President Darren Grant provided an overview of a dramatic year of changes for the organization from the impact of the closure of Flin Flon’s Hudbay operations to the investment in Flin Flon Insurance and the first ever cash redemption of 37 thousand dollars in previously issued Surplus Shares being paid to members.

General Manager Kory Eastman reviewed the details of a very profitable 2022 as the rapid increase in interest rates and the results from both insurance and wealth management saw the profitability of the Credit Union increase 154 percent to a net income of 601 thousand dollars.  Total assets of the Credit Union increased 7.5 percent to end the year at 77.1 million dollars.  Eastman added the wealth management area also increased to over 18 million dollars in assets under management in what was a very unusual market environment.  He noted although the Board did not allocate any new funds towards patronage in 2022 it was made clear that after the payout of all existing Surplus Shares, the Credit Union would look to regularly return excess profits to the 2306 active members.

Copies of the summary financial statements are available for download from the Flin Flon Credit Union website at www.ffcu.ca.