Please read on and enjoy a brief summary of our history to date as we continue to look to the future for more opportunities to serve our members.
The first meeting of the Board of Directors of South West Slopes Credit Union occurred. The Board represented seventy-eight foundation members, all employees of the Boorowa, Burrangong, Demondrille, Murrumburrah and Young Shire Councils and employees of the South West Slopes County Council.
Membership had now grown by an average of 7 members per month to 144 to the end of the financial year. One hundred and eleven loans were granted in the first year of operation.
Mr Pat O’Leary was appointed the first Secretary/Manager. Operations moved from the South West Slopes County Council building to Mr O’Leary’s residence at 20 Spring Street Young.
SWSCU moved to leased commercial premises at 183 Boorowa Street, Young.
Mr Laurie Rentoule was then appointed by the Board as Secretary/Manager. Membership was also opened to residents of the towns of Young, Boorowa, Harden and Cootamundra and the Weddin, Yass and Bland shires.
Mrs Fay Anderson was appointed as the Board’s first female Director becoming Chair in 1994.
SWSCU moved to leased commercial premises at 102 Boorowa Street, Young. This sparked a period of tremendous growth for the Credit Union and proved a wise strategic move.
In order to accommodate the continuing growth in business and staff, the premises at 89 Boorowa Street, Young was purchased from the State Bank of NSW where the Young Branch remains today.
A branch in Cootamundra was then opened in commercially leased premises at 224 Parker Street, marking a new era as the Credit Union began to look to ongoing expansion in the region
SWSCU purchased 268 Parker Street, Cootamundra where the Branch remains today.
Mr Steve Elsley was appointed by the Board as Secretary / Manager.
A branch in Temora and an Agency in Ungarie were acquired from the Snowy Mountains Credit Union.
A Branch in West Wyalong was opened in leased premises at 147 Main Street, West Wyalong completing our current branch contingent.
South West Slopes Credit Union has branches in Young, Cootamundra, Temora and West Wyalong, all with ATM’s, plus Agencies in Boorowa and Harden. We have approximately 15,000 members, employ 39 local staff with approximately $100 million under management. Our capital now exceeds $11.5 million and the Credit Union has become a key element of the local economy.
One thing that hasn’t changed is our commitment to our members, to mutuality and the communities we live in. South West Slopes Credit Union remains true to providing the best banking alternative by being 'Big enough to help, yet small enough to care'.
On June 29 SWSCU celebrated 40 years of service to our communities. Over our 40 year history 60 directors and 101 staff have served at our Credit Union. As at today there are 4 Branches, 2 agencies, 16,000 members and 37 staff with a Lending Portfolio of $93.1 million and in excess of $125 million under management.
With technology rapidly changing, it was time to upgrade to a new core banking system to ensure SWSCU could continue to provide new digital services to our Members to meet their banking needs. The system was implemented and went live 1 August 2015.
July saw the end of an era with Stephen Elsley retiring after 27 years of service to SWSCU being General Manager for 21 years. Andrew Jones commenced as Chief Executive Officer, the start of a new era.
Digital banking was expanding and SWSCU embraced this change head on with two major infrastructure and service enhancements. Our SWSCU APP was launched along with the New Payments Platform (NPP). PayID & Osko payments (NPP) allowed electronic transfers from one bank to another to occur within 7 seconds using a mobile number, BSB, email address, ABN or Organisational ID direct to your account. How banking has progressed over the years!
West Wyalong’s residential community experienced strong growth in housing. By May West Wyalong Branch reached $20 million in their Lending Portfolio.
SWSCU launched a ‘mini’ branch in Grenfell in association with Clive Anderson & Co.
In May West Wyalong Branch reached a $25 million Lending Portfolio and the forecast for the coming year anticipated more growth in this area.
It was a year of firsts -
March - A Global Pandemic was declared with COVID19. Lockdowns and restrictions across the Nation resulted in Members changing their banking behaviour with their mindset towards traditional banking changing. Digital purchases escalated.
July - SWSCU hits $200 million in Assets, $127 million in Lending and Member Deposits of $177 million.
November - Temora Branch reached $10 million in their Lending Portfolio.
December - West Wyalong Branch reached $30 million in their Lending Portfolio with continued rapid growth.
The Global Pandemic continues to disrupt the Nation with lockdowns across a number of States and interstate travel non-existent. Although the Pandemic was affecting the industry, SWSCU recorded $196 million in Member Deposits, $134 million Lending Portfolio and $223 million in Assets at the end of the financial year.
Open Banking was introduced to the banking industry in October.
SWSCU celebrates 50 years of service.
The new SWSCU app was launched providing more functions and a clean, crisp look.
A record profit was recorded and as a member-owned bank, that means extra money can be put back into the community through the sponsorship program.
The Temora branch relocated to bigger, fully renovated premises at 200 Hoskins Street where at the grand opening SWSCU officially launched its new trading name of 'SWSbank' with the motto - 'a bank for you, owned by you'. Based on research results that showed fewer and fewer people understand what a credit union is, it was decided that the trading name be changed to better reflect what it is we do - banking. The name change came with a fresh new logo and colour scheme whilst acknowledging the important roots of the bank as a credit union. Despite the new trading name, we are and always will be South West Slopes Credit Union - a member-owned bank.
