Nelson and District Credit Union making a difference
The Nelson & District Credit Union (NDCU) has great news on the eve of the 64th Annual General Meeting with positive financial results from 2014 leading the credit union into 2015 said CEO Doug Stoddart.
Stoddart said the past year’s high points include positive growth in assets, members’ loans and members’ equity, while also surpassing the $3 million mark in community giving.
“Over the past few years Nelson & District Credit Union has outlined the challenges to our Credit Union due to the low interest rate environment, slow economy and increased regulatory burden, the NDCU CEO said in a media release.
“These challenges continue to be on our radar; however, I do see some positive signs going forward.”
Highlights from 2014 include:
- -Assets increased by 3% to $187.4million
- -Members’ loans increased by 11% to $135.2 million.
- -Members’ equity increased by 6% to $15.1 million
- -Community Investment since 2000-$3.03 million
Stoddart said these accomplishments are significant because Investing in a Credit Union promotes vitality: every dollar that remains has a multiplier effect.
“When you borrow and invest with us, we can continue to actively help the local economy by cycling money back into your community through mortgages, loans and community giving,” he said..
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.
“One highlight I certainly see is that credit unions in the Kootenay’s, and throughout Canada, are working together,” Stoddart explained.
“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 & District Credit Union was established in 1950 and has grown to more than $187 million in assets and serves members throughout the Kootenay area.
NDCU is a community based financial co-operative that offers a full range of banking, financial planning (NDCU MoneyWorks) and general insurance (KIS Ltd) services with three community branches are located in Nelson, Rossland and Crawford Bay.