Westminster Savings continues its strong performance in 2011

New Westminster, BC – Westminster Savings Credit Union continued its history of solid financial performance in 2011, despite continuing challenging economic and market conditions. The credit union's assets reached $2.13 billion, up 2.5% from $2.08 billion last year. Net income after tax was $11.7 million, which is down slightly from $12.3 million in 2010, while retained earnings topped $131.7 million, up 5.7% from 2010.

"Although 2011 witnessed a long period of low interest rates and stalled economic activity, Westminster Savings was successful in achieving positive results overall," said Ross Montgomery, chair of the Board of Directors.

2011 was a busy year for the credit union. Westminster Savings opened a prominent new facility in Maple Ridge and made numerous improvements and upgrades to serve members better. The credit union introduced new chip MEMBER CARD debit cards to enhance the security of transactions and reduce the potential for fraud, and upgraded its mobile banking service to give members the ability to bank wherever and however they choose.

"We experienced another year of strong financial performance thanks to our continued focus on high quality member service, sound financial practices and operational efficiency," said President and CEO Barry Forbes. "In 2011, we reinforced our commitment to helping our communities by launching a new community investment program - Project Better Balance. The new program is designed to help families and individuals in our communities Achieve Better Balance by providing much-needed access to arts and active living programs."

To help kick off the new program, Westminster Savings established partnerships with KidSport and Arts Umbrella, and developed a year-long "free swims" program at recreation centres in all of our trade areas - New Westminster, Coquitlam, Burnaby, Maple Ridge/Pitt Meadows, Port Coquitlam, Surrey, South Surrey/White Rock and Langley. In total, Westminster Savings contributed nearly $560,000 to local communities in 2011, and an additional $500,000 was donated to the Westminster Savings Foundation, bringing its total fund balance to more than $7.5 million.


About Westminster Savings

Headquartered in New Westminster, Westminster Savings Credit Union provides a full range of retail, commercial and wealth management services, plus vehicle and equipment leasing services through its wholly-owned subsidiaries WS Leasing Ltd. and Mercado Capital Corporation. Its 400 employees serve approximately 50,000 members from 12 retail branches across metropolitan Vancouver. Westminster Savings also offers a wide range of online and mobile banking services, access to global ATM networks and extended telephone service through its contact centre located in New Westminster.

For more information:

Samantha Giovenazzo
Sgiovenazzo@national.ca, 604-691-7383

 

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