December 15, 2015
Connect First Credit Union finishes first year of newly amalgamated operations with record financial results and sharing a 4.20% dividend with members.
Calgary, AB – Connect First Credit Union finished its first year of integrated First Calgary Financial and Chinook Financial operations with recognition as one of Canada’s Best Managed Companies – a platinum club member, and sharing a 4.20% ownership dividend with its members.
Loans grew by $267.1 million, or 8.33%, and deposits grew by $331.8 million, or 9.52%, in the 2015 fiscal year. Income before taxes, reached $18.9 million, compared with $16.2 million in 2014. The book of business, which includes loans, deposits, off balance sheet loans and wealth management funds, grew to $8.5 billion in 2015.
The First Calgary Financial division saw exceptional loan growth during fiscal 2015. Net loans grew by 11.6% above 2014 year end balances. In addition, wealth management deposits from members increased $53.7 million or 11.4% from one-year ago.
The Chinook Financial division saw excellent financial results in fiscal 2015. Net loans in the Chinook Financial division grew 7.22%, assisted by exceptional growth within the agricultural loan portfolio which grew by 11.0% above previous year balances.
“It’s been a tough year for Albertans”, said CEO Paul Kelly. “I’m proud of our employees’ efforts to go above and beyond in finding workable solutions to help our members meet their financial needs now, and for a bright future.”
Connect First Credit Union offers its members a full range of financial products and services and the branch network of a large financial institution, while retaining its trusted local brands and continuing its community-focused approach to banking. Connect First Credit Union is Canada’s ninth largest credit union, with over $5 billion in assets under administration. It serves 100,000 members through 27 branches in 15 communities across southern Alberta, under the Chinook Financial and First Calgary Financial brands. For more information visit connectfirstcu.com.