ACU report profits at AGM
Austin Credit Union reported a year of growth despite some challenges at its annual general meeting held on Apr. 16.
Mike Vercaigne, president of the board of directors of Austin Credit Union noted the meeting was well attended with over 150 people taking part.
"Our year actually ended up being quite good. We actually still experienced growth even though it was kind of a tough year due to weather and world banking issues and stuff like that," said Vercaigne.
The growth was seen in a number of different areas making for a sound financial year.
- assets grew by $17, 803,000, making the credit union about $190 million in size. Year over year that represents about a 10.36 per cent increase in assets.
- loans grew by over $4.6 million or three per cent and that means our loans to membership is just over $156 million.
n member deposits grew by over $20 million, which is about a 13 per cent increase. They now stand at $179, 152, 000.
- equity is solid at 5.23 per cent.
The future could include a review of the services offered by the credit union.
"We're probably due to do a thorough analysis of our service needs and now we just need to assess the needs of our members in an ever changing market," said Vercaigne. "Sometimes you just need to analyze what you're doing and make sure you're still providing all the services that your members need."
But overall Vercaigne said he was pleased with the outcome.
"All in all it was still a good year and we had a good turn out and everything should be fine to head into the next year," said Vercaigne.