The Credit Union reported total asset growth of 4.23% to end the year at $60.2 million and continued growth in their wealth management business of 14% to bring their total mutual fund assets under management to $14.6 million. Net income fell in 2019 due to a combination of higher expenses, lower commission revenues and a continued focus on buffering against potential credit losses due to changes in the local economics expected in 2022.
Directors Frank Fieber, Tina Tait and Dawn Hlady were returned to the Board by acclamation rejoining members Darren Grant, Don Scott, Rod Gourlay and Lorna Quinn.
Highlights of 2019 included the delivery of a new Strategic Plan, engagement of members through local focus group meetings to find out how they may best meet their needs in the future, introducing the first employee survey, beginning a Volunteer Reward Program for staff and announcing the development of the $10,000 Community Enrichment Program to fund economic development programs through small grants.
Copies of the summary financial statements are available for download from the Flin Flon Credit Union website at www.ffcu.ca.