Central 1 Credit Union · Vancouver, BC Canada
Company Description
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This link will open in a new window Central 1 Credit Union (Central 1) is the central banker for nearly 200 independent credit unions in British Columbia and Ontario. With nearly $10 billion in assets under management, Central 1 offers conventional banking products, liquidity services, and payment processing products, as well as business consulting assistance and online banking services (via MemberDirect). Central 1's member unions, which act as company shareholders, serve some 3 million clients through 835 branches. Credit Union Central of British Columbia merged with Credit Union Central of Ontario in 2008 to create Central 1 Credit Union. The merger set the stage for further consolidation in Canada's credit union system. To read the full description, subscribe now.
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Key Central 1 Credit Union Financials
| Company Type | Private - Cooperative Headquarters |
| Fiscal Year-End | December |
| Annual Sales (mil.) | $253.1 |
| Employees | 500 |
Central 1 Credit Union Executives
23 executives listed for Central 1 Credit Union's Vancouver, BC location.
| Title | Name & Bio | Contact |
| Chairman | Daniel Burns | Network |
| Vice Chairman | Jack Smit | Network |
| President and CEO | Donald Rolfe | Network |
Competition
Competitive Landscape for Central 1 Credit Union
Demand for banking services is closely tied to economic activity and the level of interest rates. The profitability of individual banks depends on marketing skills, efficient operations, and good risk management. Large economies of scale exist in some segments of the industry, which has encouraged industry consolidation. Smaller banks can compete successfully in segments where customer service or knowledge of the local market is more important. The industry is capital-intensive and highly automated: annual revenue per employee is close to $300,000. Many banks and thrifts aggressively offered adjustable rate and subprime mortgages during the housing boom of the early 2000s only to find themselves saddled with loan defaults and extensive losses when the housing bubble burst. Deep exposure to subprime mortgages and mortgage-backed securities caused bank failures, government takeovers, and involuntary mergers. To read the full description, subscribe now.Top Central 1 Credit Union Competitors
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