The Gas Industry Salaried Officers' Co-operative Ltd was registered on 23 January 1958. The Australian Gas Light Company provided the premises for the co-operative, authorised the use of pay roll deductions and later assisted by providing the Secretary's salary and information technology services.
In 1963 members voted to change the name to A.G.L. Salaried Credit Union Limited. Between 1967 and 1977 the credit union was based in the Sydney CBD, and in 1977 it moved to North Sydney. At the Annual General Meeting held on 24 September 1976 the rules were altered to enable the salaried employees of The North Shore Gas Company Limited to join the credit union.
In 1981 the Credit Union changed its name to A.G.L. Group Employees Credit Union Limited. This enabled non-salaried staff to join the credit union and led to a significant increase in membership. A full-time Secretary was appointed in 1981. This was followed by a part-time assistant Secretary in 1985 which was elevated to a full-time position within a year.
Newcastle Gas Company became a wholly owned subsidiary of The Australian Gas Light Company on 12 September 1979. Newcastle Gas Employees' Credit Union had provided services to its members since 1970. The two credit unions co-existed for five years essentially providing identical services to their members. However in August 1985 the Boards of the two credit unions met and the Board of Newcastle Gas agreed in principle to transfer their agreements to AGL Group Employees Credit Union.
At a Special General Meeting held on 25 November 1985 the members of Newcastle Gas Employees' Credit Union Limited voted in favour of the proposal 'That Newcastle Gas Employees' Credit Union Limited transfer its agreements to A.G.L. Group Employees' Credit Union Limited on 1st January, 1986.'
The Australian Gas Light Company withdrew its financial and “in-kind” support for the credit union from the beginning of 1998. This change impacted upon the credit union's ability to provide products and services to its members and, in addition, a company restructure led to diminishing membership numbers. From 1 January 1998 the AGL Group Employees' Credit Union Limited was re-named First Gas Employees' Credit Union Limited.
The First Gas Employees' Credit Union Ltd commenced negotiations for amalgamation with Combined Petroleum Employees’ Credit Union Limited in April 2002. The members of First Gas Credit Union almost unanimously voted in favour of the merger at a Special General Meeting held on 23 June 2003 and the Board meeting of Combined Petroleum Employees' Credit Union Limited held on 24 June 2003 unanimously approved the transfer of business. The transfer took place on 1 September 2003. Combined Australian Petroleum Employees Credit Union Limited became known as CAPE Credit Union in April 2005.
