Nelson & District Credit Union hosts 73rd Annual General Meeting
By Lone Sheep Publishing
The Nelson & District Credit Union had another strong year financially said CEO Tom Murray following the financial institutions 73rd Annual General Meeting held virtually on Tuesday, April 23, 2024.
The past year’s high points were strong comprehensive income and growth in members’ equity, while also distributing $160,000 to community organizations within its service area to reach the milestone of giving-back of close to $4.2 million since the inception of the Community Investment Program in 2000.
Murray said the success is in a large part due to the efforts of the NDCU team.
“I am proud to report that we had a strong year,” Murray said.
“Earnings from operations topped $1 million for the sixth consecutive year. Our strength enables us to remain a strong and independent credit union.”
Highlights include:
- Total comprehensive income finished at $1.89 million
- Total members’ equity increased to $23.3 million
- Assets grew modestly to $299.69 million
- Strong growth from NDCU subsidiaries KIS Ltd and NDCU MoneyWorks
“Many factors contributed to our success, the most important was the effort of our employees,” Murray added.
During the virtual AGM the Credit Union released financial results for 2023, announced long-term employee service awards and introduced acclaimed directors.
Board of Directors
At the AGM, acclaimed directors Andy Chute, Cam Stokes and Bruce Lacroix were introduced.
Chute will serve the Nelson representative area and Stokes the East Shore each for three-year terms. Lacroix will serve as a Director at Large for a two-year term.
The Nelson and District Credit Union said the Rossland representative area position remains vacant.
Directors and members also acknowledged departing directors Karina Farr and John Kortram for their years of service to NDCU members as stewards to the credit union system.
On Wednesday, April 24, 2024, the Nelson and District Credit Union said the board of directors elected the chair and the executive committee, with Rossland representative area director Michael Ramsey taking the position of board chair.
Cam Stokes, East Shore representative area director was elected first vice-chair while Zoë Creighton, Nelson representative area director, was elected second vice-chair.
The public is invited to review the year’s corporate reports available at:
About Nelson & District Credit Union
Nelson & District Credit Union was established in 1950 and has assets close to $300 million and serves 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.
