History of Laboratories Credit Union (LCU)

We recently received a history of the first 40 years of Laboratories Credit Union (LCU). The 31-page document was prepared by a founding LCU Director named Trevor Clark in 1995.

There is no background or scene setting, the author takes us straight to the foundation meeting held at the CSIRO Office at Sydney University on 14 December 1954. It notes that:

“Approximately 20 people attended and after an explanation of the aims of the Society, it was agreed to form the Laboratories Credit Union Co-operative Limited, subject to the necessary approval being granted by the Registrar of Co-operatives as required by the NSW Co-operatives Act. This approval was obtained on 20th December 1954”.

The author then takes us through the next 40 years in decade length blocks culminating in 1995 where it is noted that, “at the end of its 40th year of operation, LCU’s total assets were $18.6 million, with 2150 members and Reserves and Retained Profits of $2.2 million. The net operating profit for the year was $380,000”.

Other items of interest include:

+ Member Number 1 was foundation Chair Peter Armstrong.

+ In the early days membership was limited to permanent officers of the CSIRO. Minimum shareholding was 5 x £1 ($2) shares and maximum loans were £250 ($500) to any one member. The loan interest rate was 7.50 % and the maximum repayment period was 3 years.

+ To begin with the volunteer board did all credit union business during the lunch break of their paid employment.

+ First paid staff member was employed part-time in 1959.

+ CSIRO management saw the credit union as a valuable staff amenity and initially assisted its operation by providing the office space, telephones and power at no charge.

+ On 1 July 1969, LCU became one of the first credit unions in Australia to transfer its records to computer.

+ In September 1973 the total moneys on deposit reached the total of $1,000,000.

+ The LCU office moved to North Ryde on 6July 1987 and the office remains in North Ryde today.

+ In May 1989, the LCU board approved the introduction of Visa cards.

+ The 1980s saw LCU commence mortgage lending.

+ You can read the entire document here and visit the LCU website here for a glimpse into their operations today.