Westminster Savings reports another year of strong financial results

Surrey, B.C. – March 26, 2018 – Westminster Savings Credit Union (Westminster Savings) is pleased to report its financial results, which show significant growth, for 2017. Total assets under management grew by 12.2% to $4.0 billion, while members’ deposits grew by 11.5% to $2.7 billion. Loans and leases receivable grew to $2.7 billion, an increase of 16.8%. Net interest income was up by $6.3 million or 10.1% against 2016. Net income after taxes for the year was $13.2 million and members’ equity grew by 7.8% to $195.0 million.

In 2017, Westminster Savings opened three new service locations in Central City and Grandview Central in Surrey, and River District in South Vancouver, expanding its branch network by 25% in just six months. The success of these new branches has exceeded the credit union’s early expectations with all three locations quickly having established a significant presence in their local communities.

“2017 was a remarkable year for Westminster Savings. The credit union experienced significant growth thanks to the planned expansion of its branch network, and from its ongoing commitment to delivering relevant products and exceptional customer service,” said Darlene K. Hyde, chair of the Board of Directors. “These results build on a track record of success ensuring the credit union remains financially strong and has the resources necessary to continue to invest in new products and services, and to fund important investments in its communities.”

“We attracted a record number of new customers in 2017, which is testament to the value and exceptional service experience we strive to deliver through our branches, Member Service Centre and Online Banking,” said Gavin Toy, president and CEO. “In an effort to meet our customers’ evolving needs, we continued to look for ways to provide them with maximum choice, convenience and flexibility in how they bank, enhanced products such as our Unlimited Chequing Account and free e-Transfers, introduced new competitive mortgage and deposit offerings, and made important investments in our systems, processes and branch operations.”

In 2017, Westminster Savings invested $333,000 through sponsorships and direct donations to its local communities. In addition, the credit union made a $250,000 contribution to the Westminster Savings Foundation (the foundation), bringing its community endowment fund to more than $9.0 million. The foundation, one of the largest credit union foundations in Canada, disbursed $317,000 to local charitable organizations in 2017, including $75,000 to each of its community partners, Arts Umbrella, Special Olympics BC and KidSport BC, in the first year of a three-year commitment totalling $675,000. Westminster Savings believes the arts and active living are pivotal to healthy, inclusive communities across Metro Vancouver and the Fraser Valley, and is honoured to be lending its support to such impactful causes.  

2017 Annual Report now online

Westminster Savings’ interactive Annual Report and downloadable Management Discussion and AnalysisGovernance Report and Westminster Savings Foundation Report are now available at wscu.com. 

2018 Directors Election

Westminster Savings is asking eligible members to vote in a Board of Directors Election. Voting will remain open until 5 p.m. on Thursday, April 5. For more information, please visit wscu.com. The results of the 2018 Directors Election will be announced at the Annual General Meeting (AGM) and posted on our website the following day.

2018 AGM

The 2018 Westminster Savings AGM will be held on Tuesday, April 17 at the Anvil Centre, 777 Columbia Street, New Westminster. Registration for the AGM opens at 6:15 p.m. and the meeting starts at 7 p.m.

About Westminster Savings Credit Union

At more than $4.0 billion in assets under management, more than 67,000 customers and 400 employees, Westminster Savings is among the largest credit unions in Canada. Known for its customer and community focus, people-oriented culture, and sound financial and operating practices, Westminster Savings provides a full range of retail, commercial, leasing and wealth management solutions to meet its customers’ evolving needs. As a designated Caring Company, the credit union contributes a percentage of pre-tax profit to charities and nonprofits annually, helping to set the standard for corporate community investment in Canada.

For more information, visit www.wscu.com.

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For more information

Cathryn Tucker
Manager, Corporate and Internal Communications
Westminster Savings
ctucker@wscu.com 
604 519 4210

 

 

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