Page 7 - ECU_Annual_Report_2018

Annual Report 2018 EASTERN CREDIT UNION

Together, members, we can therefore report that as compared to last year’s contribution of $800,000.
we have grown in many areas and we see additional We are in the process of developing a plan to enhance
potential for growth. After the challenges that we our income stream by way of acquiring, developing
faced with our IT infrastructure which is now behind and selling real estate.
us, we have focused on building a sustainable As we reflect on the year just concluded there is much
business. This is why our current focus is on our service that we have achieved, but as we look to the future
delivery. Through deliberate upgrades to our branch we see signs that we must be concerned about, and
infrastructure we are striving to provide excellent therefore for 2019 our theme is Navigating the Future
service to our members. Together.

As we look to the future we will also focus on the We began this journey by recognizing that we needed
quality of governance, our recruitment and retention a New Experience, A New Reality and a New Attitude.
policies, our promotion and training agenda and Then we embraced change and as the circumstances
its relevance to our new circumstances. Your Board changed supported what we owned, we supported
of directors continues to support network wide our credit union. Today we must navigate our future
training for staff and elected officials in a range of together.
skills designed to make ECU a more relevant credit
union, able to deliver in today’s environment. This We must continue to explore our strengths, reduce our
includes sales training for all front-line staff and their costs and provide for our new members. Technology
supervisors; more robust onboarding processes for is changing the way business is being conducted and
elected officials and realigning the staff group to meet therefore we must embrace technological change
the needs of the contemporary business model. or we may become irrelevant. Our challenge will
continue to be how to serve our current members
We know that our strategies are appropriate because while attracting new members. Your board has
they are delivering the results that we planned. Our equipped the management with the tools necessary
financial performance continues to improve as we for this task and we look forward to their ideas and
expected and in 2018 our results were better than solutions with great anticipation.
2017, our assets increased by $84,078,886; our shares
by $26,219,594; deposits by $33,307,233; and our I wish to place on record my thanks to the leadership
surplus by $2,433,748. The active engagement by provided to this organization by the management who
the Board, management and staff with the external steered us through these difficult times supported
auditors on IFRS 9 implementation has accounted for by your Board of Directors, we have stabilized the
some level of increased efficiency in the performance, organization and we will continue to build on our
but it has also highlighted the need for a more foundation of people helping people.
diversified income stream.
I look forward to a very positive meeting today.
EPL Properties Limited, our subsidiary, must now play
a greater role in the performance of the credit union
EPL’s mandate is to provide the parent with a measure
of diversified income, and this year its contribution to Wayne Estrada
the Society is expected to be in the region of $1 million President

NAVIGATING THE FUTURE TOGETHER 5