UNITY — For a third straight year, Unity Credit Union held their annual general meeting virtually. While 51 people, including staff, were present online, it was noted the meeting was being recorded and would be available online as well.
UCU remains the largest single-branch credit union in the province and the 12th largest credit union in Saskatchewan.
In his address to members, board president, Michael Soloski, said, “We grew over $26.5 million in 2021 to end the year with an asset base of $324.7 million, the highest result in our history.
"Through the year, members began to borrow cautiously again, resulting in an increase in our loan portfolio for a new all-time high of $210 million. Our margin between interest received and interest paid continued to be impacted by low interest rates and a very competitive interest rate environment."
Soloski also noted UCU allocated $400,000 for member patronage in 2021.
In his first year as president, Soloski said the word he would use to describe 2021 would be "hampered" and his full statement is available in the annual report available to all members.
“I would prefer to use the word hampered to describe 2021. The year began with the anticipation and excitement that vaccinations might curb the coronavirus disease, but these expectations were hampered by the arrival and spread of new variants. There was anticipation that the agricultural industry would lead economic recovery but that anticipation was hampered by extremely hot dry weather for an extended period of time drying up crops and pastures. The projections that economic conditions were improving were hampered by prolonged challenges for members caused by the extended effects of COVID. The financial successes we experienced as a credit union were hampered by the need to book allowances for potential losses due to the economic challenges present in our world.”
UCU staff continue to demonstrate the business’s commitment to community, volunteering more than 750 hours in the community which included delivering 112 meals through the meals on wheels program. Staff served burgers at the Unity Credit Union Aquatic Centre during Drowning Prevention Week, sponsored men’s night at the golf course and helped take down the boards at the outdoor rink to outline but a few of the tasks the UCU team committed to in 2021.
UCU has 4,486 members. Because of the prolonged pandemic, the 80th anniversary of UCU was a low-key affair however staff did deliver some individually wrapped“80” cookies to local seniors' centres as well as handed them out in branch as part of Credit Union Day. As an added bonus, and again, to support local coffee shops, UCU paid for coffee at local restaurants as part of their 80th anniversary celebrations.
CEO Gerald Hauta stated in his address, “Community support ranks near the top of our list of accomplishments and sources of pride.”
Hauta noted that the meeting would present the most relevant information for members and details were included in the annual report available online or if members wanted to see a more detailed version, they could request one at their location.
Open banking was discussed in Soloski’s address as well as presented in a question from an attendee. “The future continues to be in a state of flux. There are changes coming in payment services. Open banking regulations are now being considered. This is significant as open banking has been compared to the disruption caused by the introduction of the world wide web. Changes continue in the credit union system locally, provincially and nationally.”
Soloski also reviewed changes to the board, also noted in the annual report. After nine years, Sandra Wagner chose to not let her name stand, while board members Martin Berg and Kristine Moon allowed their names to stand. Colette Lewin was nominated again for the board and because no other candidates were presented, all were elected by acclamation.
Before close of the meeting, Hauta recognized milestone service awards and talked a little about their history with the credit union system. Awards were noted to: Vanessa Spendelow, five years; Rachel Loran, 10 years; Kerri Green, 15 years; and Dianne Kramer, 40 years. Kramer retired in December of 2021 and her many years of service and her value to the organization were recounted.
