NDCU prepares for AGM, releases 2013 financial results

By Contributor
March 21st, 2014

As Nelson & District Credit Union (NDCU) prepares for its annual Board of Director elections and 63rd Annual General Meeting, the Credit Union released financial results for 2013.The year’s high points were positive growth in assets, members’ deposits and net income.

Some highlights:

– Assets increased by 5% to $182.5 million.
– Members’ deposits increased by 5% to $166.9 million.
– Members’ loans increased by 10% to $121.7 million

Why is this significant? Keeping interest local promotes practical economics: every dollar that remains has a multiplier effect. When you borrow and invest with Nelson & District Credit Union, we can continue to actively help the local economy by cycling investment back into your community. The Credit Union’s Community Investment Program was a beneficiary of the success with close to $110,000 distributed to over 130 local individuals and organizations in 2013.

“Over the past few years Nelson & District Credit Union was tested by the economy. We are pleased to report the tide is turning in the Credit Union’s favour. In the past year, there have been numerous positive signs that have positioned NDCU for future growth and prosperity,” says Doug Stoddart, CEO of NDCU. He continues, “Despite the ongoing challenges in the economy, 2013 was a growth year for your credit union with many collaborative initiatives contributing to our success.”

The Credit Union will host its 63rd Annual General Meeting on Tuesday, April 29, 2014 at the Prestige Lakeside Resort in Nelson at 7:00 p.m. Members are encouraged to attend as the AGM is a chance to meet the Board of Directors, ask questions and hear about their Credit Union’s activities and accomplishments from the past year.

Nelson & District Credit Union was established in 1950 and has grown to over $182 million in assets and serves over 10,400 members throughout the Kootenay area. NDCU is a community based financial co-operative that offers a full range of banking, financial planning (NDCU MoneyWorks) and general insurance (KIS Ltd) services. Our three community branches are located in Nelson, Rossland and Crawford Bay.

Please visit us online at www.nelsoncu.com.

This article is a press release from NDCU.

Categories: BusinessGeneral

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