Karpaty Ukrainian Credit Union Limited was established at a meeting on 15 November 1970 when the name was determined, the rules were adopted and the first Board elected.  The credit union was registered on 7 January 1971.

Initially the credit union was conducted at weekends in a classroom of the Ukrainian Saturday School at St Andrews Ukrainian Catholic Church in Lidcombe.  Its operation increased to daily from the beginning of June 1975 and it employed two full-time employees. Premises at 27-29 Church Street Lidcombe were purchased in November 1977.  This became the home of the credit union.

The first agency of the Karpaty Ukrainian Credit Union was established at Wollongong on 1 December 1974 where it continued until May 1983.  The Newcastle agency was established at Adamstown on 27 June 1976.  An agency was opened at Queanbeyan in June 1977 but this was short-lived.  In February 1993 Karpaty Ukrainian Credit Union accepted the engagements of Dnipro Ukrainian Credit Union Ltd.

The credit union was prominent in its support of the Ukrainian community, and provided funding towards community events. Interestingly, it was also a great supporter of the Ukrainian Golf Club Sydney. Their sponsorship first began in 1987 and continued for many years.

Directions, the Australian Credit Unions Magazine, had a two-page profile of the Karpaty Ukrainian Credit Union in its February/March 1997 edition. In the profile Mr Jaroslav Duma, General Manager, notes that while many of the credit unions’ members are of Ukrainian background the credit union would not refuse the majority of people who enquired about joining. Mr Duma said “Today we need to attract different market areas such as younger people. The loyalty factor is slowly subsiding”.

On 1 April 1999 Karpaty Ukrainian Credit Union accepted the engagements of the Concord Ukrainian Credit Union (based in Brisbane) and with this amalgamation acquired an office in Brisbane.

Karparty Ukrainian Credit Union merged with Sydney Credit Union on 1 January 2010.