Business View Magazine Apr-2023

91 BUSINESS VIEW MAGAZINE VOLUME 10, ISSUE 4 What are credit unions and why do they matter to Albertans? Alberta has a long history of entrepreneurial thinking. It’s part of the mythology of the province and is woven into our identity. From the days of hard-working cowboys who were always trying to do things a bit differently, to the origins of the oil and gas sector in this province and all the businesses and communities that grew out of the subsequent oil boom, to the more recent growth of Albertan’s small business and tech sector, Albertans are a ground-breaking bunch. We pride ourselves on our work ethic, commitment to helping one another (in good times and bad), and our unique way of looking at the world. So, it should be no surprise to anyone who has traveled to Alberta and spent any time here at all to know that credit unions have been a part of this province for many years. Since the first credit union was formed in Alberta in 1938 by a group of post-Depression era farmers looking for an alternative to the banks, Alberta credit unions have always been about recognizing hard work, lending a helping hand, and looking at finances a bit differently than other financial institutions. But what are credit unions? We are community-based cooperative organizations that offer the same variety of products and services as banks plus a network of surcharge-free ATMs and innovative online banking platforms and mobile apps. But unlike banks, credit unions are owned and operated by our members. That means when you join an Alberta credit union, you have a say in how that credit union operates and how your money is invested back into the community, no matter if you live in a city like Calgary or Edmonton or a rural community like Pincher Creek or Vermilion. Alberta has 13 credit unions in total, with more than 200 branches and 609,000 members. In 2021, Alberta credit unions had total earnings of $246 million (net income before tax and patronage bonus) and held more than $2.88 billion in equity. You can find a full list of all 13 credit unions (and a map showing all branch locations across the province) at albertacreditunions.com/find-a-credit-union. But what does it mean to be a credit union member? One of the biggest differences is you get money back every year – when your ALBERTA CENTRAL