About Central 1 Credit Union Central 1 Credit Union was formed through a merger of Credit Union Central of British Columbia and Credit Union Central of Ontario. Each had a long history dating back to the 1940s, serving as the central financial facility, payments clearinghouse and trade association for the credit unions in its respective province. The merger brings these functions together in a single organization. When the merger took effect on July 1, 2008, the combined organization had more than $7.5 billion in assets, with 475 employees based at offices in Vancouver and Mississauga serving nearly 200 credit unions with some 2.8 million members. Central 1 is governed by a 16-member Board of Directors drawn from credit unions in the two provinces. Headquarters are in Vancouver.