Despite another challenging year with continuing economic uncertainty, increased competition and regulatory compliance your credit union ended the year with $267 million in assets and a profit of $814 thousand. Total capital increased to $16.8 million or 6.3% of assets. Capital is the “cushion” that the credit union has to withstand downturns or losses. Swan Valley Credit Union continues to exceed the regulatory requirements mandated by the Deposit Guarantee Corporation of Manitoba.
Swan Valley Credit Union takes pride in the support we give to our communities through initiatives such as the annual “Beef on a Bun”, our “My Community Matters Grants” and our staff “Jeans Day Charity”.
Annually our employees give over 2000 hours of volunteerism to a wide variety of charitable and non-charitable organizations throughout the valley.
There have been many new faces in 2016, however we also said goodbye to 2 of our long term employees. To Margaret Dunn, Wealth Services Manager & Marilyn Kerestes, MSR – we wish you both a long and happy retirement.
We continue to make significant investments through training, technology enhancements and processes to improve our member service. This year we began transitioning our debit cards to new Everlink flash debit cards providing our members the convenience of flash (Tap and Go) transactions and positions the credit union for the rollout of mobile payments – making payments via your mobile phone.
We value the experience and dedication our staff provide on a daily basis and thank them for their efforts and hard work.
Your board of directors also undertakes continuous learning to remain effective and to better serve the interests of our members. Collaboration between credit unions is becoming more commonplace and this year the boards of Swan Valley CU, Prairie Mountain CU and Flin Flon CU held a joint strategic planning session. Swan Valley CU also participated in other collaborative discussions with credit union groups throughout Manitoba.
In closing we wish to thank all our members for your continued patronage and for choosing us to be your financial service provider as w e continue……building a better future with you
Brian Cotton, President