Equity Credit Union held its 78th Annual General Meeting on Thursday, April 15th, 2021
Our AGM was a very successful event, we thank those that attended our second ever virtual AGM!
We reviewed our 2020 financial results, which were very positive. Despite all the challenges that were brought in 2020, the credit union persevered and came out of the year with strong financial results, net income and balance sheet growth. Our Balance Sheet grew by $35.3 million or 20% and is now over $209 million in assets. In addition, the credit union reported a net income of $2.0 million for 2020. This was on the back of a very successful 2019 year, where our Balance Sheet grew by $34.5 million or 25% and the credit union reported a net income of $1.6 million. We want to thank our members for your support and commitment to the credit union during 2020!
As a result of the fantastic success of the credit union, the Board of Directors is proud to announce that a Dividend has been declared of $75.00 per member share as listed and in good standing as at December 31, 2020.
Congratulations to all!
As a reminder our deposit insurer, FSRA, increased the insurance limit on a per member basis to $250K, up from the previous $100K. In addition, there is unlimited insurance on all registered products such as RRSP’s, RRIF’s and TFSA’s. This is tremendously positive for our credit union and for our members. You can take advantage of our very competitive deposit rates and increase your deposits with the credit union. Please call us at 905-426-1389 or 1-800-263-9793 ext. 221 and talk to us about our interest rates and how we can assist you.
At the Annual General Meeting, the following 3 directors were re-elected to the Board: John Loreto, Larry Biancolin and Craig Nichols. We also wish to thank Frank, Vishal and Roger who also ran in the board elections.
The 2021/22 Board of Directors are:
• John Loreto – Chair
• Bonnie Downing – Vice Chair
• Art Jessop – Corporate Secretary
• Larry Biancolin
• Bill Downing
• Peter Sideris
• Jeannine Wilson
• Adil Qureshi
• Craig Nichols
We hope you can attend our Annual Meeting in 2022!
Click HERE to download the AGM 2021 Powerpoint Presentation
Click HERE to download the AGM 2021 PDF Report