Contact Info:
Tel.: 905.944.0981 or 1.866.889.8893
Fax: 905.944.0982
E-mail: info@tctcu.com
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Address:
Metro Square, 3636 Steeles Ave. E.,
Suite 305, Markham ON L3R 1K9 CANADA

Business Hour:
10 am - 5 pm, Monday to Friday
10 am - 3 pm, Saturday


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 setup 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 provincial government raised a question on the use of "Taiwanese" in the title of the credit union as well as a rubber stamp used for official seal, instead of the generally accepted embossed corporate seal by the organizing committee. The organizers challenged the Ontario Government's verdict, citing that the type of corporate seal was not defined in the Credit Union Act.

The licensing application for the Taiwanese Canadian Toronto Credit Union was finally approved by the provincial government in May 1978. The first general meeting was held on August 27, 1978, attended by a total of 57 members. The members elected Mr. John Wu, the founder, as the first president of the credit union. The credit union raised operating capital totaling a meer $15,355 with $5 per share. Following the first general meeting, dedicated volunteers not only invested in the credit unions, also provided a space and facility for the operation of the credit union.

Challenging Period (1981 - 1989)

While celebrating the formation of the Taiwanese Credit Union, the operations of the credit union faced a major challenge. With small capital and limited services to its members, the credit union did not perform as well as expected in the eighties. The credit union could not compete with major bank services. The enthusiasm of dedicated volunteers started to fade.

In 1989, Taiwan enjoyed an economic boom while 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 founder and first president, called to attention of all Taiwanese living in Toronto regarding the possibility of 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 and management, the renewed credit union saw a growth of assets from approximately $10,000 to $15,000 within a year. The crisis was finally over. In the next three years, the assets further grew to over three-quarters of a million dollars in 1993. The membership also grew to more than 245 in 1993. The credit union was in the recovery period.

The fate of the credit union depended upon the dedication of its membership and its leadership. With the renewal of its membership base, the Taiwanese Credit Union had recovered from the crisis of losing its operating license. Dr. Michael Huang, who took over the chairmanship of the credit union in 1993, was surprised that the credit union had even gone through a very difficult period.

Growth Period (1993 - 2005)

With his excellent reputation among the Taiwanese community, Dr. Michael Huang started to contact every member and reaffirmed his desire to grow the credit union. In addition, Dr. Huang and the board of directors expanded the services of the credit union and set higher targets on deposits and loans. In order to attract new members, the credit union hosted annual seminars, organized an annual BBQ and published yearbooks.

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.

The credit union also attracted new Taiwanese immigrants to Toronto during the late 1990s. In 2001 when Dr. Huang retired, the credit union had accumulated assets totalling $6.3 million and a membership of 880.

Mr. David Wong took over the helm of the credit union in 2001. Mr. Wong had previously served as the chairman of the board and the president of the credit union for four years. In 2005, under his leadership, the credit union continued to grow its assets and membership to $10 million and over 1000, respectively.

Mr. Tony Liao, was elected as the President in Annual General Meeting of 2005.  The Board of Taiwanese Credit Union is aiming to expand  our product lines (TCU Master Card and Qtrade On-line Investment) and provide alternative service channel (website and internet banking) to its membership.

TCU reserves the right to change without notice