Our origin story
Not so long ago, police were considered risky prospects for lending by traditional banks, owing to levels of pay and the nature of the job – overtime wasn’t taken into account when assessing loan applications, for example. This made it challenging for police of the day to purchase a home and deal with unexpected financial challenges, and the force was growing increasingly frustrated.
Like all good people who experience or see a problem, a number of police officers set to work and on 28 August 1974, around fifty police officers gathered in the auditorium of the Russell St police headquarters, and voted to establish a credit co-operative that would recognise the unique circumstances of police, and provide loans and other financial benefits to members of the force. That gathering also appointed the inaugural Board of Directors. The name ‘Police Association Credit Co-operative Limited’ was adopted and formally registered on 5 September 1974. Directors included Senior Sergeant Morrie Buchan, Sergeant John Clooney, Senior Sergeant Jack Cook, Senior Sergeant Bryan Kelly, Senior Sergeant Tim King, Sergeant Peter Ryan and Sergeant Ron Clapton, who was also the Co-op’s inaugural Manager.
In 1974, the co-op established an office in a converted storeroom in the Police Association building on 2 December, and received its first cheque on 5 December 1974.
In 1976, the very first (and still hugely-popular) home and station calendars were first published.
In 1978, the co-op’s first computer was purchased, an ‘AWA Reality Computer’ at a cost of $250,000 (equivalent to $1.2 million in today’s dollars).
In 1979, membership was opened to people working in Victoria’s firefighting services.
In December 1980, the first Co-op branch was opened at the Police Academy in Glen Waverley. Free office space was provided to Victoria Police Legacy, a close partnership we proudly continue.
In 1982, we moved to 326 William Street in Melbourne’s CBD. It was ‘our own home’, a building designed for and owned by the Police Credit Co-op. And we joined the Victorian Credit Cooperatives Association.
In 1985, the iconic ‘Little Copper’ money box was first introduced. Today, Little Copper membership encourages children to develop good savings habits.
From our humble beginnings in a disused storeroom of the police association offices, today we celebrate fifty years of solidarity with our community of police, families, and like-minded partner organisations, with 108,000 members and $3 billion in assets.
David Cowan, Debra Robertson, Faith Page and Tony Long.
Sourced from Bank Vic Annual Report 2024