Our History

Here’s a look at the history of the Saskatchewan credit union system and the subsequent evolution of Credit Union Deposit Guarantee Corporation.

The Saskatchewan credit union system grew out of the 1930s.

The great depression and seven years of drought dealt a devastating blow to the province’s farmers. Tens of thousands of farmers, especially in the "dust bowl" of southern Saskatchewan, lost virtually everything. Hundreds of businesses failed. Banks closed scores of rural branches in Saskatchewan, as borrowers were unable to keep up loan payments. Obtaining credit became virtually impossible just when people needed it most to make a new start.

With only themselves and their neighbours to rely on, the people of Saskatchewan began to build credit unions. The first Saskatchewan credit union was chartered in 1937. The credit union movement quickly took root and grew in Saskatchewan. By 1947, it had grown to 188 credit unions, with over 31,000 members and assets of more than $5 million.

Protection of credit union deposits also grew out of hard times. In the early 1950s, poor crops and shipping problems once again put a strain on Saskatchewan farmers. As the economy dropped, it became clear that in a province heavily dependent on agriculture, it was necessary at all times to maintain a high level of liquidity.

In 1953, the province’s credit unions formed Credit Union Deposit Guarantee Corporation. Since its inception the Corporation has established an exceptional record in deposit security. No one has ever lost funds deposited in a Saskatchewan credit union.

Today, we work with all Saskatchewan credit unions to protect the deposits of nearly 550,000 members. The Corporation continues to grow in strength and exceeds all industry standards. The guarantee includes all forms of deposits and there is no limit to a depositor’s valid claim regardless of the deposit amount.