At its 62nd annual general meeting on Wednesday, the Nelson and District Credit Union (NDCU) released its financial results for 2012 and introduced board members.
The year’s high points were the Community Investment Program, which saw close to $160,000 distributed to over 150 local individuals and organizations, NDCU’s successful new chip debit card roll-out and the 2012 celebration for the International Year of Co-operatives.
“In the past year, the biggest financial challenge continued to be the low interest rate environment,” said Doug Stoddart, CEO of NDCU.
“Despite the ongoing challenges in the economy, 2012 was a growth year for your credit union with many collaborative initiatives contributing to our success. We appreciate the great job our employees did to help us reach our strategic goals. To the members, thank you for continuing to support your local credit union. And as CEO, I thank the board for their oversight and direction. Our job is to serve in the best interests of the membership; without you, we are not relevant.”
At the AGM it was announced that director Laureen Barker was re-elected, while director Colin McClure and returning director Michael Bancroft were elected by acclamation. McClure and Bancroft will serve the Nelson representative area and Barker will serve as director at large, each for three-year terms.
The board elected long-standing East Shore representative area director John Edwards to the position of chair on Thursday. Edwards is an East Shore resident and has 16 years experience on the board of NDCU.
Nelson and District Credit Union was established in 1950 and has grown to over $174 million in assets and serves over 10,600 members throughout the Kootenay area. NDCU is a community based financial co-operative that offers a full range of banking and financial, wealth management and insurance services.
They have three community branches which are located in Nelson, Rossland and Crawford Bay.
You review this year’s corporate reports which are available online at nelsoncu.com/corporate_reports.