CANORA - We live in a time of change, and the past year was no different, as was reported at the Crossroads Credit Union 16th Annual General Meeting.
The meeting,was held virtually on April 17, with Cindy Balaberda, manager of corporate services, serving as moderator.
President’s report
Betty Tomilin, board president, called the meeting to order, and shared the president’s message.
“As we look at the past year with Crossroads we again hear the word ‘change,’” said Tomilin. “Just as change is inevitable in our personal lives, so it is the same within the credit union. It can be driven by large-scale events such as conflict in another part of the world or closer to home such as the Bank of Canada attempting to slow inflation or regulations placed upon us by our regulators.”
Tomilin added that change can also come about “by you, the members.
“Change is hard. Human nature being what it is, we prefer the familiar because it's easy. However, as our members have learned to navigate the digital age, their expectations are that Crossroads keeps up with them. Some of these expectations are: the convenience of using technology, the opportunity to speak to a real person on the phone, and to receive assistance from someone who knows what they're talking about.
“As a board, we use strategic planning as one way in which we can define our vision for the future and provide our organization with a direction that we believe the majority of members desire. Technology comes with a price tag but it provides the convenience of conducting business from anywhere.
“The virtual branch provides opportunity to speak to a real person or receive a call back at increasingly more flexible hours. We strive to have knowledgeable people through training and education who are there to answer any of your questions.”
Tomilin reminded the audience that, with technology also come dangers such as hackers, scammers and identity theft, which are a threat to all of us.
“Clicking on the wrong link, trusting the wrong person, sharing personal information, accepting an opportunity that's too good to be true, all these things can cause a financial loss, large or small.
“Crossroads does its utmost to protect your information with updated technology safeguards as well as protecting you at a personal level. If you think an employee is asking unusual questions, be confident that they are confirming that your personal information and finances are secure and remain confidential. This all plays a part of assisting you to make well-informed financial decisions.”
Tomilin closed her address by recognizing two directors upon their retirement in the past year.
“Our former president Walter Ostoforoff retired after 12 years and Dale Zuko after eight years,” she said. “We thank them for their service and contributions to the board.”
CEO’s report
Tomilin introduced Jeff Bisschop, who shared the message from the CEO, reflecting on the past year “marked by global change. At Crossroads Credit Union, our steadfast commitment to our members’ financial confidence remain unwavering," he said.
“Throughout 2023 we concentrated on four pivotal initiatives: empowering our staff to deliver personalized service, enhancing our accessibility through service deliver platforms, adeptly managing our revenue streams and maintaining impactful community support,” said Bisschop.
“By investing in our staff's development we met evolving member needs, striving for efficiency and excellence in service delivery. Our dedication to streamlining processes yielded new opportunities and strengthened collaboration simultaneously.
“Our investment in digital banking platforms reflected our members’ preference with 72 per cent of transactions now conducted online. Crossroads has continued its financial support to our members, dispersing over $63 million in loans to foster home ownership and entrepreneurship.
“Recognizing the significance of financial advice, we initiated steps to address the distressing reality of Canadians living paycheck to paycheck. In 2023 we prioritized enhancing the employee experience, a catalyst for improving member satisfaction.”
Bisschop said the financial performance of Crossroads remained robust over the past year, with assets reaching $349.4 million and profitability at $2.29 million.
“Our commitment to long-term stability is evident,” continued Bisschop. “Through Credential Capital Management and a patronage payout, our community investment was exemplified through contributions exceeding $75,000 towards sponsorships, scholarships and community initiatives. Our digital banking platform virtual branch garnered positive feedback, showcasing our dedication to member-centric innovation.
“While bidding farewell to outgoing board members, we welcome new voices to drive our mission forward. As we navigate changing economic landscapes, we remain adaptable and resilient for a future of continued positive impact through courageous conversations and expert guidance.”
Manager of finance’s report
Rhonda Fullawka, manager of finance and risk, took to the podium next to provide the report of the auditor, Meyers Norris and Penny, regarding the financial statements for “a year of continual change.
“Crossroads saw another financially successful year,” said Fullawka. “Our balance sheet experienced a 3.2 per cent growth. This growth primarily stems from loans that are funded by the deposits that we hold. In 2023 our performance closely mirrored the prior year with loans exhibiting substantial growth at 9.5 per cent, out-pacing our deposit growth of 1.95 per cent. Additionally our off-book portfolio grew by 7.5 million or 11.7 per cent, more than double compared to the previous year, which was driven by both sales and market movements.”
As a result, the credit union’s combined on and off-book assets now total $421.4 million.
“Net interest income decreased $2.8 million or 22.7 per cent. Although we saw an increase in loan revenue due to rate increases, we also saw higher deposit costs. Our other income decreased by $406,000 or 18.6 per cent.”
Operating expenses rose by $559,000 or 7.3 per cent.
“This upward trend aligns with the overall, ongoing increase in costs,” said Fullawka. “Regarding the profitability of $2.2 million, this signifies a return to normalcy after substantial dividends in the prior year. These earnings enabled us to provide a patronage payment of $340,000 to our members in June.
“Crossroads maintains healthy capital and liquidity levels through strategic balance sheet management. Our ongoing focus remains on meeting regulatory standards, achieving our strategic plans and being able to give back to our members.”
Elections
Crossroads had terms of directors expire in all three districts. In the Central District, Arlette Bogucky won the election for a three-year term, beating out Harvey Malanowich.
In the Northern District, Chris Balyski was elected for a three-year term by acclamation.
Myrna Daviduk was chosen for a three-year term in the Western District, also by acclamation. This opening was created by the retirement of Murray Bottcher, who served on the Crossroads Board of Directors for 30 years.
“On behalf of cross Crossroads Credit Union I would like to thank you Murray for your 30 years of service on the board,” said Betty Tomilin. “Your knowledge and experience have played a part in the success of Crossroads. All the best in your future endeavors.”
In closing, Tomilin reminded all those in attendance the annual report and financial statements are available at the Crossroads website.
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