Fondo 0323 - Eaglesham Savings & Credit Union fonds

The Eaglesham Savings and Credit Union was incorporated March 16, 1946, Charter Number 193 under the Province of Alberta Credit Union Act. This was the week after the Eaglesham Consumers' Cooperative Association was formed, and the two organizations worked together, with the Credit Union having their office in the Co-op and using the store's safe to keep the bank deposits and negotiable documents. Alberta's Credit Union Act was passed in the spring of 1938. According to the Act, the purpose of a Credit Union is "to provide on a co-operative basis financial services wholly or primarily for its members." Its principal purpose is "to receive deposits from, and to make loans to, its members." Credit union boards are responsible to their members and local communities for their decisions, and any profits are used to develop the business or distributed back to its members. They are often organized under the auspices of Consumer Cooperatives. An Alberta Government report on the Eaglesham Savings and Credit Union in 1955 reveals that at that time it had 131 members, but only 9 depositors and 33 borrowers. The report expresses concern that liquidity has been declining. The credit union was still in the Co-op Store and using their safe as their security. The president at the time was Ed Trudel, with Joseph McDaid the Chairman of the Credit Committee and James Emerson as Chairman of the Supervisory Committee. The credit union appears to have disbanded sometime during the 1960s. No records are available after 1960, and when the Eaglesham Co-op burned down in 1969, there was no documentation in the insurance report of any assets belonging to the Credit Union.