At the formation meeting on 5 August 1959, 63 employees became the first members of Sydney Water Board Credit Union Co-op.

1968 saw the Credit Union purchase a new, four-storey head office – 'Co-operation House' at 125 Bathurst St, Sydney, for the sum of $250,000.

In 1973 through to 1976 Ongoing expansion during this period lead to offices being opened in Wollongong, Miranda, Penrith and Liverpool.

The TAA connection also provided the credit union's first non-Water Board and female director, Margaret Slater.

In 1984, the Credit Union Visa Card gave members debit-card access to their funds almost anywhere in the world.

In 2001 an internet banking facility was introduced in September giving members 24/7 access to their accounts.

The credit union also became sponsors of the Sheppard Centre, providing support for deaf children and their families.

The merger, subject to Australian Prudential Regulation Authority approvals will be voted on at the Annual General Meetings of both Credit Unions in October, with the merge to take effect on 1 November 2006.

Earlier in the year Elcom had moved its head office from Doyalson to Morisset following changes at Munmorah Power Station.

First Choice Travel was a venture by Elcom Credit Union with Holiday Coast Credit Union that began in December 1999 with the opening of Garden City (now Westfield Kotara) branch and has since been incorporated into several branches as well as at Port Macquarie.

During March 2005 Elcom Credit Union adopted a new logo and uniform with new branch signage also being put into place.

It officially ceased trading as a deposit-taking institution on 31 October 2006 when it merged with Community First Credit Union.

[3] At the time of merging Elcom had seven branches, 50 staff, 22,000 members and assets of $143,000,000.Paul Johnson has been Chief Executive Officer since 2003 .

Half the card's annual fee of $20 is donated to the McGrath Foundation which supports women with breast cancer[5] by providing nurses.

[7] Community First Bank continues to sponsor the Queenscliff Surf Life Saving Club.

Having originated more than 19 years ago via Northern Beaches credit Union, the sponsorship helps fund the cost of a new surf lifesaving boat each year while supporting the club’s important work in keeping beach-goers safe.