A History of Progress

On November 9, 1949, the Winnipeg City Police Employees Credit Union Society Limited commenced operation with a part-time manager and a very small amount of operating capital. The Credit Union began providing limited financial service to city of Winnipeg Police Officers and their families. The first loan granted was for fifty dollars and required two meetings of the Credit Committee before it was approved!

During the first several years of operation, business was conducted out of a metal cash box in the Identification Room of the Crime Division at the Central Police Station, 174 Rupert Avenue, and both Committee and Board Meetings were held in the police station as well. At the end of the 1st year in 1950, there were 178 members with assets of $9,466.

WPCU prides itself on its valued members, and supporting the Law Enforcement Community is a way that we give back to the community that supports us, and aligns with our guiding principles and co-operative spirit.  By doing business with us, you are reaching your financial goals while supporting a vibrant law enforcement community, whose members are generously dedicating their time and talents to enriching the lives of the citizens in our city and province.  Thank you allowing us to be "Your other Partner since 1949".

 

Some highlights over the years have been:

1965 – Passbooks were eliminated as the credit union converted to an automated banking system. Quarterly member statements were introduced.

1971 – The credit union’s name was changed to the Winnipeg Police Credit Union Limited. Assets reached $1,000,000, General Reserves reached $58,000 and there were 994 members.

1972 – Chequing services began.

1976 – Monthly member statements with a monthly newsletter were introduced.

1977 – WPCU moves from 210 Donald Street to Princess Street location. Registered Retirement Savings Plans and Registered Home Ownership Savings Plans were established.

1990 – Michael Taylor hired as General Manager. Fixed rate mortgages and term deposits were introduced along with All-In-One Chequing accounts, Credit Union MasterCard® and Loan Protection Insurance.

1991 – The Winnipeg Police Credit Union Board of Directors became the first in Canada to complete the Credit Union Directors Achievement Program.  U.S. dollar accounts and utility bill payment services were introduced.

1992 – TelPay and Teleservice, which provide members with 24-hour access to their accounts and bill payments were introduced. Assets reached $36 million, general reserves reached $2 million and there were 2,865 members.

1993 – Direct Payment, Guaranteed Savings Plan and Surplus Shares were introduced.

1994 – Ethical Mutual Funds, Gold MasterCard®, Youth Accounts (Rookie and HEADSTART®) were introduced. Assets reached $41.9 million, general reserves climbed to $2.5 million and membership increased to 2,946

1997 – Our MemberCare Financial Services Centre office opened, providing members with access to free financial, investment and estate planning services as well as third party mutual funds.

1998 – The Credit Union moved to its new building at 300 William Avenue, which included the credit union’s first ATM machines. Assets reached $51 million, general reserves reached $2.7 million and there were 3,690 members.

1999 – cu@home Internet Banking was introduced to members along with a specially priced computer package and financing plan. Assets reached $59 million, general reserves reached $3.0 million and membership increased to 3,758.

2000 – The Member Referral Program was introduced to encourage existing members to refer their family and friends to Winnipeg Police Credit Union. A special incentive is now offered for account referrals that exceed $5,000 in new business.

2001 – On-line brokerage through Qtrade® was introduced. "Life Events Planner" on-line financial management tool was introduced. Assets reached $69,000,000. General reserve $3,100,000 and membership increased to 3,808.

2002 – WPCU became the first credit union in Manitoba to have cheque imaging.  Assets reached $75,300,000. General reserve $3,500,000 and membership increased to 4,040.

2003 – WPCU selected by Credit Union Deposit Guarantee Corporation to pilot the new Standards of Sound Business Practices for Manitoba credit unions. Assets reached $82,600,000. General reserve – $3,900,000 and membership increased to 4,142.

2004 – WPCU web site redesigned to provide improved member information. Member access to wealth management and lending services improved with the installation of separate phone lines and email addresses for wealth management advisors and loan officers. Assets reached $88,700,000. General reserve – $4,300,000 and membership increased to 4,352.

2005 – WPCU introduced annual Membership Appreciation Day celebration. Assets reached $95,100,000. General reserve – $4,600,000 and membership increased to 4,495.

2006 – The credit union reached and exceeded the $100 million milestone, ending the year with just over $102 million in total assets. Stan Scarr, who served on the WPCU board from 1963 to 2006, including 29 years as President, retired from the Board with over 43 years of dedicated service to WPCU members.

2007 – The credit union introduced the convenience of "Pay Anyone Anywhere" through TelPay, one of its business partners. The credit union's assets reached $111.2 million. Director Allan Galbraith was recognized for 20 years of dedicated service as a member of the WPCU Board of Directors.

2008 – Share dividend of 5.4% paid to existing holders of WPCU surplus shares. Assets reached $121 million (9% growth); General reserve reached $5,997,000 and number of accounts increased to 4,562.

2009 – WPCU introduced Tax Free Savings Accounts (TFSA) to members. Over 300 TFSAs opened in the 1st month. Share dividend of 5% paid to existing holders of WPCU shares. Assets reached $137.3 million (13% growth); General reserve reached $6,119,200 and the number of accounts increased to 4,661.

2010 -WPCU started to roll out CHIP cards to WPCU members. A share dividend of 5% was paid to existing holders of WPCU shares. Assets reached $146.1 million (6.4% growth); General reserve reached $6,610,600 and the number of accounts increased to 4,675.

2011 – WPCU implemented a Document Management System for storing files to reduce paper handling and storage fees.  A share dividend of 5% was paid to existing holders of WPCU surplus shares.  Assets reached $151.7 million (3.8% growth); General reserve reached $7.08 million

2012 – 5% share dividend paid to shareholders. WPCU maintained top-of-market deposit interest rates throughout the year and repaid $5.3 million in borrowings with CUCM in full. Assets reached $157.6 million (3.5% growth); General Reserves reached $8.2 million and total equity reached $9.8 million (6.2% of total assets)

2013 – 6% share dividend paid to shareholders. Assets reached $168.7 million (7.0% growth); General Reserves reached $8.7 million and total equity reached $10.4 million (6.2% of total assets)

2014 – 7.0% share dividend paid to shareholders. Assets reached $174.6 million (3.46% growth); General reserves reached $9.1 million (5.21% of assets) and total equity reached $10.8 million (6.23% of total assets).

2015 – 6.81% share dividend paid to shareholders.

2016 – 6.51% share dividend paid to shareholders.

Over the years, the credit union has kept pace with changes in technology, and in many instances has piloted technological change for Manitoba Credit Unions. The Winnipeg Police Credit Union has certainly progressed from its beginnings as a savings and loans institution. Personnel are highly trained, experienced and knowledgeable in the area of financial services and they are committed to serving the financial needs of our membership. Our mission is to be a leader in providing a superior and professional level of financial services to our members.


Contact WPCU

300 William Avenue

Winnipeg, Manitoba, R3A 1P9

Open Monday through Friday,

9:00 AM to 5:00 PM

Phone: 204.944.1033

Fax: 204.949.0821

Toll Free: 1.866.491.7122

Email: info@wpcu.ca

Lost or stolen MasterCard: 1-800-567-8111

1-204-944-1033 during business hours

1-877-764-3693 Canada & USA after hours

1-905-764-3693 Internationally after hours

Please click here to view more information regarding our Hot Card Service.

© 2011 Winnipeg Police Credit Union, All Rights Reserved

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