Members of Caisse Horizon Credit Union were on the receiving end of an estimated $200,000 in profit dividends last year.
That was the optimistic news coming out of the Credit Union’s Annual General Meeting, held Feb. 27 at the Girouxville Community Hall.
Colin McAleer, general manager for Caisse Horizon Credit Union, presented his report during the meeting, touching base on the various activities over the past year.
He said operating expenses increased by $64,945, or 6.3 per cent, in 2000 while assets jumped by an estimated $2.2 million (5.3 per cent), adding that the financial statement for the first two months of 2001 indicated stronger results when compared to the past year.
McAleer stated that the agriculture economy has continued to struggle, thus effecting the business community and the employment market, adding that as a cautious move, the Credit Union has allocated an additional $287,696 for impaired or doubtful loans.
“In addition to the loan allowance, and the rebates to our members, we were able to place $147,905 in retained earnings, after paying $50,661 in income tax, keeping our equity at 11.7 per cent of net assets,” he said.
McAleer then moved on to discuss several options which they are currently exploring to improve the quality of loan services to members.
“Our goal is to provide quick, high quality, competitive loan services,” he explained. “To remain competitive and to respond to our members needs, we are reviewing our lending products and will be examining ways on how to make them more attractive.”
An added convenience for customers in the near future will be the official opening of Credit Union branch in High Prairie. Plans to open the new branch by the middle of 2001 began two years ago and are moving ahead nicely, said McAleer, adding that Judy McAndrews has officially been hired as the Branch Manager.
“This new branch will enable us to lend out more money and to increase our profits while diversifying our market place and loan portfolio,” he said.
Lucienne Pitre, chairperson for the Credit Committee, reported that during the past year, the committee studied 588 applications. From that total, 492 were approved for a sum of $11,757,062 while the remaining 96 for a sum of $3,839,891 were declined.
All of the applications were through the Girouxville, Falher and St. Isidore Credit Union branches.
Members then moved on to approve a number of bylaw changes in the Credit Union constitution prior to taking part in the election of officers for the next term.
Re-elected as President was Marilyn Laberdiere and Vice-President Marcel Jasmin. Three new directors elected by the membership included: Lorraine Roby and Henri Cloutier and Laberdiere.
A total of 148 registered members attended the Annual General Meeting in addition to seven guests.