The Queensland Credit Union League (QCUL) actively and successfully encouraged the formation of credit unions in Queensland. In an article in the credit union magazine Quest (December 1970 edition) it states “Through the promotions work carried out by the Darling Downs Chapter of the Queensland Credit Union League, new community credit unions have recently been formed in Warwick and Millmerran-Pittsworth”.

A formation meeting of the Warwick and District Community Credit Union was held on June 18, 1970 and it was registered on 26 June 1970. The first Board of Directors included Geraldine O'Neill, Bernard Stephens, P Doyle, Raymond Lyons, Donald Hine, Herbert Johnson, Michael Brewer, Timothy Brosnan, Denis O'Neill and Kevin Keim.

In 1973 the credit union bought the old Queensland National Bank building and remodelled it as its headquarters (see picture above). The name was changed to Warwick Credit Union Limited on 21 September 1987.

In 1991 Alan McCrory, Director and Manager of Warwick Credit Union, did an oral history interview with Richard Raxworthy, which Australian Mutuals History holds as part of the collection. The interview (done on 20 September 1991) was mainly about QCUL but also touched on WCU. In the interview Alan McCrory says:

“Yes I am in Warwick. It has been there since 1970. We are twenty-one years old. We were formed in June 1970. We opened in July 1970. We have been going ever since. We changed our name from Warwick and District Community Credit Union Limited to just Warwick Credit Union because it became a mouthful. We now have a main office in Warwick, an office in Killarney, full branch office there, an agency in Allingham, we are going to open up another office down the road in the shopping centre and out at Inglewood. We have done fairly well over the years. It has been hard work, but it has worked out well.”

In July 2018 the credit union accepted the engagements of Gympie Credit Union.