On October 9, 1991, Elcom Credit Union hit on a good idea of publishing their history in the self-described “best suburban newspaper in Australia”, the Central Coast Express. Elcom was celebrating their 25th anniversary and their history was published as an 8 page lift-out feature in the newspaper (a copy of which is held by AMH). Along with historical details and photos were pieces on current Elcom products and generalised financial advice.
Page 2 of the feature records that Elcom was begun in 1966 as Newstan Colliery Employees Credit Union by the employees of Newvale Colliery Doyalson in NSW’s Hunter Valley. In 1973, when the colliery was acquired by Elcom Collieries Pty Ltd, the name was changed to Elcom Credit Union.
In 1983, the Board and the membership agreed to open the bond to the community at large. At the time of the newspaper feature the credit union had opened community branches in Toukley, Toronto, Morisset, Swansea, Wyong, Gorokan and in Gosford’s Erina Fair.
General Manager Robert Scott had a hand in writing some of the feature. Below is some of what he wrote:
I am sure that the founders of our credit union must feel proud of the progress of their “financial child”. It must be beyond their wildest dreams.
Think about it. Only a few short years ago our credit union could only lend $10,000 (how much is a new car today?). Now it can lend in excess of $400,000. You could only get access by cheque through a courier system working out of Newvale No 1 and Munmorah Power Station.
Today, we have a large branch network, a huge electronic network throughout Australia and the facility of writing your own cheques at home.
Elcom Credit Union is a great financial force within the marketplace with a range of products and services that are second to none. We have a financially sound balance sheet with more than adequate levels of reserves. Our reserves at June 30, 1991 stood at $3.6 million.
In 2006, Elcom Credit Union transferred engagements to Community First Credit Union which began in 1959 and is still going strong in 2022.
