The Summerland and District Credit Union has donated $1 million to the Community Foundation of the South Okanagan Similkameen.
The donation coincides with the credit union’s 80th anniversary and is earmarked for the Summerland and District Credit Union Legacy Fund. This fund supports a variety of community projects and programs.
The legacy fund is an endowment fund. The initial donations remain intact with grants allocated each year from the accrued earnings on investments.
This is not the first time the credit union has made a major contribution to the community foundation.
In 2019, for its 75th anniversary, the credit union donated $75,000, marking one of the most substantial community contributions in the credit union’s history.
Aaron McRann, chief executive officer of the community foundation, thanked the credit union for the contribution.
“We are incredibly grateful for this remarkable contribution from SDCU. It is a privilege to take part in the legacy of an organization that has shown such a deep and long-standing commitment to the well-being of our community,” he said. “This donation will have a lasting impact on many meaningful projects and programs in our community.”
The Summerland and District Credit Union was started by 10 founding members in 1944. Today, it is the second largest single branch credit union in Canada with more than $388 million in assets and more than 7,300 members. The organization also supports more than 70 community organizations and charities.
“Enriching people’s lives is our core purpose, this includes being a leader in supporting the local community,” said Kelly Marshall, president and chief executive officer of the Summerland and District Credit Union.
“We take pride in our staff’s contribution to community service and our involvement supporting charitable programs and activities that enhance and enrich the well-being and quality of life for all members of our community. By partnering with the Community Foundation on this Legacy Fund, we’re able to create a financial vehicle that will continue to have a positive impact on the region and our members for years to come.”