• Corporate History
• Board of Directors
• Annual Report 2006

Corporate history

Buduchnist Credit Union was the result of the vision, effort, courage and perseverance of a group of enthusiasts who, 50 years ago, were inspired by the cooperative spirit. Today Buduchnist is the largest Ukrainian credit union in Canada.

The founding members of BCU were immigrants who came to Canada after World War II. Naturally, upon their arrival they encountered many obstacles, first and foremost of a financial nature. In 1952, it was the intent of the founders to establish a financial institution which could assist its members achieve financial stability in their new country of settlement, while contributing to the development of a community. The beginnings were humble, but with faith in our unified strength and common goal, the membership and assets of the Credit Union grew at a steady pace.

Financial achievements of Buduchnist Credit Union are reflected year after year in the annual reports. This growth has been paralleled with the development of the Credit Union, and specifically the opening of new, modern branches. The first branch on Bloor Street West opened in 1977. In 1985, a Branch Office opened in the Seniors' Residence of Sts. Peter and Paul Ukrainian Catholic Church in Scarborough, followed in 1986 by the first Mississauga branch. In 1990, Ukrainian (Ottawa) Credit Union joined the BCU family. In 1991, the new head office and Bloor Street branch opened at 2280 Bloor Street West. Hamilton's Wira Credit Union joined BCU in 1998 and the Credit Union moved into a newly built location in 2003. In 1999, the Mississauga branch moved to a new modern location.  In 2006 a new branch was opened in Vaughan to serve a large new Canadian membership.

A credit union is a unique financial institution with the foundation of its existence in the membership, and the success of a credit union translates into a direct benefit for its member-owners. In 1998, Buduchnist Credit Union introduced the Patronage Plan which has resulted in $6.9 million being returned to the members.

Continually introducing new member products and services, Buduchnist offers an extensive range of mortgage and loan products, pension and education plans and of course, savings accounts for all ages. BCU members continue to value the many long standing benefits and privileges of membership, among them the popular free chequing service. In the year 2000, Buduchnist introduced BCU LINK - multichannel 24-hour access to the Credit Union, including telephone and internet banking. In 2007 it rolled out Link Savings, a high interest internet savings account. Buduchnist takes pride in its distinct identity which complements the very specific, personalized nature of its services.

Financial statistics, however, are not the only measure of a credit union's success which depends greatly on the professionalism of its staff. BCU staff have earned a reputation among members for personalized and dedicated service. Financial results would be less meaningful without extraordinary accomplishments within the community, without which there would be no foundation upon which to further expand the Credit Union. Buduchnist supports community initiatives which reflect members' interests through charitable donations, the sponsorship of events and Ukrainian media.  To further emphasize its commitment to the community, Buduchnist established BCU Foundation.  Launched in 2006, the Foundation is a permanent fund designed to promote and enrich the development of the community ensuring its viability for future generations.

BCU plays a vital role in the development of cultural life within the community. The Credit Union sponsors various cultural ensembles, such as the Ukrainian Youth Association ensembles Prometheus, Dibrova and Baturyn, dance groups such as Barvinok and Yavir, to name only a few of many local performers. In 2001, Buduchnist was a gold sponsor of the Ukrainian Canadian Congress' concert featuring three tenors from Ukraine. Since 1997, the Credit Union has been an annual sponsor of the Bloor West Village Ukrainian Festival.

The Toronto branch of the Credit Union unveiled a sculpture entitled "Materynstvo" (Motherhood) by local Ukrainian artist and BCU member, the late Ariadna Stebelsky. The unveiling was a tribute to the artist's many cultural and academic achievements, while the sculpture itself was chosen to highlight the Credit Union's commitment not only to the family, but the family's connection to the entire community.

Buduchnist sponsors various local sports teams and tournaments, as well as athletic teams from Ukraine on their way to Olympic competitions. In 1999, BCU was a proud sponsor of the Ukrainian National Women's Rowing Team which won a silver medal in the World Championships in St. Catharines, Ontario. The Credit Union sponsors golf tournaments for worthy causes and encourages good sportsmanship and physical fitness at summer camps.

The foundation for a progressive community is the family. With its activities and financial services, BCU encompasses the needs of the entire family, including the youngest members. The Credit Union always happily participates in activities and events which bring our children closer to their Ukrainian roots.

Buduchnist Credit Union particularly values the role of youth within the community and awards their accomplishments. Understanding the importance of education, Buduchnist honours the graduates of Ukrainian heritage programs, as well as grade eight graduates of the Ukrainian bilingual programs.

In 1999, the Credit Union introduced the Buduchnist Sholarship Awards Program which honours post-secondary students - BCU members for outstanding academic achievement as well as their contributions to the community. Students are also provided with summer employment opportunities at the Credit Union - a program through which they get to know both their Credit Union and the community. Buduchnist's successful youth programs were recognized by Credit Union Central of Ontario with the Co-operators Youth Involvement Award for 2001.

The proclamation of Ukraine's independence has provided the Credit Union with an opportunity to assist credit unions in Ukraine. Buduchnist, with the direct assistance it provided the first model credit union in Stryj, assumed a leading role in the development of credit unions in Ukraine.

Buduchnist has continually supported the Ukraine Credit Union Development Program, a joint project of the Canadian Cooperative Association and the Council of Ukrainian Credit Unions in Canada. Interns from credit unions in Ukraine participate in an educational program designed to broaden their knowledge of all aspects of credit union activity from member services to community relations.

As the Ukrainian community in Canada rallied in 2004 in support of the democratic initiatives unfolding in Ukraine, Buduchnist Credit Union opened the first account for donations in aid of the hundreds of thousands gathering in Kyiv's Independence Square. By the time the Revolution could proclaim a victory, over $100,000 were donated through the Buduchnist account and delivered to Ukraine. Buduchnist matched the community's contribution with a corporate donation from the Credit Union's profits in the amount of $100,000. This donation was presented to the Ukrainian Canadian Congress' Democratic Ukraine Appeal.

Buduchnist Credit Union celebrates its accomplishments, looking forward with enthusiasm and faith in our strength as a community to a bright and prosperous future.

Together we all win!