Fonds 323 Eaglesham Savings & Credit Union

Eaglesham Savings & Credit Union. — 1946-1961. — 1 cm of textual records.


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Agency History

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.

Custodial History

The records were deposited in South Peace Regional Archives by Nick Poohkay in 2007.

Scope and Content

The fonds consists of a ledger containing the names of shareholders, their shares, deposits and loans from 1946 to 1961; and a detailed report of the activities of the Eaglesham Savings & Credit Union from July 1954 to June 1955. The report was produced by the Government of Alberta, Department of Industries and Labor, Co-operative Activities Branch; it includes a financial statement, an examination of how well by-laws are being followed, bonding and insurance, investments, security of records, loans, delinquent loans, the loan policy, membership, dividends and interest, meetings, board of directors, credit committee, supervisory committee, and books and records. The report concludes with a rating of the officials, administration, loans and records, and recommendations for the Credit Union Board of Directors. The overal rating is Satisfactory (73%).

Notes

Title based on the contents of the fonds.
Related records: Eaglesham Consumers’ Cooperative Assoc.

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