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About Dauphin Plains Credit Union
DID YOU KNOW...
- Early Board Meetings were held in the homes of Directors.
- Annual Meetings were held at Dauphin Plains School, located approximately 6 miles north of Dauphin.
- In June 1940, 16 members subscribed a total of $11.50 to found Dauphin Plains Credit Union.
- Charter Members estimated that they might grow to 100 members. They achieved this goal in 1941. Dauphin Plains Credit Union reported 4500 members and over $48,000,000 in their 1995 Annual Report.
In 1940...
- The Maximum Unsecured Loan was $10. The Maximum secured Loan was $50.
- Authorization was provided for the Treasurer to keep $25 on on hand for day to day operations.
- The institution was authorized to purchase a money pouch to carry operating funds.
During early the 1940's, the Dauphin Plains Credit Union made bulk purchases of sugar and fruit (used for canning) as well as blankets and chicks to name a few. They were made available to Members at cost. Members often took out Loans to pay for their purchases - some loans were as small as $3.25. Borrowers were fined a nominal amount if they missed a payment, but were excused if they had a good reason.
During the war years, surplus funds which were not loaned out were invested in Victory Bonds to support the war effort.
In 1941...
- Unsecured Loans were available up to $50. Secured Loans available up to $100.
- The Treasurer was authorized to carry up to $100 as a matter of convenience when accepting deposits and making loans.
- A member's loan was approved subject to taking a cow as security as his team of horses was not much good.
- Board Members each contributed towards refreshments for Annual Meeting - tea / coffee / cream / sugar / etc.
- Members each contributed .25 cents toward annual operating expenses.
From 1943 to 1946... the the Dauphin Plains Credit Union started to accumulate office furniture as business continued to grow and in 1947, the Treasurer became the full-time Manager. Plans were then made to open an office in Dauphin.
In 1948... an office was opened in the Mayo Building sharing space with the Dauphin-Ochre School Board and the first step towards becoming a full-service Financial Institution was taken with the introduction of Chequing Accounts.
In 1951... the Credit Union expanded to office space on the second floor of the Burrows Block.The Manager advised the Members " the entrance is between Porter's Drug Store and Safeway - don't be afraid of the stairs - just take it easy".
In 1955... the Dauphin Plains Credit Union moved to premises at 305 Main Street N. At the Annual Meeting, the Manager advised "The move was not before time as several of our Members had to sit breathless, unable to speak for several minutes, after hauling their Avoirdupois up the stairs".
Several early Members went on to assist in founding and Managing Credit Unions in other local communities and were active in the Provincial Credit Union Organization. The Manager had this to say when Mary Prokopowich was appointed as Delegate to the Provincial Organization in 1955. "A woman's tongue, backed by quick wit and a broad intellect, is a force to reckon with and one that will ensure for us a secured place well in the forefront of this movement toward the goal of greater financial security."
1959... Hand posting of ledgers gave way to "Machine Bookkeeping."
1966... The Board of Gilbert Plains Credit Union asked Dauphin Plains to take over their operations - which was completed in 1967. Gilbert Plains Branch expanded into new premises in 1968.
1970... The operations of Winnipegosis Credit Union were taken over by the Dauphin Plains Credit Union with the new branch office opening in January of 1971.
1974... A new office was built in Dauphin, (present location) 505 Main Street North. Computer accounting was introduced.
1976... Gilbert Plains Branch moved into new premises.
1985... The operations of Sifton Credit Union were taken over by the Dauphin Plains Credit Union.
1985 or later... Dauphin Plains Credit Union opens its first ATM
1988... First INTERAC direct debit payment processed.
19??... CUbyPhone telephone banking introduced.
1990... Dauphin Plains Credit Union turns 50, with over 5,000 members and nearly $40 million in assets.
1994... Dauphin branch undergoes major expansion.
1999... DPCU offers CU@Home Internet banking
2002... Patronage dividends are introduced, with $300,000 allocated to members in the form of surplus shares.
2002... Credit unions the first financial institutions in Manitoba to introduce cheque imaging.
2005... DPCU’s first-ever preferred share offering sells out almost immediately.
With support from DPCU, Clipper Credit Union opens for business at Dauphin Regional Comprehensive Secondary School. Now in its 65th year, DPCU sees its assets reach the $100-million mark.
2006... Dauphin’s new state-of-the-art sports and entertainment complex Credit Union Place opens in April. DPCU contributes $100,000 and leads a group of seven Parkland credit unions in securing a ten-year naming rights agreement.
Dauphin Plains Financial Group, a wholly-owned subsidiary of the credit union, establishes Grey Owl Wealth Strategies.
2007... Credit Union Corral, an alternative stage and saloon, makes its debut at Countyryfest.
Newly-expanded Dauphin branch and head office officially opens, with a new Internet café and the Parkland’s first drive-through ATM.
2008... Dauphin Plains Financial Group purchases a 50 per cent limited partnership interest in Love Persson Group, a Dauphin-based insurance and investment agency.
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