Pace Savings & Credit Union Ltd, Markham, ON

A credit union is a financial co-operative which is owned and democratically controlled by its members, the shareholders. As a public corporation, a credit union is required by law to hold an Annual Meeting to report to the shareholders and to elect a Board of Directors and an Audit Committee. The Board of Directors sets policies which determine the operation of the credit union and also oversees its results. Credit unions are regulated by provincial governments. In Ontario, Members' deposits are protected by the Deposit Insurance Corporation of Ontario. For complete information on deposit insurance coverage, please ask us for a free brochure published by that Corporation. Credit unions have been serving Canadians since 1900. They began as an alternative to the commercially centered, largely inaccessible banking system. Credit unions enabled people to save their money to provide loans to their fellow members. Today, there are over 610 Credit Unions and caisse populaires in Canada, serving 4.6 million members. Currently, there are more than 270 credit unions and caisses populaires in Ontario with combined assets of $16 billion, serving some 1.6 million members.