by an addition and toilet facilities. By the middle of October Mrs. Quelle resigned and Mrs. Kitty Williams assisted by Sharon Dale, took on the job as secretary-treasurer. The new office opened on Nov. 2.

February 1966 the membership rejected a motion to become a branch of the North Kamloops Credit Union.

Following the annual meeting in March 1966 Mr. Lestander became president and Mr. Sweet vice-president.

Mrs. Williams resigned and Mrs Gloria Petre became manager, while Mrs. Eileen Mickey shortly after was appointed her assistant.

Discussion was held regarding becoming part of the Thompson Valley Credit Union at the sixth annual meeting. Officers at the meeting were H. Ripley, A. Phillips, L. Giesbrecht as directors. Others were Earl Tomyn, Bruce Dale, Earl Johnston, Stan Davison.

President was Arnold Phillips, vice-president was Stan Sweet and the staff increased by the addition of Barbara Money (now Mrs. Ron Ripley).

By December 1967 members decided to approach the TVCU with a view to becoming a branch and later in the month Mrs. Ripley took over as office manager.

A mere 1.5 per cent dividend was declared at the annual meeting in 1968 presumably as the result of the IWA strike in the area. Amalgamation was approved by a 31 – 10 vote.

Officers and directors were L. Strickland, L. Walker, E. Tomyn, H. Ripley, L. Giesbrecht, C. Burman, G. Bennett, E. Heywood, S. Davison, W. Lawson and W. Mattenley.

A special meeting on amalgamation in July of 1968 showed a 39 to 1 vote in favor of the move.

Lorraine Bainbridge became branch manager in September of 1969 on the resignation of Mrs. Ripley.

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