For South Peace News
Vision Credit Union president Alan D. Fielding conveyed excellent news regarding the impressive financial performance of the corporation for the 2019 fiscal year at the annual general meeting on Wednesday, Aug. 12.
The meeting was conducted in extraordinary social-distancing fashion in the expansive Barn B at Camrose Regional Exhibition.
“For the year, our assets grew 16.9 per cent to over $1.2 billion. Our income, before ProfitShares allocation and income tax, increased 14.8 per cent to nearly $19.3 million. We returned a whopping $12,580,000 to our loyal members through our unique ProfitShares program, which represents a 25 per cent rebate on loan interest paid by our members and/or a 25 per cent bonus on deposit interest paid to our members.”
Steve Friend, chief executive officer, noted in his printed report to membership that a record $6,069,511, in cash, was paid to members.
“One of the highlights of the year for our 70-year-old financial services organization was the purchase of the Wetaskiwin Credit Union, from Encompass Credit Union, which is based in Wainwright,” noted Fielding.
“This purchase means that an additional 3,000 members are now enjoying our brand of service and our unique profit-sharing program,” he added.
“Another milestone for 2019 was the construction and opening of an impressive new branch on Main Street, Stettler. This investment of $3 million into the town of Stettler shows our ongoing commitment to provide optimum full-service financial services to people in rural and entrepreneurial Alberta.”
Fielding added, “Vision Credit Union has a mandate to provide seamless electronic banking, as well as first-class in-branch banking experience, to all of our nearly 25,000 members.
“Our growth and our success also meant that, on behalf of membership, we were able to give back an additional $130,000 in donations benefitting communities that we serve in east central and northern Alberta. We are proud local supporters of the communities where we live and conduct business,” he said.
Introduced at the meeting were two new directors: Doug Tremblay, who will be the voice of members from the Manning and La Crete trade area; also Dean Nelson, who will represent membership relying on the Wetaskiwin branch of Vision Credit Union. Changes to the corporation’s bylaws were required to facilitate the additional board members.
Vision Credit Union, with 17 branches in 16 Alberta communities including Falher, plus a virtual banking branch, is Alberta’s third largest Credit Union. VCU employs 168 full- and part-time employees. The head office is located in Camrose.