It was 75 years ago, in the basement of a Bonnyville church, when the first group of men banded together to form what would one day become the Lakeland Credit Union.
The humble beginnings of what is now a credit union of 10,000 members and 80 staff, started with just 10 men – a priest, butcher, agent, manager, physician, two gentleman and three farmers. Together these men formed the St. Louis Savings and Credit Union, which was officially registered on May 7, 1940. Following their formation, in 1948 the Cherry Grove Credit Union was established and in 1959 came the Station Cold Lake Saving and Credit Union, which was made up of military members.
It wasn't until 1985, when the CFB Cold Lake Savings and Credit Union (formerly Station Cold Lake) and the CGCL Credit Union (formerly Cherry Grove) joined together to form the Cold Lake Credit Union. Nine years later, in 1994, the Caisse Populaire – Bonnyville Credit Union (originally St. Louis) and the newly formed Cold Lake Credit Union amalgamated to create what is now the Lakeland Credit Union.
“The 1994 merger was a significant turning point for the credit union,” said CEO Pierre Amyotte. “There was still some friendly rivalry between Cold Lake and Bonnyville, but in a short period of time they were able to put that aside and really look at ‘how can the organization grow?'”
The theme for the Lakeland Credit Union's 75th anniversary, “Rooted and Reaching”, speaks volumes about an organization that has a long-standing history within the community but continues to successfully adapt to the ever-changing times.
When St. Louis Savings and Credit Union was first started in 1940, shares were at five cents each, the minimum deposit was just 10 cents and the maximum loan was a mere $100 – a far cry from today's loans. Now, 75 years later, the Lakeland Credit Union has built up to assets of around $643 million and in 2014 gave out $493 million in loans.
“Lakeland Credit Union is now the fourth largest Credit Union in the province, so I think that's a significant achievement,” said Amber Hughes, VP of Marketing and Human Resources.
Amyotte added that the Lakeland Credit Union also boasts one of the richest profit sharing programs and the highest efficiency ratio of credit unions in the country. Despite the expediential growth the credit union has seen, Amyotte assured that one thing hasn't changed – their values.
“It was really created for the underserved back in those days, the idea of people helping people. We've tried to stay true to that. Helping our members and helping our communities, and we're really proud of our accomplishments in those two areas.”
The credit union's continued commitment to those values shows. For the second year in a row, the Lakeland Credit Union was a finalist in Alberta Ventures Best Workplace competition.
“We had a 93 percent staff satisfaction rating…we did an annual survey with our members and they rated us a 93 percent for satisfaction as well. We've set a very high standard and we need to continue to look for opportunities to get better and keep that status quo,” said Hughes.
To celebrate the Lakeland Credit Union's 75th anniversary and their continued growth and successes with the communities, a special celebration was held last Wednesday at the Energy Centre in Cold Lake. During the event, members got the chance to learn about the credit union's history, as well as watch performances by the Kryla Ukrainian Dancers, French violinist Daniel Gervais and his wife, dancer, Aline Gervais, and a demonstration by the 664 Cold Lake Royal Canadian Air Cadet Squadron.
“There's a lot of diversity that has come together to make the area what it is today, so I think it's really important to speak to that history,” said Member Relations Coordinator Jonathan Berube. “It's not only made our organization what it is, but it's also made our community what it is.”
In addition to the kick-off celebration following the annual general meeting, the credit union has a year full of celebratory events planned including contests, member barbeques and a grand opening for the new building in Bonnyville.
While celebrating their past, members of the Lakeland Credit Union are continuing to plan for the future. Amyotte said that there are a number of projects on the go at the moment, everything from technological advances to building construction.
“The big project right now is our building. There was a commitment very early on to stay in the downtown core and we've used this slogan before and I think it remains true today: ‘we want to stay main street, not Wall Street,'” said Amyotte.
He added, “We're adding another 30 percent of extra space to accommodate the 60 employees that work (in the Bonnyville branch), so we're really happy about that and excited to move in.”
Moving forward, the Lakeland Credit Union will also be developing a mobile app with ‘deposit anywhere' technology, which will allow members to deposit a cheque just by taking a picture of it on their phone. Berube added that another aspect that the credit union is committed to for the future, is investing in the community.
“The community investment budget has grown substantially. Going back to the splash park, our large investment there was to build a gazebo and to elevate that space for families. That's for everybody to enjoy and that's definitely important to us as an organization, the whole community benefits from our success.”
For an organization that started out so small, looking back on the growth over the past 75 years gives everyone involved with the Lakeland Credit Union something to be proud of.
“I think there's a real sense of pride. We're part of something that was built 75 years ago and is still very strong, stronger than ever,” said Hughes. “To be apart of that winning team, it's very exciting.”
For Amyotte, he expressed there are three emotions that come to mind as he reminisces about the credit union's hi optimism, humbling and worry.
“I think that as one of the leaders in the organization it's humbling and worrisome at the same time, like don't mess this up. At the same time, where I get my strength is from the people that we have on our board of directors to steward this organization. As well as the people within our company and their focus and commitment to ensure the members are looked after.”
Amyotte believes that while the company is continually changing, as long as they hold true to the values set out by their original founders, the Lakeland Credit Union will continue to flourish for years to come.
