Access CU records growth before merger
Access Credit Union members reaped the benefits of $8.2 million in membership shares at the credit union’s first annual general meeting since merging with Sunova and Noventis branches.
Since the three entities ratified their merger in January, 52 branches and 169,000 members will form the new Access Credit Union beginning July 1.
For the credit union’s last AGM before absorbing Sunova and Noventis, the branch last Thursday announced 4,991 new members and more than $6 billion in assets, representing a 5% increase. Loan portfolios grew 11% and deposit growth increased nearly 4%.
The credit union reported more than $1 million in charitable donations, including more than $1 million to 279 local charities and $102,000 raised by Access employees to charities. community.
Outgoing board chair Ingrid Loewen said in her report that the credit union is already feeling the benefits of the merger; the agreement was accompanied by technological upgrades in the branches to improve the capacities of the members and the organization. The report was Loewen’s last as chairman of Access’s board.
Access CU President Larry Davey told those in attendance at the virtual meeting that the credit union merger will provide more member support and increase profitability. He said that after merging with Crosstown Civic Credit Union in 2021, their mandate is to improve service delivery. July’s merger with Noventis and Sunova will deliver on that promise, Davey said.
“It remains important to continue to invest in technology so that we can provide our members with the access and options they want and need, when they need it,” he said.