A member-owned financial cooperative rooted in Salmon Arm since 1957. Sascu operates on principles of democratic governance, community reinvestment, and transparent service — every account holder is an equal owner with a voice in how the credit union serves the region.
History of Sascu
Sascu traces its origins to a modest community meeting in the autumn of 1957, when seventeen Salmon Arm families pooled $850 in combined savings to establish a financial cooperative that would serve local residents rather than distant shareholders.
Those founding members had a straightforward goal: create a lending institution where neighbours could borrow at fair rates, save securely, and share in the institution's success through dividends. The charter was approved under the name Salmon Arm Savings and Credit Union, and operations began from a rented desk in a hardware store on Second Avenue. Word spread. By 1962 the credit union had outgrown its single-desk arrangement and moved into a converted storefront with two full-time employees. Membership climbed past 400, and Sascu made its first commercial loan to a local feed supply business that same year.
The 1970s brought expansion. Sascu opened its first purpose-built branch building on Lakeview Drive in 1973, introduced share certificate accounts in 1975, and launched drive-through banking service in 1978. The 1980s saw the credit union navigate challenging interest-rate environments by maintaining conservative underwriting standards that kept mortgage delinquencies well below the industry average. A second branch location opened in 1987 to serve members on the west side of Salmon Arm. The 1990s brought the introduction of ATM service, followed by telephone banking, and in 2001 Sascu launched its first online banking platform. The mobile app arrived in 2014, and the most recent branch renovation in 2021 modernised the member experience with open-concept service desks and private consultation rooms.
Mission and Values
Sascu exists to improve the financial wellbeing of every member while strengthening the broader Salmon Arm community through responsible lending, accessible banking, and reinvestment of earnings into local development.
The credit union philosophy rests on seven cooperative principles that guide every operational decision: voluntary and open membership, democratic member control, member economic participation, autonomy and independence, education and training, cooperation among cooperatives, and concern for community. These are not abstract ideals. Sascu translates them into practice by capping executive compensation at reasonable multiples of the lowest employee wage, by returning surplus earnings to members through loan-rate discounts and deposit-rate premiums, and by keeping the annual meeting accessible to every member regardless of how far they live from a branch.
Members also benefit from the credit union distinction in governance. Unlike a commercial bank that answers to stockholders who may never step foot in Salmon Arm, Sascu answers to people who live here, work here, and raise families here. Every member gets exactly one vote in board elections — the person with a $50 savings account holds the same electoral weight as the member with a $500,000 certificate of deposit. Board directors are unpaid volunteers elected from the membership, and they serve staggered three-year terms to ensure continuity.
Membership Eligibility
Joining Sascu is open to anyone with a connection to the Salmon Arm service area, and membership endures for life once established.
You qualify for Sascu membership if you live, work, worship, or attend school within the geographic boundaries of the Salmon Arm region. Immediate family members of any current Sascu member are also eligible regardless of where they reside — this includes spouses, children, parents, siblings, grandparents, and grandchildren. A family member who lives three states away can still open a Sascu account and enjoy the same rates and services available to every other member. To join, you open a share savings account with a minimum deposit of $25. That $25 represents your ownership stake in the credit union and remains on deposit as long as your membership is active. There are no membership fees beyond the initial share deposit. Sascu does not require a credit check for membership, and there is no minimum balance requirement beyond the initial $25.
Governance Structure
Sascu governance balances democratic member control with professional financial management, ensuring that long-term strategy reflects the collective priorities of the membership.
The board of directors consists of seven volunteer members elected to staggered three-year terms. Directors set broad policy direction, approve the annual budget, and hire the chief executive officer. The supervisory committee operates independently from the board and is responsible for internal audit functions, member complaint resolution, and verification of member account records. This committee has the authority to engage outside auditors and to report directly to the NCUA if irregularities are identified. A credit committee reviews loan applications that fall outside standard underwriting guidelines and ensures that credit decisions align with the credit union's member-service mission rather than purely commercial considerations. Day-to-day management is handled by a professional leadership team including the CEO, chief financial officer, chief lending officer, and chief operations officer, all of whom report to the board.
NCUA Share Insurance Protection
Every Sascu member deposit is federally insured through the National Credit Union Share Insurance Fund, a protection that covers individual accounts up to $250,000 and offers expanded coverage for joint and trust accounts.
The NCUA, an independent federal agency, administers the Share Insurance Fund with backing from the full faith and credit of the United States government. This fund has never failed to honour an insured claim since its creation by Congress. Individual Sascu members receive $250,000 in coverage for single-ownership accounts. Joint accounts receive $250,000 per co-owner in addition to the individual coverage. Retirement accounts such as IRAs and Keogh plans receive separate $250,000 coverage distinct from other account types. Trust accounts may qualify for per-beneficiary coverage subject to specific requirements. Sascu undergoes regular NCUA examination for safety and soundness, and the examination reports are available for member review at the main office. No Sascu member has ever lost a penny of insured deposits.
