At its 64th annual general meeting held in Nelson on Tuesday, the Nelson and District Credit Union released positive financial results for 2014, introduced longterm employee service awards, and introduced elected and acclaimed directors.
The year’s high points were solid financial growth, the community investment program, which saw close to $142,000 distributed to over 150 local individuals and organizations, the credit union’s successful preparations for their recently completed banking system upgrade and the launch of its mobile app with the deposit anywhere feature.
“Over the past few years Nelson and District Credit Union has outlined the challenges to our credit union due to the low interest rate environment, slow economy and increased regulatory burden,” says CEO Doug Stoddart.
“Despite the ongoing challenges in the economy, 2014 was a growth year for your credit union with several highlights.”
Among the highlights, assets increased by three per cent to $187.4 million, members’ loans increased by 11 per cent to $135.2 million, members’ equity increased by six per cent to $15.1 million, and the community investment cumulative total reached $3.03 million, since 2000.
Subsidiaries Kootenay Insurance Services Ltd. and NDCU MoneyWorks also performed well. At the AGM, re-elected director Andy Chute was introduced, while new director Karina Farr and returning director John Edwards were elected by acclamation. Chute will serve as Nelson representative area while Farr will serve as Rossland representative area and Edwards will serve as director East Shore representative area, all for three-year terms.
One of the director Rossland representative area positions received no nominations and remains vacant. The board acknowledged outgoing directors Regina Day and Mark Martin for their dedicated service and passion towards the credit union system.
On Wednesday, the board of directors re-elected long-standing East Shore area director John Edwards as board chair. Edwards has 18 years experience on the board with three years as chair. Andy Chute was elected first vice-chair while director-at-large Laureen Barker was elected second vice-chair.
Nelson and District Credit Union was established in 1950 and has grown to over $187 million in assets and serves members throughout the Kootenay area. It is a financial co-operative that offers a full range of banking, financial planning (NDCU MoneyWorks) and general insurance (KIS Ltd) services. Its three community branches are located in Nelson, Rossland and Crawford Bay.
This year’s corporate reports available at nelsoncu.com/CorporateReports.