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Positive growth fuels successful year at NDCU; Westnedge new chair

Nelson Daily Staff
By Nelson Daily Staff
April 26th, 2018

Newly elected Chair Lorne Westnedge has been charged with leading the Nelson and District Credit Union into the next year following the 67th Annual General Meeting held Tuesday at the Adventure Hotel.

Westnedge, a long-standing director at large, was elected on Wednesday during a board meeting. Laureen Barker, director at large was elected first vice-chair while Nelson representative area director John Kortram was elected second vice-chair.

During Tuesday’s meeting, Credit Union released financial results for 2017, announced long-term employee service awards, introduced elected and acclaimed directors while at the same time acknowledging outgoing director Andy Chute.

The meeting also engaged members in a presentation on the Exploring Strength and Unity discussion that is currently happening between seven credit unions in the Boundary, Kootenay and Columbia Valley region.

Some of the high points from 2017 included positive growth in assets, members’ deposits and members’ loans, while the NDCU also distributed close to $80,000 to community organizations within the West Kootenay region and preparing to launch Trusted Advisor training to its employees.

 “After finishing last year with a small loss in earnings, every employee at Nelson & District Credit Union worked diligently in 2017 to reduce expenses and increase revenue. I’m proud to report that their efforts paid off with our best year of earnings since 2007,” Tom Murray, CEO of NDCU said in a media release.

 “Internally, 2017 was a year of change for your Credit Union,” Murray added. “We reorganized management responsibilities to better position ourselves for the changing financial services industry landscape. We introduced some new tools for you, like ClickSwitch, which makes it easier to change automatic debits and credits between institutions and Virtual Wealth, an online investing advisor.”

2017 Highlights:

  • Assets increased by 2.3 per cent to $216 million
  • Members’ deposits increased by 2 percent to $198.7 million
  • Members’ loans increased by 9.5 percent to $169 million
  • Members’ equity increased by 7.2 percent to $16.6 million
  • Community Investment since 2000 reached $3.45 million
  • Strong growth from NDCU subsidiaries KIS Ltd and NDCU MoneyWorks

At the AGM, newly elected director Paula Kiss was introduced and will serve as a director for the Nelson representative area for a three-year term. Acclaimed directors John Edwards, Karina Farr and Michael Ramsey were also introduced. Edwards will serve as director for the East Shore representative area while Farr will serve as the director for the Rossland representative area, both for three-year terms. Ramsey will serve as the director for the Rossland representative area for a one-year term.

To review this year’s corporate reports, go to this link.

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