August 30, 2017
Calgary, AB – Connect First Credit Union continues to post strong financial results through the third quarter of 2017, despite ongoing challenges in the local economic environment.
Income before taxes reached nearly $14.9 million for the first nine months of fiscal 2017 and sets Connect First Credit Union on track for another successful year of operations. Strong annual earnings has contributed to a solid capital base, exceeding regulatory targets, and positioning for continued and sustainable growth in future years.
Total assets increased by $56 million through the first nine months to $4.4 billion. During the same period, total loans increased by $31 million to $3.7 billion as of July 31, 2017. Member deposits decreased by $8 million to $3.9 billion. Connect First Credit Union’s book of business managed on behalf of its 100,000 members was approximately $8.8 billion on July 31, 2017.
On August 15, 2017, members of Legacy Savings & Credit Union Ltd. unanimously agreed to merge with Connect First. Subject to regulatory approval, it will become Connect First’s third distinct operating division on November 1, 2017, joining First Calgary Financial and Chinook Financial. Connect First Credit Union currently serves 100,000 members across 26 locations in 13 southern Alberta communities, and through the merger will add Legacy’s 4,000 members and two Calgary locations to the credit union’s operations.
“I’m very pleased with our results despite our challenging business environment”, said Paul Kelly, CEO. “I am particularly proud of our strong results as we engaged in our amalgamation discussions during the quarter.”
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 tenth largest credit union, with over $5 billion in assets under administration. It serves 100,000 members through 27 branches in 14 communities across southern Alberta, under the Chinook Financial and First Calgary Financial brands.
- 30 -
Director, Brand and Stakeholder Engagement
Connect First Credit Union