Another significant development during this decade was the closing of Fraser Mills in 2001. The plant that had one time employed over 1500 was now down to less than 200. The world of 2001 was very different from that of 1891, when the Ross/McLaren Mill was a new and exciting enterprise for Coquitlam. Modernization, the loss of the mill town and increasing pressure from environmental interests conspired to squeeze the mill out of existence. The sights, sounds and smells that greeted the pioneers in 1909 all now passed into history. The larger machinery had been idle for some years and now, the entire site would soon be abandoned.
The land, of course, didn't disappear and there were many opinions on what should be done with it. Coquitlam's Heritage Society envisioned an interactive historical facility created on the site. Others looked for a major sports complex to be built there. Mayor Jon Kingsbury saw a tourist attraction that would offer tours of a working mill. The site was eventually dismantled, the land remediated. Sadly, very little was saved to preserve the memory of the mill that dominated the land for so many decades and whose management was directly responsible for bringing to the area those French men and women who would eventually found Maillardville. In 2003 a major developer, the Beedie Group, bought the entire parcel of 33.4 hectares. After considering the possibility of building an industrial park, BG came to council with a radically different plan in 2005. The Now, June 2005 offers these details:
"Village Planned For Fraser Mills Site Beedie Group hopes to create "vibrant waterfront" The Beedie Group has approached Coquitlam councilors with an extensive plan for the city's waterfront that would transform the former Fraser Mills site into a self contained village, complete with open air stage and a community pier...."We're excited" said development manager Dave Gormley, "We think we can create a really unique, active waterfront...The project, dubbed 'The Village at Fraser Mills', calls for 3700 units of mixed housing that would include street level entry condos and high rise towers, Gormley said....about 190,000 square feet of boutique style stores, high end restaurants are planned near the waterfront...About 100,000 square feet would be a business park.....The proposal includes a mill museum, playing fields and community centres."
Council rejected the notion based upon such concerns as the loss of industrial lands, serious traffic challenges and environmental issues. The developer returned with a modified proposal that addressed those concerns. The process was finally completed in 2008 when council voted in favour of a new land use for the site called "waterfront village" The project is to include condominium development, both wood frame and high-rise, commercial and industrial space, a post secondary facility and a waterfront park. Space has also been set aside for public amenities such as parks, a community centre and a museum facility. Beedie Group sees this as a 15 to 20 year project.
Another major influencing factor for Maillardville as it moves beyond this centenary is the provincial highways project known as Gateway. Set for completion in 2013, a key element of the work is to create a King Edward overpass. In the early days of Maillardville, King Edward was the link between Fraser Mills and the Village. At the top, where it intersected Pitt River Road (Brunette Avenue) was the archway of the Canadian Western Lumber Company, flanked on either side by the mill manager's house (Ryan House) and the sales manager's house (Mackin House). This traditional, direct link between mill and village was severed in the 50s when the Lougheed Highway was built. The overpass will see the present day TransCanada Freeway brought down to ground level, along with the highway and the railway tracks. King Edward will then overpass all of it landing right at the doorstep of the original Fraser Mills site, where it will connect the new Village at Fraser Mills with old Maillardville. The original provincial design saw the overpass curving 150 metres to the west. However, local groups from Maillardville successfully lobbied for the "straight" alignment, putting forward the argument, among other things, that it was the great desire of the community to preserve the historic link.
The entire Gateway Project will significantly change traffic patterns in the Maillardville area, and much concern has been expressed about the negative impact such a change might have on Maillardville. According to one study by the Society Promoting Environmental Conservation (SPEC), Maillardville will be one of the hardest hit communities with respect to traffic increase. Only the passage of time will reveal how Gateway will help or harm Maillardville.
Alas, the closing of Fraser Mills was not the only grievous loss for the community during this decade. Village Credit Union, established in 1946 as Caisse Populaire Notre Dame de Lourdes, was also destined for history. In 1999, after 25 years with the credit union, Fern Bouvier announced his resignation from the Board. In 2000, Richard Coulombe was elected as president and chairman. The financial challenges of the late nineties behind them, the CEO, Denis Desautels, set the credit union on the path of growth. And grow it did. It was reported at the 2000 AGM that membership stood at 6000, and assets at $67million. By 2002, the credit union boasted 7200 members and assets of $90million. As of 2003 membership had increased to 10,000 while assets climbed to $120million.
If success is measured by growth, then Village Credit Union was successful in those years. This growth was the result of an aggressive expansion strategy that included the opening of two new branches. "Northside" in Port Coquitlam was opened in 2000, followed by a branch in Chilliwack in 2002. Another aspect of the strategy was to target "hard working men and women" to increase the credit union's loan portfolio. This too was pursued with great vigour.
Rapid growth often brings its own profound challenges. By 2003, with management resources spread thin over four branches, the strategy embarked upon 4 years earlier began to bear its true fruit. Loan delinquency began a dramatic rise and along with it, an increase in loan losses. In 2003, Mr. Desautels resigned as CEO due to health reasons. It was also that year that Al Boire was elected as president and chairman of the board. The first task at hand was to embark upon a search for a new executive officer. Eventually, Mr. Ian Cornish was selected. Mr. Cornish was an interesting choice on two counts. Financially conservative, he was part of the management team at Stabilization Central Credit Union, the system watchdog. The other was that he did not speak French, a first in the history of la Caisse Populaire.
