Business

Nelson and District Credit Union prepares for AGM

The Nelson and District Credit Union will host its 63rd AGM on Tuesday, April 29 at the Prestige Lakeside Resort in Nelson at 7 p.m.  - File Photo
The Nelson and District Credit Union will host its 63rd AGM on Tuesday, April 29 at the Prestige Lakeside Resort in Nelson at 7 p.m.
— image credit: File Photo

As Nelson and District Credit Union (NDCU) prepares for its annual board of director elections and 63rd annual general meeting, the credit union has released financial results for 2013.

The year’s high points were positive growth in assets, members’ deposits  and net income.

Some highlights include:

  • Assets increased by five per cent to $182.5 million.
  • Members’ deposits increased by five per cent to $166.9 million.
  • Members’ loans increased by 10 per cent to $121.7 million.

This is significant because keeping interest local promotes practical economics: every dollar that remains has a multiplier effect. When you borrow and invest with Nelson and District Credit Union, they can continue to actively help the local economy by cycling investment back into ther community. The credit union’s Community Investment Program was a beneficiary of the success with close to $110,000 distributed to over 130 local individuals and organizations in 2013.

“Over the past few years Nelson and District Credit Union was tested by the economy. We are pleased to report the tide is turning in the credit union’s favour. In the past year, there have been numerous positive signs that have positioned NDCU for future growth and prosperity,” said Doug Stoddart, CEO of NDCU.

“Despite the ongoing challenges in the economy, 2013 was a growth year for your credit union with many collaborative initiatives contributing to our success.”

The Credit Union will host its 63rd AGM on Tuesday, April 29 at the Prestige Lakeside Resort in Nelson at 7 p.m. Members are encouraged to attend as the AGM is a chance to meet the board of directors, ask questions and hear about their credit union’s activities and accomplishments from the past year.

Nelson and District Credit Union was established in 1950 and has grown to over $182 million in assets and serves over 10,400 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. The three community branches are located in Nelson, Rossland and Crawford Bay. For more visit www.nelsoncu.com.

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.