Business

Nelson and District Credit Union releases 2013 results

Nelson & District Credit Union (NDCU) has released financial results for 2013.  - File Photo
Nelson & District Credit Union (NDCU) has released financial results for 2013.
— image credit: File Photo

During the 63rd Annual General Meeting held in Nelson on  April 29, Nelson & District Credit Union (NDCU) released financial results for 2013 and introduced newly elected and acclaimed Board members.

The next day, the directors re-elected John Edwards as the board chair.

The year’s high points were solid financial growth, the Community Investment Program, which saw close to $110,000 distributed to over 140 local individuals and organizations, NDCU’s successful re-launch of nelsoncu.com and the amicable completion of union negotiations with a signed a new three-year contract.

You can review this year’s corporate reports online at www.nelsoncu.com/corporatereports.

“In the past year, the biggest financial challenge continued to be the low interest rate environment”, says Doug Stoddart, CEO of NDCU.

“Despite the ongoing challenges in the economy, 2013 was a growth year for your credit union with many highlights.”

Some highlights:

  • Assets increased by 5% to $182.5 million.
  • Members’ deposits increased by 5% to $166.9 million.
  • Operating expenses were well controlled during the year and dropped by 2.7%.
  • Net income for 2013 was $225,284 versus 2012 net income of $13,712.
  • Subsidiaries Kootenay Insurance Services Ltd. and NDCU MoneyWorks, performed well.

At the AGM, newly elected Director John Kortram was introduced while Director Lorne Westnedge was elected by acclamation. Kortram will serve as Director, Nelson representative area while Westnedge will serve as Director at large, each for three-year terms.

The Director, Rossland representative area position received no nominations and will remain vacant.

The Board would like to acknowledge outgoing directors Regina Day (Nelson) for three years of committed service and Gordon Player (Rossland) for a dedicated 36 years of service.

The Board re-elected long-standing East Shore representative area Director John Edwards to the position of Chair. Edwards is an East Shore resident and has 17 years experience on the Board with two years as Chair.

For more see www.nelsoncu.com.

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