The Depression had left both the City and the District of North Vancouver in dire straits with unemployment and low population leading both municipalities into receivership. But as World War II heated up, the North Vancouver Shipyards re-opened to build ships for the armed forces. Suddenly jobs were readily available and the population surged from 9,000 in 1940 to 20,000 by 1950.
The last member to sign the charter arrived in a housecoat and slippers
Faced with few financial options for blue collar workers, nine North Shore residents decided to start their own cooperative credit union. On May 2, 1941, those nine individuals brought $1 each and gathered at the Palace Hotel to sign the charter for North Shore Community Credit Union, today known as BlueShore Financial. But the BC Inspector of Credit Unions almost prevented it from happening as a minimum of 10 people were needed to found a credit union. So, one of the founders ran home to grab his neighbour, who arrived in a housecoat and slippers, with $1 in his hand to sign the charter. Thus with $10 in capital, our credit union was born.