PAGE 4

THE HERALD CREDIT U

Credit Union

growing

The Terrace and District
Credit Union's history stretches
back twenty-seven years to the
late months of nineteen forty-
‘five when five Terrace
residents banded together to
ferm the Terrace Community
Credit Union.

The group received their
charter on the twenty-first of
September of that year with
members Charles Kofoed, Anna
Benoit -S.F.. Campbell, Joseph
Rolfsen and J.M. Normandau.,
Charles Kofoed is the only

member still surviving and will

be in attendance at the grand
opening ceremonies.

The application for
charter sent to the Provincial
Government listed. a
prospective membership of 40,
a potential membership of 100,
and an expected 30 shares to be
purchased at once.. These
estimates were not far off, By

‘December’ thirty-first of that
- year ‘there were twenty-six
bers and a total asset of

.. $733. That is, it must be noted,
an improvement over the first
day of business at the Credit
Union. When they closed their
doors at quitting time on that
day total assests stood at $5.80.
Since that time the Credit
Union has snowballed and now
is the bank of 2,634 local
residents and has total assests

- of nearly three million dollars.

On the first of January in 1946
the Credit Union opened offices

on the site they recently
vacated by the Terrace Co-op
building.

The first loan granted by the
bank was also in 1946, Charles

Kofoed ‘applied for, and -

received fifty dollars to send his
wife to Prince Rupert.

The present manager of the
Credit Union D.E. Collins came
toTerrace over three years ago
after serving with the Attorney-
General of B.C.'s office as an
inspector of Credit Union.

It would be difficult in an
article of this sort to mention all
of those’ who have helped
establish and run the Credit
Union since its inception in the

. mid-fort, ies. The list of officers.

that have served on the Board

-of the Terrace and District

Credit Union reads like a
Terrace’ Who’s Who listing.
There are many persons who
have made the Credit. Union
what it is today, those who have
served on the Board the original
five members, and all the
members in betweer,all of these
have had faith: in the jocal
Credit Union movement and
have seen their faith pay off.
with the opening of the

magnificent new headquarters .j

for the local organization.

To the members past, present |

and Future, the Credit Union in
Terrace owes much thanks for

your present and continuing

Support.

pg eval Union

From

Pinte George and

District Credit
Union|

| 1249.01h Ave.

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‘Terrace & District
_ Credit Union _