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Final annual meeting for Shaunavon Credit Union

Posted on April 7, 2014 by Shaunavon Standard

The Shaunavon Credit Union held its 69th annual general meeting last week.

As it turned out, it will also be the organization’s last annual gathering.

At Monday’s meeting, held in front of a packed crowd at Christ the King Church Hall, Shaunavon members voted in favour of an amalgamation with Affinity Credit Union. The merger will take place on January 1, 2015.

While the amalgamation dominated much of last week’s proceedings, there were several other items of business carried out during the gathering.

Among the highlights of last week’s meeting was news that deposits grew by more than 8.8 per cent, an increase of $10.19 million to bring the total to $125.44 million. Loans also grew by $17.91 million , or 24.87 per cent, to sit at $89.96 million.

“2013 has been another  successful year for Shaunavon Credit Union,” stated general manager Chuck Gartner. Assets also increased by $10.03 million to be at $137.5 million, or 7.87 per cent.

Officials also announced that net income after taxes was $701,998 in 2013.

There was no patronage allocation for last year’s operation.

Shaunavon Credit Union has also seen its “off balance sheet” deposits – through its investment and financial advising services – increase by $4.10 million to $25.07 million in 2013.

Total interest income was $4.68 million, which was up $143,518 from 2012 due to higher loan revenue.

Gartner pointed out that the board of directors approved 23 financial targets for 2013.

“We met or exceeded 22 of those targets,” said Gartner. “We’re very proud of our staff and the work they did to achieve those goals. When you meet that many targets it means that people are very focused.”

On a community level, Credit Union staff and board members donated 2,708 volunteer hours to a variety of programs and projects in its communities last year.

In addition, Shaunavon Credit Union donated thousands of dollars through sponsorships and donations.

One of SCU’s more important contributions was the installation of an automated external defibrillator (AED) device that was installed in the credit union ATM lobby.  The unit, which was donated to mark and honour Shaunavon’s Centennial, is available to the public 24 hours a day, seven days a week.

“The positive results achieved in 2013 were due to our mySCU team working together to ensure success for members and the community,” said Gartner. “Shaunavon and the southwest are experiencing continued growth and we want to continue to partner with members as we look at the future growth of the region.”

“The mySCU team looks forward to meeting and exceeding member’s needs in 2014 and beyond.”

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