Over 100 members, staff and guests were present for the financial institution’s supper and information meeting on March 20 at the Armoury.
“Uncertain global economic conditions remain, and because of this we continue to see low interest rates, tight margins and additional regulatory demands,” explained board of directors President Barry Elderkin. “In spite of what’s happened in the financial world, I’m pleased to report Cypress Credit Union’s assets continue to grow. This, coupled with above-average performance in loan growth, has resulted in another successful year for the organization.”
The credit union did not have an actual annual general meeting this year because of its merger with the Mendham-Burstall Credit Union, which took place on Jan. 1. The agreement meant Cypress Credit Union 2013 ended on Dec. 31 and there was no requirement to hold an annual meeting or make elections. The next one will be in March 2015.
According to the credit union’s 2013 annual report, the financial institution had a net profit of $344,092 after taxes – an increase of $231,000 from 2012.
It paid $47,411 in income tax, which was up $24,316 from last year.
Assets under administration totalled $159,887,852.
Total assets were over $135 million, comprised of $91,007,119 in loans, $26,099,105 in investments and $18,143,080 in cash and other.
Equity grew to $8,991,659 – an increase of $344,092 or 6.65 per cent of assets. Member equity added with credit union equity totalled $10,141,760 or 7.5 per cent.
Member deposits by the end of the year totalled $124,551,956, which was an increase of $7,962,830 from 2012.
The credit union administered $24,638,548 in off balance sheet assets.
The loan balance as of Dec. 31 was $91,007,119, which was an increase of about $23,100,000 from the previous year.
A total of 179 new member shares, nine equity-eligible shares and 11 non-shares were opened last year, with 300 closed. By the end of the year, there were 4,471 members and 218 non-members.
Glen Goddard, general manager of Cypress Credit Union, said 2013 was a turnaround year for the financial institution.
He noted the amalgamation with Mendham-Burstall Credit Union continues to be a focus and is expected to be finalized by the end of June.
“We’re still focused on our loans growth, so that’ll be a big part of this year, too,” he added.
In the last year, the credit union implemented technology solutions to enhance membership experience and efficiencies. This included upgrades to servers, computer systems and its website. Members can now do e-money transfers, create an online account and receive MemberDirect Alerts as part of the security system.
Staff are now looking at using social media to attract and retain youth members.
Members can now access thousands of credit union ATMs across the country free of charge after a program called ‘Ding Free’ was rolled out in 2013.
Last year Cypress Credit Union held its Join in Our Gift campaign, through which residents and members in every community could donate money to the new integrated healthcare facility. This resulted in a $100,000 donation to the cause.
“It is through the generosity of people in the Southwest that we will have continued health care improvement for generations to come,” Elderkin stated.
Mel Sharp was acknowledged for his 15 years of service on the board of directors.
Long-term service awards were also presented to credit union staff. Lisa Bookout of the Maple Creek branch and Eve Erickson of the Consul branch received awards for five years of service. Wendy Blumhagen and Cheryl Sulz of Maple Creek and Florence Sehn of Richmound each received 10-year service awards. Kathy Dieterle of the Mendham-Burstall branch received a 20-year service award, and Carol Hassett of Maple Creek received a 25-year service award. Theresa Fauth of Richmound received a 30-year service award.