We continued to see positive changes in 2016 as our membership increased by 19 memberships for a total of 1317.
Our staff also changed as we prepared for Stephanie Bakken’s maternity leave in February of 2017. Karla Harkness was hired as a Part-Time Member Service Representative (to be Full Time in February 2017) and Nicole Tessier was hired as a Casual Member Service Representative. Lorena Kutash left the Credit Union after providing financial services to the community for 27 years. We would like to thank Lorena for her service and wish her all the best in her future endeavours. Larry Weisgerber has stayed on staff and is filling the Loan Administration Clerk position for a 1 year term.
Bre Sleightholm has returned from maternity leave only to leave us again!! We are always happy to hear that our Credit Union family is growing and will soon welcome a new member to the Credit Union. Congratulations to Steph and Mike who welcomed a boy, Bentley Bakken on February 28th, 2017 and to Bre and Chapin who are expecting for September 2017. Stay tuned for the staffing changes that will take place in September!
2018 will be an exciting year for the Credit Union as our long time General Manager, Tim Goddard will be handing over the reins to Sarah Kirby, who is currently our Loan Officer II. Tim will continue to serve our membership as a Loans Officer III and provide training to Sarah as she learns her new role as General Manager. We are fortunate to have Tim’s knowledge and experience to train Sarah as he gets closer to the Golden Years.
Thank you to all our staff members for providing excellent member service throughout the year.
As we undergo these changes and train our staff in different roles, we appreciate the understanding from you, our members, during the learning process. We strive to provide the best member service possible.
Three director positions were open this year, Tasha Pituley who completed a 3 year term, Darlene Loucks, who filled a 1 year term, and myself after being a director for 7 years. Thank you to all of our current and past directors for ensuring the success of our Credit Union.
Providing training for staff and directors is encouraged and a budget of $15,036 has been allocated for training so that our staff and directors stay current to the changing markets.
As of February 2017 we are showing an operating profit of $41,300, this is slightly behind last year. Our 2017 Budget is projecting a profit of $255,341 with asset growth of 2.7% to $39.9 million. Total Assets, as of February 2017, were $40.2 million, so it appears we are well on our way.
You can see all ratios have improved from 2015. The 76.3% Net Performing Loans to Assets is the sweet spot where we want to be; allowing for new lending opportunities and offering a strong level of profitability.
In 2017 we are planning to transfer the Tax Free Savings Accounts (TSFA) that our members hold at Concentra Bank (Financial) to the Credit Union. When TSFAs were first offered, we decided to act as an agent for Concentra. It appears TFSAs are here to say and we would like these deposits on our books.
A second activity we are planning for 2017 is to review and possibly start reporting to Equifax. Members looking for the 0% interest rate on new vehicles often need an Equifax rating to qualify. We are not in competition for 0% interest rates, so we will look at reporting to Equifax to help our members get these better interest rates.
It is difficult for the Credit Union to be leading-edge or first to offer new electronic products and services due to the costs to purchase and maintain them. We keep our eyes & ears open for new developments and when possible we will offer new products and services to our members.
If you have any questions on our products and services, please call or stop by the Credit Union and our staff will be happy to help you out.
Our Credit Union Vision and Mission Statements, Core Values, Strategic Planning and our Staff Performance Management plans speak about Community. Our Board and Staff volunteer their time to the activities, clubs and organizations that are important to them. The Credit Union encourages staff to volunteer in our Communities and supports them with some work time and resources. We continue to support our Communities with many promotional items donated and, when possible, cash donations. In 2016 we supported these fundraising activities; Zamboni Fundraiser, Rockin’ Beach Well Fundraiser, Rockglen Heritage Orchard Project, Rockglen Minor Ball Diamond Fundraiser and Rockglen Multiple 4H Equipment Trailer Fundraiser.
On behalf of the Board of Directors and Staff, I would like to thank our Members for your continued support. We look forward to continually growing the strength of the Rockglen-Killdeer Credit Union now and into the future. Please do not hesitate to contact any Board or Staff member if you have any questions, suggestions or comments.
Carol Allingham, President