Our History
In the early 1970s, many Taiwanese students stayed in Ontario after completing their studies, finding a job, and having a family. Due to economic needs and their strong ties, the new residents began organizing a credit union at a Taiwanese Canadian Association meeting in 1975.
Preparation Period (1975 - 1980)
A nine-member organizing committee was set up in 1977 to undertake a study on the licensing and operation of a credit union. During the licensing application for the Taiwanese Credit Union, the credit union encountered challenges from the government regarding the name and the use of the company seal. After our relentless effort, the licensing application for the Taiwanese Canadian Toronto Credit Union was finally approved by the provincial government in May 1978.
At the first general meeting on August 27, 1978, the 57-members credit union selected Mr. John Wu, as the first chairman of the board of the credit union. The credit union raised operating capital totaling of $15, 355 with $100 membership shares and other deposits.
Challenging Period (1981 - 1989)
In 1989, with limited capital, services, and competition from the major banks, the credit union faced stagnant growth after more than ten years of operation. The board of directors at that time considered the existence of the credit union to be of little value and opted to cancel its operating license unless the credit union changed its name to "Chinese" Canadian Credit Union to increase its membership base.
Mr. John Wu, the first chairman, called to the attention of all Taiwanese living in Toronto regarding the possibility of the disappearance of the Taiwanese Credit Union. The members could not accept the name change and decided to take over the board.
Recovery Period (1990 - 1993)
In 1990, the members elected a board of 12 directors, 3 audit committee members, and 3 credit committee members. With the efforts of the board members, management, and dedication of members, assets grew to over three-quarters of a million dollars and the membership grew to more than 245 in 1993.
Growth Period (1993 - 2005)
Dr. Michael Huang was elected as chairman of the board, with the support from the board of directors took credit union from Savings and Loans to a wide range of products and services, including chequing accounts. The credit union hosted annual seminars, organized an annual BBQ, and published yearbooks to introduce services to people in the Taiwanese Community.
The community responded positively. The assets and membership have significantly increased to $4.2 million and 604 members, respectively, in 1997. The credit union also declared its first dividend to the members in 1997. This was the major milestone in the history of the credit union. In 2001 when Dr. Huang retired, the credit union had accumulated assets totaling $6.3 million and a membership of 880.
Mr. David Wong took over the helm of the credit union in 2001, grew the assets and memberships to $10 million and over 1000, respectively.
Steady Period (2005 - 2018)
Under the leadership of Tony Liao, Ben Tsai, Timo Yu, and Lisa Lin, the Credit union has expanded its products to include a wide range of GIC, Debit Card, POS, Online Banking, Worldwide Currency Exchange, Master Card, and Qtrade online investment.
Nowadays we have over 1000 members, and dedicated staff and volunteers not only invested in the credit unions but also provided space and facility for the operation of the credit union.
Taiwanese Credit Union has played an important role in the history of our community. We are proud to be able to provide more than 40 years of Community service.
TCTCU reserves the right to change without notice
