Happy 50th Anniversary Central West Credit Union!

22 August, 2016
In October 2016 the Central West Credit Union celebrates its 50 year anniversary.

Join us as we celebrate our history.

1966

Foundation - Payroll Deductions First Board Meeting, 86 members admitted, second - 15 more
CU joined NSW CULeague and Loan Protection Insurance Scheme.

 

1967

Payroll Deductions $1200. per fortnight, $518. loans $602.
Credit Union Bulletin fortnightly produced by Gordon O'Sullivan and distributed to members and non-members with their pay
Cupid strikes at 1st. AGM with the announcement of a double engagement, Foundation Members
Lex Weaver to June Fairall and Lionel Grady to Jacqueline Barnes.

 

1968

First Inspection by registry of Co-operatives.

 

1969

Credit Committees established at Cowra, Grenfell & Forbes.
No Bad Debts.

 

1970

Name changed to Central West Credit Union.
First Employee, Peter Farrell, resigned and Jacqueline Grady was appointed.

 

1971

Membership increase 195.

 

1972

Eugowra War Memorial Hospital Staff added to the Bond.

 

1973

Loan Limits increased to $1,000. Unsecured, $2,000. Secured.

 

1974

Jacqueline Grady was appointed Secretary Manager and she carried out a membership drive throughout the area.
The Credit Union disaffiliated from the NSW CU League over the increase in dues to $1.50 per member and joined the Association of Central Credit Unions.

 

1977

Burroughs L5000 Mini Computer installed.
Assets over $1 million. 
Loan limit up to $6,000. repayable over 10 years.
Vince Phillips of Grenfell Credit Cte. died.

 

1978

CU Savings reserve Fund set up with 1% of members' shares and deposits
CU moved into a new larger office area in the County Council Building.
A cheque-writing machine was installed.
Loan limit increased to $10,000. repayable over 15 years.
New staff, Mrs. Kath Somers & Mrs. Krys Szabo.

 

1979

Loan limit increased to $15,000. over 15 years.
Burroughs L 9000 Mini Computer installed.

 

1980

Cowra Hospital and Council Employees joined the Credit Union following a Regional Meeting.
Lachlan Valley County Council abattoir closed down.

 

1981

Credit Union opened its Bond to the all residents in the community in the County Council area.
The Minister for Co-operatives, Hon. Terry Sheahan, opened the newly purchased Credit Union, former QBE, building on 18 November.
Parkes Industries, Lachlan Industries, Cowra and Norwest Beef Industries, Forbes, joined the CU.
Loan limit increased to $20,000. Savings interest 7%, term deposit interest 11.5 - 12.5%
Credit union transferred its affiliation to the CU Assn. of NSW.

 

1983

Lionel (Doc) and Jacqueline (Jacko) Grady resigned as Chairman and Secretary Manager.
Gordon (Joe) Sinclair, former Director, was appointed Secretary Manager.

 

1984

Cowra Agency opened at Hal Robertson's Travel Agency in Macquarie Street.

 

1985

A new AWA Pertec Sabre Computer was installed
Cowra Branch opened on-line at Harvey World Travel in the main street.
Forbes Branch was opened on-line in the main shopping area, with John Meagher.
The Regional Conference, held in Bathurst and hosted by Mid West Credit Union , was attended by four Directors and the Manager.

 

1986

AFCUL Conference in Adelaide was attended by two Directors.
Twentieth Birthday celebrations were held in October, and the 3,000th. member was welcomed.

 

1988

Joe Sinclair resigned as Manager and was replaced by Peter Townsend.
Grenfell Agency opened in December.

 

1989

Credit Union agency opened at Shortis & Timmins Pharmacy in Condobolin.

 

1990

Former Parkes Post office was taken over temporarily while refurbishment was completed.
4,000th member welcomed.

 

1991

Rebuilt office opened on 8 February.

 

1992

Deeming Accounts introduced.

 

1993

Redicard Introduced.

 

1996

Central West Credit Union celebrates its 30th birthday. We have over 8000 members & in excess of $22 million in assets.
The Credit Union movement in Australia turns 50 years old.
One in every 4 Australians are Credit Union members.
Redicard access cards are made available to Golden Accounts.

 

1997

Our Grenfell Agency now has cash withdrawal facilities available during normal office hours.
We open our new Peak Hill Agency at CRT with Greg & Raelene Rout on Monday April 7.
Our new logo is launched. 
Brett Hartin becomes our new General Manager.

 

1998

From the 1st July we launch our new Rediphone service. This enables members to:
Users of Rediphone for the months of July & August had the chance of winning a colour TV
Loan Redraw facility is now available to members.

 

1999

2ND year in a row Central West Credit Union wins its section of the Parkes/Forbes Excellence in Business Awards.
Condobolin agency upgraded to a Sub-Branch in Shortis & Timmins pharmacy.
Introduction of Visa Access Cards.
New accelerated cheque clearance procedure introduced.
Cowra trainee Bronwyn Harper-Knight honored with Cowra/Young Trainee of the Year.

 

2000

Launch of our website www.cwcu.com.au.
The launch of our new internet banking service REDINET takes place with a great response.
Introduction of Banklink.
In June at the AGL Parkes/Forbes Excellence in Business Awards we won
-Most Outstanding Business In Parkes
-3rd time Winner in the Professional Services Category.

