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NDCU team delivers another unprecedented year with earnings up

Tom Murray, CEO of NDCU said earnings from operations topped $1 million for the fifth consecutive year to $1.6 million, and our assets grew by over 12 per cent to $314.6 million.

The Nelson & District Credit Union decided to once again go virtual to host its 71st annual general meeting for 2022.

The Credit Union released financial results for 2021, announced long-term employee service awards and introduced acclaimed directors during the virtual event this past week.

“Thanks to the efforts of your NDCU team during another unprecedented year, I am proud to report that we had a strong year. Earnings from operations topped $1 million for the fifth consecutive year to $1.6 million, and our assets grew by over 12 per cent to $314.6 million," said Tom Murray, CEO of NDCU in a media release.

"Our strength enabled NDCU to pay dividends to members of four per cent.”

The past year’s high points included growth in assets, members’ deposits and comprehensive income, while also distributing $100,000 to community organizations within the West Kootenay region.

“Many factors contributed to our success; the most important was the effort of our employees," Murray explained.

"This is impressive given Covid-19 again caused significant disruption throughout 2021.”

Highlights:

  • Assets increased by 12 per cent to $314.6 million
  • Members’ deposits increased by 12.4 per cent to $293.1 million
  • Community Investment since 2000 exceeds $3.86 million
  • Strong growth from NDCU subsidiaries KIS Ltd and NDCU MoneyWorks
  • Over 200 educational and professional development courses completed by employees

Following the AGM, the board of directors elected a new chair and executive committee.

During the AGM, acclaimed directors Zoë Creighton, Colin McClure, Cam Stokes and Michael Ramsey were introduced. Creighton and McClure will serve as directors for the Nelson representative area, both for three-year terms.

Stokes will serve the East Shore representative area for a two-year term, while Ramsey will serve the Rossland representative area for a three-year term.

One position remains vacant for at large director. Directors also acknowledged departing director Laureen Barker for her 12 years of dedication on the board serving NDCU members.

On Wednesday, April 27 the board of directors elected Rossland representative area director Michael Ramsey to the position of board chair. Karina Farr, Rossland representative area director was re-elected first vice-chair while Nelson representative area director, and past chair, Lorne Westnedge was elected second vice-chair.

Credit Union members are invited to take a moment and review the year’s corporate reports available online at www.nelsoncu.com/CorporateReports