First West Credit Union Reports Strong 2011 Financial Results, Significant Membership Growth
B.C.'s Third-Largest Credit Union Earns $40 Million Before Tax and Achieves Highest Membership Growth Amongst All Major B.C. Credit Unions on a Percentage Basis
(firmenpresse) - LANGLEY, BRITISH COLUMBIA -- (Marketwire) -- 03/28/12 -- First West Credit Union -
today announced its financial results for the full fiscal year ending December 31, 2011. These results include the highest membership growth amongst all major credit unions in British Columbia on a percentage basis, demonstrating the strength and effectiveness of its unique multi-brand model.
"Over the past year, the First West team achieved some great successes. Notably, we increased our membership by more than eight per cent in 2011, which is a significant accomplishment - one that was only made possible through the concerted efforts of all our employees," says , Launi Skinner, who was recently named one of Canada's Top 100™ Most Powerful Women by the Women's Executive Network for a second consecutive year, and one of Business in Vancouver's Influential Women in Business.
Skinner adds, "Our employees are known for providing exceptional service and financial solutions that are making a real difference in the financial lives of our members. Our membership growth, coupled with our strong financial results, is yet another example of how the First West model is working to serve the B.C. credit union system - enabling local credit unions to work big, by tapping into the strength and resources of a financially strong parent company, while still working local to serve the unique needs of their members and communities."
First West formed in January 2010 when Penticton-based Valley First Credit Union merged with Langley-based Envision Financial. Unlike most newly-merged credit unions, First West chose to continue operating its two distinct Envision Financial and Valley First brands in their autonomous regions, which in total comprises a 37-branch network.
First West Credit Union 2011 operating highlights include:
Assets: Total assets increased $378 million or 7.4% to $5.46 billion.
Income: Net interest income was $126 million. Net interest income as a percentage of average assets was 2.39%.
Similar to other financial institutions, the low interest rate environment led to margin compression in 2011; however, First West's margin is one of the best in the British Columbia credit union system.
Retail and Commercial Banking: Loans to members increased $289 million, or 6.5%. The increase occurred primarily in residential mortgages, which rose $203 million, or 9%, and commercial mortgages, which increased $53 million or 4.8%. Deposits from members increased $164 million, or 3.7% to $4.6 billion. This was primarily due to our focus on attracting term deposits, which increased 1.1% and short-term demand deposits, which increased 7.7%.
First West's regional commercial banking teams drew on the strength of their local relationships and local knowledge of business conditions to gain a competitive advantage in 2011. Highlights include:
First West Capital: The First West Capital division, which provides for small and mid-market companies in western Canada, exceeded targets in its first full year of operations, funding nine deals and approving three additional ones that closed earlier in 2012. This includes funding SydneyPLUS's acquisition of Boston-based Inmagic and enabling Bardel Entertainment to expand into Kelowna.
Lines of Business: Optimizing our lines of business is a key initiative to help First West achieve its three-year strategic plan goals including member growth and profitability growth. 2011 highlights include:
Operations: Operating efficiency was 80.5% compared to 79.2% in 2010. However, with the increase in assets and reduction in expenses, First West's expense ratio improved to 3.06% from 3.33%.
Dividends: First West paid dividends of $1.3 million to members, bringing total dividends paid over the last 10 years to $14.9 million.
"First West is outperforming the largest credit unions in British Columbia on the growth of our non-interest income due to the diversification of our revenue sources in our insurance, wealth management and automotive leasing lines of business," says Tom Webster, . "We are also realizing success through our newest division, First West Capital. Our continued focus on non-interest income diversification and growth will help our credit union offset margin compression and equally important as a way in which we are keeping it simple for our members by providing key financial services to our members."
Expanding and investing in our branch network: First West is expanding its presence in the communities it serves. In 2012, construction is beginning on a new Valley First branch in Rutland, which will feature retail and commercial banking, as well as our insurance and wealth management services, enabling us to create employment opportunities and expand our corporate citizenship activities, thereby contributing back to the community.
In the Envision region, two branches are being moved to new locations. The Scottsdale branch will move to Sunshine Hills in Delta in 2012, and construction of the West Abbotsford branch will commence in 2012, in which the Minter Street branch will move to in 2013.
Webster adds, "First West Credit Union is expanding the presence of our local brands because we know that staying local is crucial to what it means to be a successful credit union. Our multi-brand model is giving Envision Financial and Valley First the economic advantages of collaboration, including a stronger branch network, better diversification of risk and improved efficiency while still empowering them to act local and maintain their individual brands within their own communities. Our solid financial results, significant membership growth and regional investments in our branch network and communities reinforce the strength of the First West model."
Helping our communities: First West contributed more than $1.6 million of its operating profits to local communities through scholarships, sponsorships and donations in 2011; this also includes the credit union's contributions to the First West Foundation. Key community giving highlights include:
Note: First West Credit Union transitioned to International Finance Reporting Standards (IFRS) effective January 1, 2010. The 2011 financial results reflect this change and comparative numbers for 2010 have also been adjusted to meet IFRS.
Annual General Meeting
First West's AGM will be held in the two regions that Envision Financial and Valley First serve:
About First West Credit Union
First West Credit Union offers members the financial strength, comprehensive product selection and extended branch network of a large financial institution while maintaining local brand identities and a unique grassroots approach to service. Led by Launi Skinner, First West is British Columbia's third-largest credit union with $6.2 billion in assets under administration, 167,000 members and 1,300 employees. It operates 37 branches throughout the province under the Envision Financial and Valley First brands. For more information on First West Credit Union, visit .
Contacts:
First West Credit Union
Cheryl Shaw
Media Contact
604.539.7360
Follow us on twitter:
(at)firstwestcu
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Datum: 28.03.2012 - 08:00 Uhr
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