VANCOUVER ISLAND – At its virtual AGM held on Wednesday, April 27th, Coastal Community Credit Union (CCCU) announced to its member-shareholders that the financial co-operative remains strong and stable, as reflected in its 2021 financials.
Remaining Strong & Continuing to Grow
At year’s end, Coastal Community reported $3.27 billion in on-book Assets. As for Assets Under Management, CCCU now has $4.25 billion, a number that’s grown by $1 billion in just four years. Coastal Community’s efficient operations continued to be reflected in its Return on Average Assets, which came in at a healthy 0.56 per cent. Its Net Income increased in 2021 to just under $15 million, achieved within a year of continued pandemic challenges. Members’ Equity and the Credit Union’s financial margin also saw increases.
Another financial achievement came from Coastal Community’s wealth management subsidiary, Coastal Community Financial Management Inc. (CCFMI). CCFMI and its division, Coastal Community Private Wealth Group, saw record-breaking growth in their Assets Under Administration, up an unprecedented 19 per cent within one year’s time. CCCU’s insurance joint venture with Interior Savings had another successful year, with Net Income of $1.6 million.
Says Adrian Legin, Coastal Community’s President and CEO, “Thanks to our members, Coastal Community has once again delivered a strong financial performance. You’ve put your trust in us, and that’s helped Coastal Community get future-ready for your benefit, while also powering initiatives that work to improve financial health, foster economic development and help build healthier communities.”
Listening closely to members’ needs, in 2021 CCCU responded with more digital options and touch points, including additional financial education webinars, a faster mobile app and more ways to get important information on-demand. CCCU’s record commercial loan growth from the year reflects the Credit Union’s expert ability to help local businesses grow and thrive. Community efforts were concentrated on helping in a socially impactful way and included focuses like financial literacy and supporting children and youth. As a responsive organization, CCCU also donated a total of $25,000 to the year’s flood relief efforts.
Coastal Community Announces Directors Election Results at AGM
Those attending CCCU’s third-ever virtual AGM on April 27th also learned that two incumbents were re-elected by Coastal Community members while one new Director joins the Board. Nola Jeffrey is Coastal Community’s newest Director. She joins Evelyn Clark and Dominique Roelants for the 2022-2025 term. Evelyn also announced at the AGM that she will be stepping down as Board Chair. Susanne Jakobsen was elected to the role by her colleagues following the meeting.
Coastal Community Credit Union has been in business for over 75 years and now has over 85,000 members. With its strong financial base and a skilled and experienced Board at the helm, the Credit Union remains well positioned heading into the future. Coastal Community is looking forward to the opportunities at hand, knowing that progress made by the Credit Union means progress for its members and communities.
To learn more about the year’s accomplishments, read Coastal Community’s 2021 Annual Report. For more details on CCCU’s Board of Directors, click here.