Our History

Company History

They say that the more things change, the more they stay the same. In the case of Comtech Fire, they’re right. The strong commitment and character of the people who started our Credit Union over 75 years ago formed a foundation for building relationships that continues today. The 2016 amalgamation of Comtech Credit Union with Fire Services Credit Union heralded a new era for Comtech Fire Credit Union. The subsequent asset purchase of Limestone Credit Union, with branches in Kingston and Amhertsview further broadened our geographic footprint and positions us as one of the largest Credit Unions in the GTA and Eastern Ontario.

The Comtech Story

In 1937, the Great Depression made it hard for most people to save or get a loan. That’s why a group of Toronto Bell Telephone employees began organizing a Credit Union and on August 20, 1940 the Toronto Telephone Employees Credit Union was born. In 1950, an amalgamation of all Ontario Telephone Credit Unions and a name change resulted in a new organization called the Ontario Telephone Employees’ Credit Union.

In the 1960s, ’70s and ‘80s surrounded by a sweep of social and technological changes, we kept pace with the times—and members’ needs. The Credit Union introduced its first computer system in 1967, a Univac 9200. It took six months to get the computer up and running, and required three of the current twelve employees to run it! By the end of the ’80s, more than 22,000 members had joined.

In 1996, we evolved from a savings and loan organization into a full service Credit Union and officially became Comtech. Since 2000, we’ve introduced new technologies, products and services designed to make members’ lives easier and their finances healthier.

The Fire Services Credit Union Story

It all began in 1941. With the world at war, the founding members of our Credit Union were intent on building a strong financial future for Fire Fighters and their families. Our first offices were located in fire halls, wherever there was available space. There were initially 21 members, and assets totalled $3,278.

The first mortgages were approved in 1948 and the terms were simple. The amount could not exceed $3,500, taking into consideration that department salaries that year started at $2,191 and climbed up to the $7,000 earned by the Chief.

In 1993 we purchased our Avenue Road site and our growth continued.

The years from 2005 to 2015 brought a number of challenges, including changes to regulatory standards, an economic recession, increasing competition, and rapid technological advancements. The Credit Union continued to expand its products and services throughout this period and became a full service Credit Union serving fire fighters all across Ontario. In 2010 we changed our name to Fire Services Credit Union and adopted a new logo, reflecting our nature as a modern credit union embracing new ways of serving a new generation of Fire Services employees

The Limestone Story

Limestone Credit Union Ltd, formerly Federal Employees (Kingston) Credit Union Ltd was founded in 1948 by a group of Correctional Service Officers and is Kingston's oldest existing Credit Union. In 2015, the members of the Credit Union elected to broaden their market opportunity by changing their trade name to Limestone Credit Union. In 2016, the Advisory Board of Limestone Credit Union made the decision to harmonize their trade name with Comtech Fire Credit Union.

Together, the new Comtech Fire Credit Union serves over 20,000 member/owners and has over $500 million in overall assets operating seven branches in Mississauga, the Toronto area, Kingston and Ottawa.

We’ve enjoyed a good run for over 75 years but our success is about more than money. It’s about you, our members. You can’t put a dollar value on building lasting relationships, which is our history—and future—in a nutshell.

We’re even prouder that we continue to earn the trust of our members. Like our past, Comtech Fire’s future is founded on the strength of relationships.