Strong growth highlights 2023 NDCU AGM
Michael Ramsey was recently elected board chair of the Nelson and District Credit Union.
Ramsey, the Rossland representative area director, was elected to the position the day after the NDCU released financial results for 2022, announced long-term employee service awards and introduced acclaimed directors at its annual general meeting, Tuesday, May, 2, 2033.
“Thanks to the efforts of your NDCU team, I am proud to report that we had a strong year,” said stated Tom Murray, CEO of NDCU.
“Earnings from operations topped $1 million for the fifth consecutive year, and a return on equity of 7.9 per cent. Our strength enabled NDCU to pay dividends to members of 5.6 per cent.”
The past year’s high points for the NDCU included strong growth in members’ equity and steady comprehensive income, while also distributing $144,622 to community organizations within the West Kootenay region to reach the milestone of $4 million in community giving since 2000.
Ramsey is joined on the board by first vice-chair Cam Stokes, East Shore representative area director and Rossland representative area director, Karina Farr, who was elected second vice-chair.
At the AGM, acclaimed directors Hannah DeBoer-Smith, Coleen Driscoll and John Kortram were introduced.
Kortram and new director Driscoll will serve as at large representatives, both for three-year terms.
“Many factors contributed to our success, the most important was the effort of our employees,” said Murray.
- Comprehensive income finished at $1.1 million
- Members’ equity increased to $21.4 million
- Community Investment since 2000 reaches $4 million
- Strong growth from NDCU subsidiaries KIS Ltd and NDCU MoneyWorks
- Over 200 educational and professional development courses completed by employees
This year’s NDCU corporate reports available at www.nelsoncu.com/CorporateReports.
About Nelson and District Credit Union
The Nelson & District Credit Union, established in 1950, has assets close to $300 million and serves members throughout the Kootenay area, including Nelson, East Shore of Kootenay Lake and Rossland.