It has been another year of strong financial results for Westminster Savings Credit Union, despite a challenging operating environment.
Total assets under management showed continued growth reaching $3.2 billion up 5.8 per cent in 2014. Member deposits grew by 7.2 per cent to $2.1 billion and loans and leases grew by 1.7 per cent and 5.5 per cent respectively. Although net interest income and other income were down $3.5 million compared to 2013, costs were carefully managed to deliver an overall bottom line of $8.1 million. This is down slightly from $8.5 million in 2013, which reflects a continued contraction in financial margin.
“Although 2014 was marked by continued low interest rates and heightened regulatory and competitive pressures, Westminster Savings was successful in achieving positive results overall,” said Bill Brown, chair of the board of directors.
“Beyond our strong business performance, key highlights for Westminster Savings in 2014 included celebrating our 70th anniversary and being identified as one of Canada’s Best 50 Employers for the third consecutive year.”
In 2014, Westminster Savings continued its commitment to using member feedback to enhance and expand its products and services to better meet members’ needs. The credit union launched a package of banking products and services specifically designed for families. The Unlimited Family Plan allows busy families to share convenient and valuable banking features for one low price. In addition, the credit union expanded its wealth management and small business services with the introduction of additional investment specialists and small business banking relationship managers to our branch teams.
“We are very proud to have maintained our commitment towards our local communities by creating access to arts and active living programs and activities through our community investment program, Project Better Balance,” said president and CEO Gavin Toy.
Through Project Better Balance, the Westminster Savings Foundation disbursed $296,000 in grants to local charities and the credit union directly donated $251,000 in various community sponsorships and activities. The credit union also contributed a further $500,000 to the Westminster Savings Foundation bringing its total fund balance to $9.2 million and ensuring a reliable source of financial support for community investment activities going forward.
“Over the next month, we will be holding open houses in three of our locations,” Toy said.
“These events provide a great opportunity for our members to interact with our board and management teams and we encourage our members to attend to learn more about their credit union.”