 

2001

CWCU announced as 2001 Country Energy Parkes/Forbes Regional Business of the Year
4th time in a row we won Excellence in Professional Services.
BPAY is added to our list of services for the convenience of members.
In June the ATM is installed at our Parkes office.

 

2002

New initiative the Community Dividend Fund is launched.
General Insurance cover is now offered through CGU instead of VACCI.
Renovations are carried out at our Cowra & Forbes branches.

 

2003

Minor upgrades have been carried out on our internet web site & some improvements & new features are implemented in our REDINET banking service.
July, two new home loans are introdcued. Mortgage Smart and Mortgage Smart Plus.

 

2004

A 2nd ATM Installed at Bi-LO/Kmart Shopping Centre. The Launch of our New Logo and the "Faces" campaign. The CWCU assets now $67.4m, while members now total 11880.

 

2005

Reditext, which allows members to receive details of their account by way of SMS is introduced.

 

2006

Launch of the basic loan product "Mininiser" Housing Loan is introduced. Conversion of the Credit Union's core banking system is introduced. The Credit Union celebrates 40 years of operation in September 2006.

 

2007

Director Les Finn is farewelled after 17 years service, while Amity Hawthorn joins the board. The CWCU sponsors the Parkes Shire Council Australia Day Cultural Awards. Staff Members, Faye Iffland (36 yrs), Barrie Freeman (25 yrs), Lea Smith (22 yrs) and Marilyn Haynes (20 yrs) are honoured at the 41st Annual General Meeting. CWCU assets now 79.7m, Members equity 10.7m and $11810 given out to local groups as part of the Community Dividend Fund.

 

2008

CWCU launches online savings account.
CWCU joins with Middleton Public School Parkes to launch a new student banking account/program.

 

2009

ATM’s installed in Forbes and Cowra.
CWCU introduces security tokens for internet banking.
Rediteller network renamed to rediATM.
CWCU new corporate marquee now available for community groups.
2nd ATM  for Cowra.
Reditext (SMS) messaging service relaunched.
ATM direct charging imposed by Reserve Bank.
Parkes East Public School joins school banking program.

 

2010

New look website launched. Social media; Facebook and Twitter added.
As at 30/11 membership of 11982 and assets of $103 million.
Launch of mobile phone banking.
CWCU participated in the national ‘Comes back to you” marketing campaign.
St Laurences Primary School Forbes joins school banking program.
Verified by Visa (VBV) service added.

 

2011

Member satisfaction survey conducted (via telephone and online).
Membership of 11,535. Assets of $111 million.

 

2012

ntroduction of ‘Vigil’  - 24 hour a day card monitoring service.
As at June 2012 the credit union enjoys a membership of 11,279 and assets of $115 million.
Chairman Carl Berry celebrates 20 years of dedicated service on the CWCU Board of Directors.
Launch of ‘Community Proud’ - the savings account specifically designed for community non-profit organisations.
October - commencement of major renovations to the credit unions head office in Parkes.
As at December 2012 the Credit Union Membership was 11293 and assets $124 million.

 

2013

n May, except for a few finishing touches, the new renovations were completed. Staff and Members were able utilise the additional office space and commented on the additional privacy that had been achieved. The opening of the new building was celebrated on the 20th September, when long serving and founding director Bruce Powter cut the ribbon and celebratory cake. During the open day we donated $10 for every person that walked through the door which resulted in a donation of $500 to the Jane McGrath Foundation and $500 to CanAssist. We also auctioned a NRL Grand Final Package with the proceeds being donated to the Parkes Early Childhood Centre.
Along with the renovations, we installed our first Self Serve Coin machine at Parkes Branch, helping members deposit their spare coin.
In June, we had the honour of sponsoring Maths Professor Morris Needlemen. Morris travelled  to the Central West from Sydney to lecture HSC Maths Students and focus them on maximising their HSC mark.
Staff from Parkes  participated in the GP Cup which was an initiative to raise funds to attract doctors. A great day was had and approx. $20,000 raised.
At the end of December Assets had increased to 130m. Loans to members was 88m, Deposits from members was $106m.

 

2014

CWCU sponsorship of the Forbes Apprentice of the Year continues when Dylan Davie from Midpro was successful.
Marilyn Haynes who was a Forbes Staff member for 26 years departed for retirement to Lake Cathie
We again sponsored Morris Needlemen's visit to the Central West.
Cowra Branch now have a Self Serve Coin Machine.
The Mortgage Offset Facility was introduced as a further benefit for our Home Loan members
At the end of the year Credit Union membership was 10361, Assets were $135m, Loans to members were $87m, Deposits from Members $117m.

 

2015

Parkes Staff and friends toughed it out when they competed in the Macquarie Mud Run at Dubbo. There was plenty of Mud!
Cowra Branch Manager, Leanore Smith achieves 30 years service with CWCU. Celebrations held in Cowra with Staff and Family
Peter Scholefield from Forbes celebrated 20 years service as a Director of the Credit Union
Yes , Morris did return for a third year, so his Maths lectures must be working! He again thanked the CWCU for helping local HSC students maximise their Math potential.
Loan Interest Rates fall to their lowest ever levels and competition for loans increases.
CWCU assets reach $140m with loans at 88m and Deposits from Members $120m - still growing albeit slowly
Significant upgrades planned for 2016 including a number of improvements to member services and computer banking upgrades. Keep in touch, you will be excited - we are!