Connect First Credit Union finished its first year of 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 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.
“2015 was a challenging year for many of our members”, said Scot Hadden, President of Chinook Financial. “I’m proud of how our employees have worked closely with members to develop financially-sound solutions to support them now, and in the future.”
Chinook Financial is a division of Connect First Credit Union. Chinook Financial has 11 retail branches in 13 communities across southern Alberta with 200 employees serving 20,000 members. Over the past 75 years, Chinook Financial has grown from its modest beginnings in the agricultural industry to the leading financial institution in the communities it serves.
More information about Chinook Financial is available at chinookfinancial.com.