Key Milestones in Sascu History
Year
Milestone
Significance
1957
Charter granted
Seventeen founding members establish Salmon Arm Savings and Credit Union
1962
First storefront branch
Membership surpasses 400; first commercial business loan issued
1973
Lakeview Drive branch
First purpose-built Sascu facility opens with lobby and drive-through
1975
Share certificates introduced
Term deposit products offer members higher yields on longer commitments
1987
Second branch opens
West-side Salmon Arm location extends service to growing residential area
1994
ATM network launch
First automated teller machines provide 24-hour cash access to members
2001
Online banking debut
Digital platform enables account access, transfers, and bill payment
2010
NCUA top rating
Sascu receives highest CAMEL composite score in regulatory examination
2014
Mobile app released
iOS and Android apps bring mobile check deposit and push notifications
2021
Branch modernisation
Renovated member spaces with private consultation rooms and open service desks
Community Involvement
Sascu directs a portion of annual earnings back into Salmon Arm through grants, scholarships, volunteer hours, and sponsorships that strengthen local infrastructure and opportunity.
Each year the Sascu Community Fund awards grants ranging from $500 to $10,000 to nonprofit organisations operating in the Salmon Arm region. Recent recipients include the Salmon Arm Food Bank, the regional youth sports league, the public library summer reading programme, and a habitat restoration project along the Salmon River. Sascu employees collectively volunteer more than 1,200 hours annually, primarily focused on financial literacy education in local high schools and community centres. The annual Sascu Scholarship programme provides four $2,500 awards to graduating seniors pursuing post-secondary education, with selection criteria that emphasise community service alongside academic achievement. Sascu also maintains a small-business incubator grant that provides seed funding and free business checking for up to two years to qualifying startups founded by members.
I opened my first Sascu account in 1983 when I moved to Salmon Arm for a teaching position. Thirty years later, after I retired, Sascu helped me structure my pension income and understand my options when interest rates were shifting. I have never once felt like a number in their system.
Frequently Asked Questions About Sascu
How did Sascu start and what is its history?
Sascu was founded in 1957 by a group of Salmon Arm residents who pooled their savings to create a member-owned financial cooperative. The credit union began operations in a small office on Main Street and has grown steadily through decades of community investment. Sascu now serves thousands of members across the Salmon Arm region while maintaining the founding principle of people helping people that has guided the institution from its earliest days. Key expansion milestones include the opening of a second branch in 1987, the launch of online banking in 2001, and the release of the Sascu mobile app in 2014.
Who is eligible for Sascu membership?
Sascu membership is open to anyone who lives, works, worships, or attends school in the Salmon Arm service area. Immediate family members of current Sascu members are also eligible regardless of where they reside. Once you become a Sascu member, your membership remains valid for life even if you later move outside the service area. A minimum share deposit of $25 establishes your membership account and grants you full voting rights at the annual meeting. There are no ongoing fees or minimum balance requirements beyond that initial deposit.
How is Sascu governed?
Sascu is governed by a volunteer board of directors elected by the membership. Each Sascu member receives one vote regardless of account balance, ensuring democratic control. The board establishes policy and strategic direction while a professional management team handles day-to-day operations. Sascu also maintains a supervisory committee that conducts independent audits and ensures regulatory compliance with NCUA standards. Board elections occur at the annual membership meeting, and any member in good standing may run for a board seat.
What is NCUA insurance and how does it protect Sascu members?
NCUA insurance protects Sascu member deposits through the National Credit Union Share Insurance Fund, backed by the full faith and credit of the United States government. Each individual Sascu member receives up to $250,000 in coverage per account ownership category. Joint accounts, trust accounts, and retirement accounts may qualify for additional coverage beyond the standard limit. Sascu has maintained federal share insurance continuously since the NCUA insurance programme was established. For detailed information about coverage categories, members can visit NCUA.gov.
How does Sascu contribute to the local community?
Sascu reinvests earnings directly into the Salmon Arm community through financial literacy programmes in local schools, scholarships for graduating high school seniors, sponsorship of community events and festivals, small business development grants, and partnerships with local nonprofit organisations. The Sascu Community Fund awards grants ranging from $500 to $10,000 annually, and Sascu employees volunteer more than 1,200 hours each year. The credit union also prioritises lending to local homebuyers and businesses that strengthen the regional economy rather than diverting capital to distant markets.