Financially the Flin Flon Credit Union reported total asset growth of 5.55% to end the year at 57.7 million dollars. Gross income was similar to the previous year and after some prudent allowances were made to prepare for potential future loan losses the net income was reported at just over 211,000 dollars which was a 31% increase over 2017.
Local business owner Dawn Hlady was ratified to the Board of Directors after the retirement of Tom Fehr who served the organization for 37 years. Darren Grant and Don Scott were returned to the Board by acclamation. The other Board members still serving out their terms include Rod Gourlay, Frank Fieber, Tina Tait and Lorna Quinn.
General Manager Kory Eastman highlighted the amount of work and planning which the Credit Union has completed since November to prepare for possible changes in the community’s workforce by 2022. This review has provided a sense of security to Board and management about the ability of the organization to serve their members needs well into the future.
Copies of the summary financial statements can be downloaded from the Credit Union website at www.ffcu.ca.