NEWS RELEASE for March 9, 2007
Community Savings unveiled annual profits of $35.92 million before taxes and Profit Sharing, up 13.5 percent from last year. Results were announced at its March 8th Annual General Meeting, held at the Medicine Hat Esplanade.
"These results reflect the credit union’s best performance ever," says President and Chief Executive Officer Murray Haubrich. "They enabled us to return a record $14.2 million cash back through Profit Sharing to members and invest over $800,000 in community projects through sponsorships and capital donations."
A few of the projects supported this year include: Central Alberta Family Services, High River Ag Society Building, Lacombe Regional Centennial Centre, Lethbridge Hospital and Galt Museum, Medicine Hat & District Health Foundation, Three Hills Arena and Wasted Angels Drug Prevention Program. Haubrich adds, "I’m also very proud of the more than 8,000 hours of time our staff volunteered in their communities last year."
The member owned Community Savings said its Profit Sharing program rewards its members for the volume of business they do with the credit union in a given year. "Community Savings is able to share its profits because of its strong performance," says Haubrich. "Over $14.2 million in cash was returned to members this year."
Community Savings reports that loan growth grew more than 18.5 percent to $322 million during the year. Deposit growth was also extremely strong at $312 million. The credit union’s assets were $2.39 billion at year-end, a jump of 15.6 percent compared to last year.
The financial achievements were accomplished as Community embarked on the ambitious growth plan it announced at its March 2006 AGM. It replaced two branches in 2006, Elnora and Medicine Hat’s Southview location, and gained a branch in Calgary with its November 1 merger with the former Ukrainian Credit Union.
Community Savings will open the doors on its new Taylor Plaza Branch in Red Deer in April. It also anticipates establishing two new branches in Calgary, one in Lethbridge, and replacing its branches in Ponoka and Redcliff in the next 12 months.
President and CEO Murray Haubrich said it was the financial institution's best year ever. "The Alberta economy is enjoying robust growth and, by executing Community's business plan, we have been able to fully participate in this exciting marketplace."
Community Savings has more that 60 years of experience serving the people of Alberta. It is the second largest Alberta based credit union and seventh largest in Canada. They offer a complete line of banking products and services, including registered accounts, financing, investments, and insurance. As a member owned financial institution, Community Savings serves more than 100,000 individuals and businesses with 28 full service locations and 2 service outlets throughout Central and Southern Alberta. They employ 575 people.
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