Long-standing Nelson area director Andy Chute is the new chair of the Nelson and District Credit Union board. Chute was elected to the position last week, following the credit union’s 65th annual general meeting.
Chute has 10 years experience on the board including the past six sitting on the executive committee. John Edwards, East Shore area director and past chair, was elected first vice-chair while Nelson area director John Kortram was elected second vice-chair.
During the AGM, the credit union released positive financial results for 2015, announced long-term employee service awards, introduced acclaimed directors and hosted a very successful Conversation Café with a panel of local community champions.
The past year’s high points were positive growth in assets, members’ deposits and members’ equity, the distribution of close to $140,000 to community organizations within the West Kootenay, and the launch of a new banking system and mobile technology to members. The year’s corporate reports are available at nelsoncu.com/CorporateReports.
“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,” said 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 our credit union and one we intend to continue on advocating for.”
Other highlights:
• Assets increased by 4.6 per cent to $196.12 million;
• Members’ deposits increased by five per cent to $179.15 million;
• Members’ equity increased by 2.8 per cent to $15.56 million;
• Community investment since 2000 reached $3.28 million;
• Successful banking system conversion allows for the launch of Interac eTransfers and real-time balance for Deposit Anywhere.
At the AGM, acclaimed directors Michael Bancroft, Laureen Barker and Colin McClure were introduced. Bancroft and McClure will serve as directors for the Nelson area while Barker will serve as the director at large, all for three-year terms. One Rossland area position received no nominations and remains vacant. The board of directors also acknowledged outgoing director Regina Day for her dedicated service and passion towards the credit union system.