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NDCU continues to be community leader — 65th AGM in April

Nelson Daily Staff
By Nelson Daily Staff
March 16th, 2016

On the eve of its 65th Annual General Meeting, the Nelson & District Credit Union continues to be a leader in the community, distributing close to $140,000 to community organizations within the West Kootenay region while launching new technology.

“Over the past few years Nelson & District Credit Union has outlined low interest rates as one of the challenges to your Credit Union, in addition to an increased regulatory burden,” said Doug Stoddart, CEO of NDCU, in media release.

“These challenges continue to be on our radar.”

Despite the facing enormous challenges, 2015 was filled with highlights:

  • Assets increased by 4.6 per cent to $196.12 million  
  • Members’ deposits increased by 5.0 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™

“One highlight I certainly see is that your Credit Union lives the seventh principle of co-operation, which is “Concern for the Community”,’ Stoddart explains.

“This is a principle that is very important to NDCU. 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 LeRoi Foundation and on the East Shore, Community Connections Natural Playground at Crawford Bay Park.”

Why are these highlights significant?

Stoddart said investing in our Credit Union promotes vitality: every dollar that remains in our community has a multiplier effect.

When members borrow and invest with NDCU, the financial institution can continue to actively help the local economy by cycling money back into the community through mortgages, loans and community giving.

Stoddart said 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.
The Credit Union will host its 65th Annual General Meeting on Tuesday, April 19, 2016 at the Prestige Lakeside Resort in Nelson at 7 p.m. PDT.

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 & District Credit Union was established in 1950 and has grown to over $196 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.

Our three community branches are located in Nelson, Rossland and Crawford Bay. Please visit the NDCU online.

Categories: Business

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