Copperfin Credit Union Report Strong Financial Results At AGM

Posted 21 April 2017 by in Business

Copperfin Credit Union announced their financial results at their Annual General Meeting on Thursday, April 20, as well as welcomed back 4 returning Directors.

Copperfin Credit Union announced their financial results at their Annual General Meeting on Thursday, April 20, as well as welcomed back 4 returning Directors.

THUNDER BAY – BUSINESS – Copperfin Credit Union announced their financial results at their Annual General Meeting on Thursday, April 20, as well as welcomed back 4 returning Directors.

Highlights from 2016 include growth in both assets and profit, while also increasing investments in staff, members and communities.

“Our financial stability contributes to our sustainability, ensuring we’re able to serve our members for years to come.” states Dennis Alvestad, CEO of Copperfin. He continues. “2017 will be another year of change and competition. Our commitment to making a positive impact through charitable contributions, volunteerism and stable, ethical employment remain at the core of our values.”

Highlights

  • Assets increased 6% to almost $363M
  • Net Income increased 11% to $2.3M
  • Gave back six times more to the community than Big Banks for every dollar of business, an amount that will be doubled this year
  • Shared nearly $400,000 in profits to almost 6,000 members, the third straight year they’ve returned profits to their members
  • Adding third Thunder Bay branch (7th in Northwestern Ontario), replacing the recently departed HSBC branch at the corner of Harbour Expressway and Carrick, opening this fall
  • Investing in staff and processes to ensure an honest, advice-based experience based on solutions rather than meeting sales quotas

At the AGM, Copperfin welcomed back 4 Directors who were re-elected, all for three-year terms: Paul Fregeau, Janet McCutchon, Dave Moscall and Catherine Smallwood.

Full financial results can be viewed at copperfin.ca/annualreport