UNITY — Unity Credit Union continues to drive home their message to members that they will always be there, and this was evidenced in the information shared at their 81st annual general meeting, held virtually, March 28.
Board president Michael Soloski outlined several changes the business incurred in 2022.
The first change was made by SaskCentral, who had been providing services that credit unions, the size of Unity Credit Union, relied on. Recently, Michael Soloski mentioned in both his written and verbal report, SaskCentral began to divest or exit from providing these services.
In 2022, the migration was complete from MemberDirect to Express Online Banking, and the agreement was reached as MemberDirect had reached the end of its life. This involved staff preparing for this change and even when the transition occurred, it was still disruptive to members.
Member Rewards, which pays patronage based on the relationship the member has with Unity Credit Union, was adopted. It is based on the number of credit union services members use, the volume of their lending and investing business and how long they have been a member. Soloski says this new program aligns with relationship pricing that was developed for loans and newly introduced for investments as both are focused on the merits of a deep relationship with members and credit unions.
Unexpected funds in the amount of $3.2M came from a significant payment of dividends to Saskatchewan credit unions as a result of shares of SaskCentral in Concentra Bank to Equitable Bank.
UCU increased its member rewards allocation in 2022 with some of these funds. As well, they continued to show they will always be there for the community they serve by making two $50,000 donations. One was made to the Unity Hospital Auxiliary for new bed purchases and the second was made for walking path enhancements that are ongoing. Soloski also noted funds were also used to pay the costs related to the Express banking implementation and the remainder to build capital strength, both of which will benefit the member-owned busines.
CEO Gerald Hauta stated in the meeting that even without this payment, they still would have had a good year.
Some details that came from the AGM included: 2313 online banking users transitioning to the new banking platform. There are 4,380 CU memberships, and Unity Credit Union is the 12th largest credit union in the province. There was a 1.74 per cent asset growth in 2022. $500,000 was paid in member rewards, along with $50 to every youth member.
Relationship pricing was introduced for lending customers and is now implemented as well for investments with the credit union.
Curt Wagner from MNP, auditors for Unity Credit Union, presented his report and affirmed that Unity had a strong and stable year.
Hauta said that this year’s return to the virtual format would be followed by two in-person events in the branch March 29 and 30, giving members a chance to socialize, ask questions, tour the building and meet the staff in an informal setting. How well received this method is will help make decisions for next year’s annual meeting.
Board elections
Every year, three director terms expire. Michael Soloski, after serving 12 years on the board, as per bylaws, will take one year off giving an opportunity for new people to join the board. Anita Parker’s term was due, but she let her name stand and was acclaimed. Christine Lang, who served previously for nine years, let her name stand when a previous two-year position was vacated but did not wish to continue. New board members added include Brittany Herbertson and Brett Kuhn. Kuhn’s addition is a first as he served as a junior board member while at UCHS and now will serve in a regular role on the board of directors.
Care for community
Another co-operative principle is concern for the community. In their ongoing efforts to give back to the community they serve, UCU staff delivered meal on wheels for 92 days in 2022. A number of sponsorships and donations were made as well as staff through volunteer efforts on an employee level and outside of working hours serving on boards, roles in minor sports programs and other volunteer commitments. The recent walking path donation will help advance their development as it is a well-used option. The details of their involvement are included in the annual report that is available either for pickup at the location or can be viewed online.
Always being there for the communities they serve means a well-balanced staff component. Unity Credit Union announced 115 years of dedicated service by a number of employees achieving milestone years of service.
Milestone years of service
Maria Carino-Vetter has served five years. Ten-year awards were announced for Megan Heidt, Janelle Riou and Rajbir Volk. Fifteen-year awards were recognized for Shannon DeRoo, Gaylene Heffner, Michelle Pilat and Sara Schurman. Michelle Aldred was recognized for 20 years with Unity Credit Union. Christine Lang was acknowledged for returning to the board for two years (having previously served nine other years) and Michael Soloski was acknowledged for his 12-year commitment to the board of directors.
In conclusion, the board of directors and management described 2022 as an interesting year, and they thank their membership for their trust, thank the staff for their unfailing commitment to member service, despite many challenges as well as acknowledged management for guiding the organization through interesting times.
Members can see the full annual report, which includes the financials and other details of their year in 2022, either by picking up a copy at the location or viewing it online.
