Nelson credit union’s assets grew 3% in 2014

Nelson credit union’s assets grew 3% in 2014

The Nelson and District Credit Union’s assets increased by three per cent last year, to $187.4 million.

The Nelson and District Credit Union’s assets increased by three per cent last year, to $187.4 million.

Those are among the financial results released as the credit union prepares for its director elections and annual general meeting, next month.

The past year’s high points also included growth in members’ loans (up 11 per cent to $135.2 million) and members’ equity (up six per cent to $15.1 million), while also surpassing the $3 million mark in community giving since 2000.

The credit union said these highlights are significant because every dollar has a multiplier effect and helps the local economy by cycling money back into the community through mortgages, loans and community giving. The credit union’s community investment program was a beneficiary of the success with close to $142,000 distributed to over 150 local individuals and organizations in 2014.

“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,” CEO Doug Stoddart said in a news release.

“These challenges continue to be on our radar; however, I do see some positive signs going forward. One highlight I certainly see is that credit unions in the Kootenays and throughout Canada are working together. We have collaborated in many ways over the past year and I see that trend continuing. We can improve our services to the members by creating efficiencies through co-operation and collaboration.”

The credit union will host its 64th annual general meeting on Tuesday, April 28 at the Prestige Lakeside Resort in Nelson at 7 p.m. Members are encouraged to attend as the AGM is a chance to meet the board of directors, ask questions and hear about their credit union’s activities and accomplishments from the past year.

Nelson and District Credit Union was established in 1950 and serves members throughout the Kootenays, with community branches in Nelson, Rossland, and Crawford Bay. It is a community based financial cooperative that offers a full range of banking, financial planning and general insurance services.