Apart… but together.
That’s one way to describe Coastal Community Credit Union’s (CCCU) well-attended AGM, which for the first time ever went virtual on Wednesday June 10th.
In line with practicing safe distancing due to the COVID-19 pandemic, the Credit Union conducted its AGM virtually, which involved a live webcast of all its proceedings. Members were able to learn about CCCU’s financial and corporate achievements, vote on motions, ask their questions and learn the results of the 2020 Directors election from the comfort of their homes—wherever on Vancouver Island or the world that might be.
In his speech, Adrian Legin, CCCU’s President and CEO, acknowledged that he missed connecting in person but was pleased that the Credit Union was able to pivot quickly and offer this virtual solution. He recognized that technology and collaboration helped make the AGM webcast a success, and predicts these very qualities will continue to shape future projects at CCCU.
During the virtual AGM, Coastal Community announced its 2020 Director Election results. CCCU members re-elected incumbents Doug Lang, Terry Law and Debra Oakman, and elected Melissa Lacroix from Nanaimo as its newest Director. A virtual farewell was given to Cheryl Tellier, who retired from CCCU’s 10-person Board effective the end of her term, which coincided with the AGM.
AGM attendees learned that the Credit Union performed well financially during 2019, further building on its financial strength and stability. It ended the year with $2.7 billion in total “on-book” assets, an increase of 4.5 per cent over the year. The number increases to over $3.5 billion in total assets under management, when off-book assets managed through their wealth management subsidiary are included. CCCU’s capital ratio, which reflects the Credit Union’s capacity to invest in the future and to withstand economic downturns, increased from 15.42 per cent at the end of 2018 to a very healthy 17.17 per cent at the end of 2019.
Management also highlighted a unique partnership with Interior Savings Credit Union that was solidified in 2019 with the formation of a jointly owned company. This company, in turn, fully owns Coastal Community Insurance Services (2007) Ltd. and Interior Savings Insurance Services Inc., and operates them as separate legal entities and brands. Also presented were highlights of its subsidiary Coastal Community Financial Management Inc. and its division Coastal Community Private Wealth Group, which experienced solid growth during 2019 to end the year with $770 million in assets under management.
Among various other initiatives, Coastal Community’s redesigned website, cccu.ca, was highlighted on several occasions during the meeting. The website, which was completely reinvented in 2019, has proven extremely helpful in connecting members and clients with information, support and financial measures to help them endure these extraordinary times. It was shared as one example that the redesigned website has allowed the Credit Union to process Canada Emergency Business Account applications more quickly and efficiently than it would have in the past, with local businesses already benefitting from $9 million in government funding as a result.
Those interested in learning more about Coastal Community’s accomplishments from the past year are invited to read the online version of its 2019 Annual Report. To learn more about CCCU’s member-elected Board, please visit cccu.ca.
Coastal Community Credit Union remains the largest Island-based financial services organization, and third largest BC credit union by membership.
