Nelson and District Credit Union’s assets increased by 4.6 per cent in 2015 to $196.12 million. That’s one of the key highlights of its financial results the credit union has shared as it prepares for its 65th annual general meeting.
The past year’s high points were positive growth in assets, members’ deposits and members’ equity, while also distributing close to $140,000 to community organizations within the West Kootenay while launching new technology.
Other key milestones:
• Members’ deposits increased five per cent to $179.15 million
• Members’ equity increased 2.8 per cent to $15.56 million
• Community investment since 2000 reached $3.28 million
• A successful banking system conversion now allows for the launch of Interac eTransfers and realtime balance for Deposit Anywhere.
Why are these highlights significant? Investing in the credit union promotes vitality: every dollar that remains in our community has a multiplier effect. When members borrow and invest with us,we can continue to actively help the local economy by cycling money back into the community through mortgages, loans and community giving.
Members share a common purpose: a commitment to keeping interest local by banking locally. This pledge ensures a vibrant and resilient community-based financial institution is part of the fabric of each community we serve.
“Over the past few years Nelson and District Credit Union has outlined low interest rates as one of the challenges to your credit union, in addition to an increased regulatory burden. These challenges continue to be on our radar,” says CEO Doug Stoddart.
“One highlight I certainly see is that your credit union lives the seventh principle of co-operation, which is concern for the community. This principle is very important to us. Recent contributions to our community include donations to the police fund at Osprey Community Foundation, Kootenay Columbia Trail and Black Jack Cross Country Ski Society legacy funds with the LeRoi Foundation and on the East Shore, CommunityConnections natural playground at Crawford Bay Park.”
The credit union will host its annual general meeting on Tuesday, April 19 at the Prestige Lakeside Resort inNelson at 7 p.m. Members are encouraged to attend as the AGM is a chance to meet their board of directors, ask questions and hear about their credit union’s activities and accomplishments from the past year.
Members and guests are also asked to participate in the Conversation Café that will take place following the business portion of the AGM where a moderated discussion will focus on the topic of “Caring for Community.”
Nelson and District Credit Union was established in 1950 and has branches in Nelson, Rossland and Crawford Bay.