During the 1960s, credit union leaders decided that they had to do something to provide mortgages for their members. In 1966, together with the Nova Scotia Credit Union League (now Atlantic Central), they incorporated League Savings and Mortgage Company (League Savings) under a special act of the Parliament of Canada. League Savings began business in 1968 from an office in Antigonish, Nova Scotia, and moved to Halifax, Nova Scotia in 1971. League Savings started doing business in New Brunswick in 1976, Prince Edward Island in 1989, and Newfoundland and Labrador in 2000.
Atlantic Central is the sole shareholder of League Savings by virtue of owning 100% of the common shares. Through Atlantic Central, Class LSM shares are held by New Brunswick, Newfoundland and Labrador, Nova Scotia and Prince Edward Island credit unions.