Within the Metropolitan Water Sewerage and Drainage Board several influences led to interest in establishing a credit union. These included an approach to the Employees' Trading Co-Operative and several employees were involved with the credit union movement. The formation meeting with an attendance of 70 people was held on 9 August 1959. The Sydney Water Board Officers' Credit Union was registered on 21 August 1959. From its origins among the far-sighted members of the Sydney Water Board, Community First Bank has grown to be one of the most vibrant financial institutions based in Sydney.

Our Community First Bank resources include annual reports from 1963 onwards, the published histories The first 10 years: history of the Sydney Water Board Employees' Credit Union (1969) and Community First Credit Union - Celebrating 50 Years 1959-2009, newsletters, newsclippings, photographs and contemporary governance documents and reports published online.

1959 – Registered in NSW as Sydney Water Board Officers Credit Union Co-operative
1967 - Name changed to Sydney Water Board Employees Credit Union
1974 - Merged with Transair Credit Union Limited
1974 - Name changed to SWB Family Credit Union
1974 - Merged with Glass Containers Employees Credit Union
1974 – Merged with Sterlec Employees Credit Union
1980 – Merged with Martin Wells Employees Credit Union
1983 - Name changed to SWB Community Credit Union
1984 – Merged with Amoco Employees Credit Union
1986 – Merged with Woolbrokers and Trustees Staffs Credit Union
1990 – Merged with Muniff Credit Union
1993 – Assisted with the establishment of Korean Community Credit Union as an incubator credit union
1993 - Name changed to Community First Credit Union
1999 – Merged with Manchester Unity (NSW) Credit Union
2000 – Merged with Grand United Credit Union
2006 – Merged with Dana Employees Credit Union
2006 – Merged with ELCOM Credit Union
2008 - Merged with Croatian Community Credit Union
2008 – Merged with Hibernian Credit Union
2015 – Merged with Northern Beaches Credit Union (NBCU)
2018 – Merged with CAPE Credit Union
2022- Began trading as Community First Bank
2025 - Merged with Illawarra Credit Union. Continues to trade as Community First Bank