October 16, 2013
For immediate release
October 17 proclaimed as International Credit Union Day
Environment, Labour and Justice
“Credit unions make a significant contribution throughout Prince Edward Island by providing locally controlled financial services and supporting community events and organizations,” said Minister Sherry. ”I want to congratulate credit union members, volunteers and staff and wish them continued success.”
There are eight credit unions in Prince Edward Island with 15 branches across the province. The credit union system has 54,700 members and employs more than 200 people. It has assets of $850 million, making it one of the leading financial institutions in the province.
Minister Sherry said that credit unions have a long and proud history in Prince Edward Island. The Farmers Bank of Rustico, which had important links to early credit unions in Canada, was established in 1864 and operated until 1871.
International Credit Union Day is being observed as part of Co-op Week, October 13-19.
“Credit unions and co-operatives play an important role in our economy, and I am pleased to recognize their continued progress,” said Minister Sherry.