The Nelson and District Credit Union. File photo

The Nelson and District Credit Union. File photo

Nelson and District Credit Union hosts 69th AGM virtually

NDCU assets grew 4% in 2019

Submitted by Nelson and District Credit Union

At Nelson and District Credit Union’s 69th virtual annual general meeting held on Sept. 22, the credit union released financial results for 2019 and announced long-term employee service awards.

Acclaimed directors were also introduced, while members were updated on the Exploring Strength and Unity discussion that is currently happening between six credit unions in the Boundary, Kootenay and Columbia Valley region. The board chair was also re-elected the next day.

The past year’s high points included growth in assets, members’ deposits and members’ loans, while also distributing close to $115,000 to community organizations within the West Kootenay region, and completing a successful branch renovation in Nelson. Take a moment and review the year’s corporate reports that are available online at http://www.nelsoncu.com/corporatereports.

“Thanks to the efforts of your NDCU team, I am proud to report that we had a strong year. Earnings from operations topped $1 million for the third consecutive year, and our assets grew by over four per cent to $239 million. Our strength enabled NDCU to pay dividends to members of four per cent,” stated Tom Murray, CEO of NDCU.

“Many factors contributed to our success; the most important was the effort of our employees. Loans grew by seven per cent and deposits by 4.3 per cent. This is impressive given our Nelson branch renovation caused disruption.”

2019 Highlights:

• Assets increased by four per cent to over $239 million

• Members’ deposits increased by four per cent to $220 million

• Members’ loans increased by seven per cent to $204 million

• Community Investment since 2000 reached $3.65 million

• Strong growth from NDCU subsidiaries KIS Ltd and NDCU MoneyWorks

At the AGM, acclaimed directors John Kortram and Lorne Westnedge were introduced. Kortram will serve as director for the Nelson representative area, while Westnedge will serve as the director at large, both for three-year terms.

The board of directors also re-elected long-standing director at large Westnedge to the position of board chair. Laureen Barker, director at large, was re-elected first vice-chair while Nelson representative area director Kortram was elected second vice-chair.