On March 18, Broadview Credit Union held their annual meeting. Broadview Credit Union improved their equity position by retaining $115,754 of the profit for the year.
Patronage was not paid last year, due mainly to the Credit Union's wish to work towards CUDGC's recommendation of a 10% equity level, and to the implementation of the new, live banking system.
The Broadview Credit Union's assets for 2009 came out to $1,868,862, compared to $1,544,746. Their investments totalled $5,231,039, in 2009, compared to $7,227,018 the previous year.
Loans receivable totalled $14,705,389 in 2009, compared to $13,999,490 in 2008.
Other assets totalled $27,145 for 2009, down from $40,066 in 2008.
Property equipment assets totalled $201,653 in 2009, compared to $222,683 the previous year.
Total assets were $22,034,088, down slightly from 2008, which saw a total of $23,034,003. This represents a loss of 4%, which the Credit Union attributes to the loss of a few larger estate accounts as funds were disbursed to family members outside of Broadview's trading area. The Credit Union's loan portfolio also grew by 5%.
Deposits for 2009 totalled $19,974,288, also down from the 2009 total of $21,037,493, also due to the loss of the estate accounts. The Credit Union also acklowledges that the attraction of new deposits has been difficult, due to the state of the economy and low interest rates.
Other liabilities equalled $186,031 in 2009, and $238,270 the previous year.
Credit Union shares totalled $5,150 in 2009, compared to $5,375 in 2008.
Members' equity was $1,868,619 in 2009, compared to $1,752,865 in 2008.
The total comprehensive income for 2009 after taxes was $115,754, up from $107,525.
A service award was given to Loans Manager Gordon Bierd for 30 years of service, while General Manager Ryan Tebbutt received an award for ten years of service.