A Profile of OECU
Ontario Educational
Credit Union is open to all active or retired educational
employees and their families throughout Ontario.
History
In 1962 a group of teachers in the Toronto Township School Board
formed a Credit Union for teachers in that jurisdiction. At about
the same time teachers in the Central Peel Secondary School formed
their own Credit Union. In 1970 these two credit unions merged to
become the Peel Board of Education Credit Union.
Over the next few years the Credit Union grew as rapidly as the
municipalities served by the school districts. It expanded to
include employees of Sheridan College, the Dufferin Peel Roman
Catholic School Board and the Peel District School Board. To reflect
the expanding bond of its membership the Credit Union changed its
name to the Peel Sheridan Dufferin Educational Credit Union.
In 1992 we were instrumental in organizing the teacher federations
of Peel in constructing the Educators’ Centre that would be home to
the Credit Union and the federations. The Peel Educators’ Centre
opened in the fall of 1993 and we remain the major partner of the
joint venture founded to hold and manage the center.
In 1997, as a result of our efforts to protect the deposits of the
members of the OPSTF Credit Union, our bond was expanded to include
all educational employees in Ontario not currently served by a
closed bond educational credit union. On December 14,1998 our name
was changed to the Ontario Educational Credit Union Limited to
reflect this expanded bond.
Throughout our existence we have worked, solely, for our membership
and closely with their federations/unions. We have and continue to
develop products and services to benefit the uniqueness of our
membership. We have established policies that support our
member/owners should they unfortunately become involved in a job
action that results in an interruption of income. We positively
supported our members in 1979, 1981, 1997 and 1998 when they
realized an interruption in their income. We will be there in the
future should the unfortunate need arise again.
Year 2000 marked significant growth for us. Simcoe County
Educational Credit Union located in Barrie voted to join Ontario
Educational. The merger was completed in May of 2000 improving the
services offered to members throughout Simcoe Muskoka.
Board of Directors
Ontario Educational
Credit Union requests that members participate in determining the
direction of the organization through its annual meeting and the
election of directors. At that meeting 1/3 of the Board of Directors
is elected by the membership each year. All members over 18 are
eligible to run for the Board.
Guiding Principles
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Fulfilling the need
within the Ontario educational community for a strong full service
closed bond credit union to serve the financial needs of all
educational employees and their families.
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The service offered by
the Ontario Educational Credit Union must be personal and
professional and of financial benefit to the membership.
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Service must be
available to the membership on a personal and electronic basis.
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The success of the
Credit Union will be measured in terms of how well we meet the needs
of the membership we serve.
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The Credit Union must
remain knowledgeable of and proactive to the events within the
financial community and the educational community.
Membership
Ontario Educational
Credit Union invites all educational employees (current or retired)
and their families throughout Ontario to become a member of our full
service financial institution. We are the financial institution
dedicated to and specializing in serving the unique needs of the
educational community.
Ontario Educational supports the success of other closed bond
educational credit unions. We will not compete or solicit for
membership at those boards that have an established closed bond
credit union serving the local needs of the educational community.
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