History

ADCU was formed in 1959 and we celebrated our 50th anniversary in 2009.

ADCU is the longest continuously serving credit union dedicated to meeting the defence community's personal finance needs.

In 1959 the Navy Supply staff at Garden Island Naval base in Sydney formed a credit union which was originally named the Navy (Civil Staff) Co-op Ltd.

There was no share capital and loans were available only from the savings and deposits of other members.

"Interest rates were 'flat' (not based on the reducing balance as happens today) and as potential members gained confidence, profits soon grew. This was assisted by a 'gift' of 400 pounds from a trade union."

Bert Little
Founding Chairman

At the time of its first annual general meeting in September 1960, Bert Little reported that the first year's activity had "exceeded all expectations", with a membership of 160, loans to the value of 13,000 pounds, 10,200 pounds in funds invested and after paying members a dividend of 6% on deposits, a healthy surplus was transferred to reserve.

During the Vietnam War the Credit Union continued to provide financial services to Navy civilian staff in the Sydney area and by June 1970 there were 549 members and net assets of $120,000. In 1971, the Credit Union embarked on a growth strategy, extending membership to civilian employees of Army and RAAF in New South Wales. In 1975 membership was extended to all serving members of the Navy Australia-wide and the credit union's name was changed to Navy Defence Credit Union.

With continued growth, the credit union’s office in Wentworth Avenue, Sydney, was opened in 1981. It was in 1983 that the credit union acquired its current name, Australian Defence Credit Union (ADCU), after the transfer of operations of the Army Defence (NSW) Credit Union and some smaller defence credit unions.

In 2009 ADCU celebrated its 50th Anniversary. A highlight of the 50th anniversary luncheon held in Sydney was the presentation of a Commendation from the Chief of Defence Force.

The Commendation for “exemplary service to the wider defence family” recognises the credit union’s efforts and achievements as being “of the highest level and carried out in the finest tradition of the Australian Defence, Organisation.”

Today, ADCU has over 47,000 members and over $800 million in assets and we now welcome all Australians as members, no matter where they work or live.

More Information

• The ADCU Difference
• Safe and Secure
• History
• Benefits of Membership
• Board of Directors
• Executive Management Team
• It All Comes Back to You
• Publications
• Governance
• Disclosure Documents

• Download the 50th Anniversary Historical Supplement

Questions?

If you have any questions, please contact us