About Us

 

In early January 1984, residents of L'Anse au Clair to Red Bay area were shocked to learn that the Bank of Montreal, which had been operating in L'Anse au Loup since 1978, was withdrawing its services and moving all accounts to Deer Lake.

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 effort. The Credit Union Council was contacted and invited to meet the committee and to give direction in the formation process.
At the same time, the Labrador Fisherman's Union Shrimp Company, Limited, were working on forming their own closed-bond credit union. Recognizing that in order for a credit union to succeed it would need co-operation and support from
all residents, the two groups met and the Shrimp Company lent its support to the open bond credit union system. It was agreed that the new credit union would be named "Eagle River " and that the area to be served by the Credit Union would be the electoral district of Eagle River (Cartwright to L'Anse au Clair).

Other factors that contributed to the formation of the Credit Union were:

  •  Bank of Montreal sold office equipment and furniture at minimal cost
  •  The Southern Labrador Development Association provided an interest-free loan for $5,000
  •  The owner of the premises of the former Bank of Montreal offices, the Community of L'Anse au Loup, offered the credit union the same office space rent-free for a year.
  •  The Caisse Populaire Desjardins in Blanc Sablon, Quebec provided clearing facilities, a line of credit and weekly cash orders

The Credit Union hired the two staff members who had been formerly employed by the Bank of Montreal. The only change for residents in their banking services was the sign above the door.

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

  • L'Anse au Loup
  • Mary's Harbour
  • St. 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.

 

Are you interested in becoming an owner with Eagle River Credit Union?

Find out about Eagle River Credit Union’s awards.

Are you interested in becoming a Director on Eagle River Credit Union's Board of Directors?

Who are the present Board of Directors ?

 

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