The hard work of getting the institution back on track got underway. The board agreed to a change in strategy. It would see a more conservative and controlled approach to the granting of loans and that would, in a sense, return the credit union to its roots of being a smaller community based financial institution, a so called "boutique" business. But the writing was on the wall. The big vs. small dilemma was what CEOs, presidents and board members of Caisse Populaire Maillardville struggled with almost from the very beginning.
By mid 2004, loan losses had not fully abated, and Village was once again put under supervision by Stabilization Central. After long and sometimes painful deliberation, the Board of Directors and senior management chose to seek out a merger partner. As the author was chairman of the board at the time, it can be accurately stated that it was with very heavy hearts that he and the members of the board met with many in the community to inform them of the decision. One meeting was particularly difficult, as it called together many of the older members for whom la Caisse had played such an important role throughout their lives. There was a silver lining. So true to the strong and generous nature of the community at Maillardville, and amidst more than a few held back tears, these humble men and women accepted the situation and wished the board well in the work that now lay ahead. They showed the author that night that humble hearts, good will and mutual support is how a community, if not a credit union, survives.
The word went out to the credit union system that Village was seeking a merger partner. Of seven expressing interest, the board selected three to offer formal proposals. Among other criteria set by the board, one stipulation was a guarantee that the Maillardville branch would not be abandoned and that the new entity would continue to support and nurture the community's French Canadian heritage. Among the hopefuls was Vancity Credit Union who was eventually chosen to be the "partner". In June of 2005, the last Board of Directors of Village Credit Union faced the membership for the final time. The purpose of the meeting was to vote on the merger proposal and the decision of some 300 members attending was unanimous. The Coquitlam Now, June 2005:
"Village Credit Union Members Approve Merger Maillardville's 60 year old credit union will merge with Vancity Savings Credit Union. At a special meeting held this week 100% of voting members supported the change, which will see Village branches in Maillardville, Port Moody, Port Coquitlam and Chilliwack convert to Vancity outlets by the fall. "I applaud our members' decision to lead the credit union in this new direction" Village CEO Ian Cornish said in a news release. "We're confident our members, employees and communities will be welled served by the merger." Village began as the Caisse Populaire de Notre Dame de Lourdes in 1946 when it catered only to French speaking residents. The deal includes provision for the creation of a Maillardville advisory committee which will include members of both Village and Vancity boards, as well as long time members of the Maillardville community. The group will continue to be active in the Festival du Bois...."Vancity is helping to ensure that Village's roots in the French Canadian community of Maillardville are never lost" said Al Boire, chair of Village's board of directors."
And so it was that on a quiet Sunday morning, one month later, Mr. Boire met with Mr. Cornish to sign the documents that formally placed the assets of the Village Credit Union into the hands of Vancity. It was a wistful and anticlimactic event, but no less powerful for what it symbolized. Caisse Populaire Notre Dame de Lourdes was established in 1946 to "consolidate the French community of Maillardville through economic solidarity". The credit union was successful in that mission for many decades; indeed it played a key role in much of the development Maillardville enjoyed, particularly in the eighties and nineties. Men such as J.B. Goulet, Victor Muller, Georges Perron, Romeo Paquette and Jean Aussant, to name but a few, made tremendous contributions to the French community through their involvement with the institution. But the way was full of challenges from the beginning. Opening the bond to allow non French, non Catholic members, the change of name to the generic "Village", and opening branches in communities outside of Maillardville were strategies all geared to preserving the credit union. Many from the very beginning stated that a closed bond French credit union could not survive. History proved them right almost 60 years later, but oh, what a 60 years it was!
As we began this history of the credit union with a list of the founding members, it is appropriate to include the role of the final Board of Directors of Village Credit Union upon its dissolution in June of 2005. It is noteworthy that among the founding members, we find the name of Napoléon Gareau. His son, Raymond served on the board of Caisse Populaire and his grandson, Richard was on hand as a director in the final days of Village Credit Union.
Al Boire, President and Chairman of the Board
Richard Coulombe, Vice-Chairman
Richard Gareau Maillardville
Albert Lamothe Maillardville
Fiona McQuarie Maillardville
Sylvia Prichard Port Moody
Gerry Kruchak Port Coquitlam
Chad Northcott Chilliwack
Ian Cornish Chief Executive Officer
The story of Maillardville's credit union does not end there, however. The new relationship with Vancity included keeping the branch in Maillardville and honouring its French heritage. They did this in several ways. Vancity continued to financially support the Festival du Bois, becoming their main stage sponsor. Another significant contribution was that, for the first time in their history, Vancity offered internet banking services in the French language, no small undertaking! Very early on, the properties west of the branch along Brunette were purchased. In collaboration with a "transition team" made up of members of the community, Vancity announced that a major development project was in the works. The proposed complex was to be a mix of residential units, commercial shops and a brand new "flagship" branch. It was all to be designed with a French architectural look and the theme of the branch was to focus on the community's French heritage and its links to Fraser Mills and the lumber industry. Here finally was a major project that many saw as being the catalyst needed to spur the further development of Maillardville. Sadly, with a change of CEOs both at Vancity and at Vancity Enterprises, (their development company) the project was significantly scaled back and eventually stalled all together in 2007. Economic challenges were named as the primary reason for the delay.
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