Thanks to a new $500,000 endowment to help the community, Enderby& District Credit Union will start awarding grants to charities in 2014 to make it happen.
The $55 million cooperative in Enderby, British Columbia, said the funds are allocated solely from its retained earnings.
The decision to create the endowment was made as part of EDCU’s announcement to merge with the Langley, B.C.-based First West Credit Union, which has $6.6 billion in assets under administration.
On April 1, EDCU will become Enderby and District Financial, a division of First West, according to both credit unions.
Quentin Bruns, EDCU board chairperson, said as one of the credit union’s final activities, the launch of the $500,000 endowment will create a legacy for the communities the credit union serves.
Founded in 1947, EDCU serves more than 4,500 members.