On a wet, drizzly night in 1972, the first meeting was held in Bank Place, in the city, we needed a people’s bank, a co-operative bank for teachers.
And from that meeting, VTU Credit Union (today, Bank First) was born.
In 2025, Bank First will celebrate the United Nations International Year of Cooperatives by sharing our stories. We will reflect on the past, present and future to raise awareness of the co-operative sector – of which we are a proud participant and advocate.
Our story starts on that wet, drizzly night in 1972 when 48 teachers from across the State contributed $10 each to create a line of credit for their colleagues who, because of their profession, didn’t qualify for loans from a traditional bank.
The credit union’s precious $480 in start-up capital was stored in a shoe box and seven teachers by day became bankers by night.
Our first loan was $200 for a rental bond to a single, female mother of two children who also happened to be a teacher. When no-one else would lend to her, the VTU Credit Union was her answer.
And so began what is today – Bank First – still a bank for teachers but with an extended focus on other professions including nurses and allied health professionals.
Founding and current Bank First Member Alan Dash tells it best.