Nelson & District Credit Union announces 2011 financial results, board election results and board chair

By Contributor
April 26th, 2012

At the 61st Annual General Meeting held in Rossland, BC on Tuesday, April 24, 2012, Nelson & District Credit Union (NDCU) released financial results for 2011 and introduced board members while on Wednesday, April 25, 2012, they elected a board chair.

The year’s high points were the Community Investment Program, which saw close to $270,000 distributed to over 140 local individuals and organizations, NDCU’s successful banking system upgrade called “SWITCH” and the 70th anniversary celebration of a credit union in the community of Rossland. Take a moment and review this year’s corporate reports which are available online at www.nelsoncu.com/corporate_reports.

“Looking ahead, Nelson & District Credit Union will be completing its migration to chip payment technology by the end of 2012”, says Doug Stoddart, CEO of NDCU. He continues, “Despite the ongoing challenges in the economy, 2011 was a progressive year for your credit union. We appreciate the great job our employees did to serve the members and help us transition to our next-generation banking system. To the members, thank you for continuing to support your local credit union. And as CEO, I thank the board for their oversight and strategic direction. Our job is to serve in the best interests of the membership; without you, we are not relevant! I encourage all members of our communities and our credit union to consider us first for a great rate, community based mortgage.”

At the AGM, incumbent director Andy Chute was re-elected while directors John Edwards, Mark Martin and Lorne Westnedge were elected by acclamation. Andy Chute will serve the Nelson representative area, John Edwards will serve the East Shore representative area and Mark Martin will serve the Rossland representative area, for three year terms, and Lorne Westnedge will serve as director at large, for a two year term. Thank you to the members that ran for the Nelson representative area position and those that participated in the election process.

The board elected local business owner, John Malakoff, to the position of chair. Mr. Malakoff has several years experience in the role as chair of NDCU.

Nelson & District Credit Union was established in 1950 and has grown to over $167 million in assets and serves over 12,500 members throughout the Kootenay area. NDCU is a community based financial co-operative that offers a full range of banking and financial, wealth management and insurance services. Our three community branches are located in Nelson, Rossland and Crawford Bay. Please visit www.nelsoncu.com.

This article is a press release from the Nelson and District Credit Union.

Categories: BusinessGeneral

Other News Stories