IN OUR COMMUNITY
in your farm/business
new building proposal
Switched to computer banking system
installed FIRST COMPUTER
cORPORATE NAME CHANGE
mILLION DOLLAR MARK
rENOVATION TO BUILDING FRONT
ouR FIRST HOME
Macklin Credit Union Limited begins its story.
Down the dusty graveled road in the village of Evesham. Its roots were in an informal get-together of a few district farmers and some of the village business people who had met at the Evesham Pool Elevator office. This, along with the back of Ted Baspley’s blacksmith’s shop, later became the home of Evesham Credit Union. The “office” was located in the back of Baspley’s blacksmith shop and the Western Grain Elevator was where the books and meetings were held.
The “Evesham Credit Union” had been in business for approximately three years when they received an unexpected visit from the department that authorizes credit unions to be formed and registered, and Evesham had never been authorized! Needless to say, they were running an illegal organization. Mr. Mclean, the head of the department, took the books to Lee’s Hotel in Macklin where he closely studied them. He returned in the morning, apparently completely satisfied after the night’s meditation. The Charter was issued on April 4, 1940 with the impressive name of Evesham and District Savings and Credit Union, Limited Charter No. 37.
In April, 1943, the Evesham Co-op purchased the Red & White Store. The Credit Union moved their office into the back room of the Co-op where they presided until the end of the 1950’s. Evesham and District Savings & Credit Union, Ltd. later moved its office from the Evesham Co-op Store to the Macklin Municipal Office, and changed its name to Macklin and District savings & Credit Union, Ltd.
Growth and interest accelerated throughout the next few years; at the 1955 Annual General Meeting, the Credit Union had 53 memberships. Membership during the past year had increased by 35, with a total membership of 230. The Credit committee reported 115 loans had been approved; 80 to farmers and 35 to others, totaling approximately $32,840. That year, a 2% dividend was paid on shares.
On March 9, 1961, a special board and supervisory committee meeting was called to order to discuss details of the proposal of a new building. From this meeting, a suggested estimate for a 25ft by 50ft building would cost $20,000 including furnishings. It was emphasized that the board get permission of the registrar to spend up to $20,000 on a new building, including vault door and all fixtures. However, the need was so pressing that when the Pete Thomas building became available for purchase in May, a quick decision was made to buy it for $7000. The Credit Union office finally had its own home, with the basement to rent out.
The Memorandum of Association of the Macklin and District Savings and Credit Union Ltd, was amended on May 23, 1968 so that the corporate name read Macklin Credit Union, Limited.
Macklin Credit Union grew considerably over the next decade. Manager Reni Ostlund reported that the Credit Union had exceeded a million dollars in loans in 1977. A photocopier was also purchased that year, and for a small fee anyone could get copying done. Furthermore, in 1978, Plan 24 was introduced, offering interest calculated on a minimum daily balance at 6%.
A proposal for a new building was brought up at the Annual General Meeting in March. After a motion by the board, the tender for the new Credit Union office was awarded to Craftex Construction. The purchase and demolition of the Post office property got the ball rolling. The new building size was to be 3,750 square feet, and, with many changes to reduce the cost, the estimated total cost of the new premise was $300,000.00.
In January 2004, Macklin Credit Union celebrated the completion of some major renovations; a major face-lift to the inside and outside of the building, changes in décor, and most importantly a 3000 square foot addition to the building! Discussion of renovations began quite a few years prior, with construction beginning in the spring of 2003.