2017 marked a strong year for Swan Valley Credit Union. We are pleased to report that the Credit Union ended the year with a net profit of $1.3 million and members retained earnings grew to 14.2 million or 5.2% of assets which now total $272.6 million. Total capital representing the stability of the Credit Union is now $17.9 million or 6.55% of assets. The Credit Union continues to exceed both the capital target set for management by the Board and the regulatory requirement mandated by the Deposit Guarantee Corporation of Manitoba.
Our loan portfolio showed growth especially in the later part of the year due to two successful loan campaigns targeting residential and agricultural mortgages.
Our employees continue to be our most valuable asset. Swan Valley Credit Union has a long history of supporting and fostering continuing education to further develop their skills. Throughout the year employees completed over 1,100 hours of training in areas such as member service, credit union products, lending, accounting, financial planning and human resources.
Continuing our long standing commitment to community philanthropy we donated over $66,000 supporting some 150 organizations, community events and sport programs. Additionally our directors and employees donated over 2426 hours to various organizations throughout the valley.
In 2017 we replaced our two aging ATMs in Swan River with new machines that provide better functionality. We also enhanced our internet banking platform providing members with a money management feature and updated our Mobile App.
We wish to express our thanks to your Board members for the time and dedication they give to the Credit Union and to our employees for their hard work and accomplishments in serving your needs. In conclusion we thank you – our members for your continued loyalty and ongoing support as we “Build a better future with you”.
Brian Cotton, President