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AGM helps celebrate 20th anniversary of Elkford location
‘Growth and Change’ was the theme of the East Kootenay Community Credit Union’s (EKC) 64th annual general meeting held in Elkford on Saturday, April 26.
EKC released financial results for 2013 and celebrated Elkford’s 20th anniversary.
The dinner and dance were held at the new Elkford Community Centre. Over 140 people, many who had been bussed from other East Kootenay communities, enjoyed an evening of good food, interesting conversation, and the band Cross Fire. Jody Burk, CEO, reviewed the year followed by the nights’ highlight, was the $5,000 donation to the Wapiti Ski Hill in Elkford (pictured above).
Carmen Murray of Elkford was thrilled and stated, “On behalf of the Wapiti Ski Club Board of Directors, I would like to thank East Kootenay Community Credit Union (EKC) for its generous donation to Elkford’s community ski hill. Each year the board is faced with the task of offering downhill alpine skiing to both the community of Elkford and surrounding area while keeping prices affordable. With rising operating expenses, aging infrastructure and fewer volunteers this is becoming more and more difficult to do. It is wonderful organizations such as EKC that allows Elkford to have this amazing facility. Thank you EKC!”
The 20th anniversary of bringing the financial service cooperative to Elkford brought back a lot of memories. In 1994 Elkford was in trouble as one of the mines had gone bankrupt. The only bank in town was closing its doors. The Elkford community asked EKC to open a branch. Residents needed a place to cash cheques, get mortgages and rebuild their credit. The Credit Union understood that being part of a community is more than offering financial products and services and the decision to open the branch was based on common sense. Twenty years later EKC has grown with Elkford, grown with the East Kootenay and grown because of its members.
Jody Burk was hired to manage the Elkford branch. The branch and EKC have grown and maintained the same philosophy. Take care of people in all stages of their life and they will tell their friends. EKC member survey results showed that 97% would recommend EKC to their friends and family. EKC has tracked this measurement for many years and is very pleased to see the overall rating by its members increase from 93% to 97%.
‘Growth and Change’ highlights included:
· Board of Directors met and exceeded their education requirements through Accredited Canadian Credit Union Director (ACCUD). Cindy Corrigan and George Freitag were awarded the Credit Union Director Achievement Program (CUDA) designation being only two of 48 in Canada.
· Assets increased by 13% to $274.1 million
· Loans grew by 12.25% to $234.8 million
· Deposits grew by 8.38% to $237.2 million
· Operating expenses were again evaluated and reduced by $112,323.
· Net income for 2013 was S1,145,759 up from $578,199
· Subsidiaries Kootenay Insurance Services Ltd. and EKC MoneyWorks, performed well. Kootenay Insurance Services Ltd. net income increased by 37%.
Challenge and growth has been constant for EKC for many years, 2013 was just more substantial. EKC is in a very good position to overcome the challenges and changes that are ahead. Retained earnings and the liquidity position are well over regulated minimums. Staff are well trained, committed to the success and are highly engaged (survey results are significantly higher than industry standards). EKC has a solid financial position, great member satisfaction, and is highly respected in all the communities. The board has a strong strategic plan; management has very good experience and operating plan to weather the current and future challenges.
EKC was established in 1950 and has grown to over $274.1 million in assets and serves over 11,200 members throughout the East Kootenay. EKC is a community based financial co-operative that offers a full range of banking, financial planning (EKC MoneyWorks) and general insurance (KIS Ltd) services.
Our community branches are located in Cranbrook, Elkford, Fernie and Sparwood. Please visit us at one of our branches, Facebook or at WWW.EKCCU.COM.
To view the annual report: https://www.ekccu.com/Personal/AboutUs/MediaCenter/AnnualReports/
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