Edam and the surrounding farming community felt harsh economic conditions in the 1930's when they were faced with the great depression and seven years of drought. Many farmers struggled to survive as they were only yielding ten bushels per acre and prices were as low as $0.58 per bushel. These conditions were also felt by local business owners as many customers were unable to make their payments.
The drought and poor economic conditions were felt province wide, resulting in the closure of many banks in the small rural areas. As a result, the Saskatchewan Credit Union Movement was developed. Credit Unions offered people and communities an opportunity to pool their resources and help those when in need. They followed a co-operative model where their members were their owners and would be given the opportunity to elect a Board of Directors that would act in the best interest of the Credit Union members.
A few local men began to research and discuss the Credit Union Movement to determine if the establishment of a Credit Union in Edam, Saskatchewan would help save their community. These dedicated men felt if they could convince members of the community to join and pool their money together, those in need would be given the opportunity to receive small, unsecured loans for a short term, allowing them to get back on their feet.
On September 21, 1943 a meeting was held with attendance from each of the surrounding communities. The plan to establish a local Credit Union was presented , and it was that evening that Charter Number 115 was granted, and the Edam and District Savings and Credit Union Limited was established with 27 original members.
The founding Board of Directors were Henri Vicario (Pesident), Jake Troesch (Vice President), Bert Binns (Secretary-Treasurer and Manager), Louis Ottas, K.A. Brandsma, and Wesley Elliott Senior. Initially, the Credit Union only dealt in shares and loans. Loans were available to a maximum of $75.00 with an interest rate of 2/3 of 1%. The first year ended with 53 members and assets of $581.60. The Credit Union was run out of the home of the treasurer, Bert Binns and continued to be run from the home of the acting treasurer until 1959 when a building was rented on Main Street.
The establishment of the Edam and District Savings and Credit Union Limited has proven to be a success as we look back over 70 successful years of service. Our credit union, now known as Edam Credit Union Limited continues to grow and a have a true investment in our community.