NEWS RELEASE for
February 7, 2008
Red Deer, AB… While a November forecast for the big six Canadian banks projected a six percent year-over-year decline in fourth quarter overall operating profits, Community Savings was preparing to announce record profit levels and cash back through Profit Sharing with its members.
"While many financial institutions have been hobbled by the credit market crisis, 2007 was another record breaking year for us," says Murray Haubrich, President & Chief Executive Officer of Community Savings. The credit union announced its year-ending October 31, 2007 closed with $2.7 billion in assets, a 14 percent increase over the previous year. Annual profits, before income taxes and Profit Sharing, increased six percent to $38 million, and mutual fund growth totaling over $270 million saw an increase of 43 percent. Commercial and agriculture loans increased 23 percent to $912 million.
"We were able to return $14.5 million cash back through Profit Sharing back to our members in January," adds Haubrich. "This year's payout brings the total we've returned to members over the past four years to nearly $56 million." Each member’s payout is based on Community Savings’ annual profitability, the amount of personal and business banking they do, the balances they maintain and the number of common shares they own.
Haubrich confirmed that 2007 sets the stage for continued growth. "In January, we opened a new 8,000 square-foot branch in Ponoka and our expansion plans for the rest of the year include the opening of three new full-service branches, two in Calgary and one in Lethbridge. We will also replace the existing Redcliff and Sylvan Lake branches with brand new premises."
The strong results that Community Savings has experienced over the past five years enables it to make substantial contributions to the communities in Central and Southern Alberta. $1.8 million was re-invested through sponsorships, scholarships and gifts in kind. Community Savings staff also donated over 7,500 hours of volunteer time to numerous causes. Notable contributions were made to Family Services of Central Alberta, Medicine Hat & District Health Foundation, United Way and Bowl for Kids. This year a $50,000 scholarship program was introduced to recognize at least one eligible graduating student from each of the high schools in the communities we serve.
Results were announced at the 63rd Annual General Meeting on February 7th at the Lethbridge Lodge Hotel and Conference Centre.
Community Credit Union Ltd., operating as Community Savings, provides a complete line of banking services, including registered accounts, financing, investments, insurance and commercial banking. It has 30 locations in 24 Alberta communities geographically distributed from Ponoka south to the U.S. border. With assets of $2.7 billion, 625 employees and 110,000 members, it is the second largest credit union in Alberta and the sixth largest in Canada. Its head office is located in Red Deer.
Click here to view the 2007 Annual Report
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FOR MORE INFORMATION:
| Murray Haubrich, President & CEO |
403.343.0144 |
| Rob Stryker, Regional Vice President Central Alberta |
403.343.0144 |
| www.communitysavings.ca |
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