Resources Credit Union was formed in May 1961 when workers at the Water Conservation and Irrigation Commission in Northern Sydney agreed to form the Irrigation Commission Credit Union. After a year of operation the credit union had 227 members and loan balances of around $40,000.
It wasn’t long before other NSW Public Service Departments threw in their lot with Resources CU, including the State Pollution Control Commission, the Department of Industrial Relations and others, thus creating a significant bond of workers in similar life and financial situations. Its name was changed to Resources Credit Union in 1983 when it managed savings of around $14 million with a broadened industrial and community bond.
The August 1996 issue of Australian Credit Unions Magazine featured an interview with Resources CU General Manager, Oleg Rozmeta. Over his working life Oleg was an indefatigable supporter of the credit union movement. For example, while working as General Manger with Resources Credit Union he was also on the Board of MSB Credit Union and a Membership Councillor of CUSCAL.
Oleg told Australian Credit Unions Magazine:
“What attracted me to credit unions 25 years ago and maintains my enthusiasm now is their unique cooperative and business philosophy. The simple idea of ordinary people agreeing to pool their savings so as to make loans to their fellow members with equitable benefits to all is as agreeable now as it was then”.
He went on to say this about Resources Credit Union on their 35th birthday:
“The tremendous financial strength of Resources results from the loyalty of its members which in turn is due to the commitment of the board, management and staff maintaining old fashioned credit union values, whilst providing contemporary financial services in a rapidly changing market place”.
Five years after the Australian Credit Unions Magazine article in June 2001, Connexus magazine, started by Abacus and continued for a short time by their successor body COBA, published an article celebrating the 40th birthday of Resources Credit Union.
Resources Credit Union Marketing and Business Development Manager at the time, Paul Kriss, enjoyed the 40th birthday celebrations immensely saying, “It was great to have the opportunity to say thank you to all members who have made our credit union the strong financial institution that is today. Our long-standing members could never have imagined that a small meeting in their lunch room could amount to the successful credit union that we have today”.
Resources Credit Union merged with Industries Mutual Credit Union Limited in 2011 becoming My Credit Union.
