About Us

In early January, 1984 residents of the L’Anse au Clair to Red Bay area on the Labrador Coast were shocked to learn that the Bank of Montreal, who had been operating in L’Anse au Loup since, 1978, was withdrawing its services and moving all accounts to Deer Lake, NL, some 300 kms away.

 After strong attempts, with no positive results, to persuade the Bank of Montreal to stay, residents in the area worked together to set up a credit union. A steering committee, consisting of volunteers from different organizations, was formed to spearhead the formation of a credit union. The Credit Union Council was contacted and invited to the area to meet with the committee and to give direction as to where to go from there.

 At the same time, the Labrador Fishermen’s Union Shrimp Company Ltd. was in the process of forming its own “closed bond” credit union. Recognizing that in order for a credit union to succeed, it would need cooperation and support from all residents, the two groups met and the Shrimp Company agreed to lend its support in the open bond credit union system.

 In May of 1984 when the local steering committee and the Labrador Fishermen’s Union Shrimp Company agreed that the formation of one credit union would be in the best interest of all the residents of the Labrador Straits and Eastern Labrador, the following was decided:

  • The new credit union would be named the Eagle River Credit Union Limited
  • Two members of the Labrador Fishermen’s Union Shrimp Co. (LFUSC) would be appointed to the Steering committee
  • The area to be included would be L’Anse au Clair to
  • The LFSCU would provide $100,000 in the form of a deposit
  • The LFSCU would pay $13,000 towards the salary of the Credit Union Manager for the first year
  • The LFSCU would provide $7,000 to the Credit Union towards travel into Eastern Labrador

 Then the provisional Board was elected.

 In addition, the Southern Labrador Development Association made an important financial contribution at this point by offering the Credit Union a $5,000 loan to pay for furniture and equipment that the Bank of Montreal was selling. (Estimated value - $30,000)

The Community Council of L’Anse au Loup, owners of the Bank of Montreal premises, offered thesame premises to the Credit Union on a rent-free basis for a year.

In June 1984, Eagle River Credit Union Limited was opened for business. One sign came down over the door and another went up very quickly.

Since Eagle River Credit Union's inception, we have gradually expanded to further meet the needs of our surrounding communities. We now have six branches:

  • L'Anse au Loup
  • Mary's Harbour
  • Anthony
  • Port Saunders
  • Happy Valley - Goose Bay
  • Deer Lake

 Members have always been very supportive of their Credit Union and take great pride in their accomplishment. The struggle to form a Credit Union has united communities, and residents refer to it as "the best thing that ever happened in this area". The initial and continuing success of this endeavor helped reinforce in the people a belief in themselves and their abilities.

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