The Nelson & District Credit Union, with branches in Nelson, Rossland and the East Shore of Kootenay Lake, also distributed close to $110,000 to community organizations within the West Kootenay region.
“Thanks to the efforts of your NDCU team during unprecedented times, I am proud to report that we had a strong year,” said Tom Murray, CEO of NDCU.
“Earnings from operations topped $1 million for the fourth consecutive year, and our assets grew by over 17 per cent to $281 million.”
“Our strength enabled NDCU to pay dividends to members of four per cent,” Murray added.
“Many factors contributed to our success; the most important was the effort of our employees. This is impressive given COVID-19 caused significant disruption.”
During the AGM, the NDCU also announced long-term employee service awards, introduced acclaimed directors, celebrated 70 years, while also addressing members with an update on the Exploring Strength and Unity discussion that is currently happening between six credit unions in the Boundary, Kootenay and Columbia Valley region.
Highlights for 2020 included:
- Assets increased by over 17 per cent to $281 million
- Members’ deposits increased by 18 per cent to $261 million
- Community Investment since 2000 exceeds $3.76 million
- Strong growth from NDCU subsidiaries KIS Ltd and NDCU MoneyWorks
The Credit Union Rossland Community Branch will be headed up by re-elected director at large Lorne Westnedge as board chair.
At the AGM, acclaimed directors Andy Chute and Karina Farr were introduced. Chute will serve as director for the Nelson representative area, while Farr will serve for the Rossland representative area, both for three-year terms.
Two positions remain vacant for Nelson and the East Shore representative areas.
On Wednesday, April 28, 2021, the board of directors re-elected long-standing director at large Lorne Westnedge to the position of board chair.
Laureen Barker, director at large was re-elected first vice-chair while Nelson representative area director John Kortram was elected second vice-chair.
Members are encouraged to review the year’s corporate reports that are available online at www.nelsoncu.com/CorporateReports