-- Membership grew by more than 3.0%-- Total assets increased 7.8% to $5.8 billion-- Loans increased 8.9% to $5.1 billion-- Deposits increased 8.8%, or $405 million to $5.0 billion-- Earnings of $32 million before tax-- Made commitments of more than $22 million through First West Capital-- More than $1.8 million was invested in building healthier communities
First West Credit Union reports financial results for the full fiscal year ending December 31, 2012.
"In 2012, the entire First West team made exceptional strides to grow our credit union, resulting in total assets increasing by more than $426 million and another year of strong membership growth," says First West CEO Launi Skinner, who was named one of Canada's Top 100 Most Powerful Women by the Women's Executive Network for a third consecutive year. "We also launched our innovative Simply Free Account, introduced Referral Perks and began offering the Unlimited Chequing for Business® account across our entire network. We're keeping banking simple for our members and making it easier and more rewarding for them to do business with us."
Tom Webster, First West CFO adds, "We experienced what most financial institutions did, with a low interest rate environment compressing margins in 2012, but First West was able to invest in our growth while also generating solid financial results. We expanded our branch network, introduced innovative products and services, and helped our local communities by contributing more than $1.6 million of our operating profit through scholarships, sponsorships and donations last year. In 2013, we'll continue to make strategic growth investments. We'll also focus on further diversifying our revenue sources in insurance, wealth management, automotive leasing and commercial banking. First West Credit Union is well positioned to continue its growth trajectory."
First West Credit Union also welcomed a third brand to its network of local community credit unions - Enderby & District Credit Union (EDCU). Through First West's unique partnership model, EDCU retains its local brand, local leadership and community focus, and effective April 1, 2013, is now known as Enderby & District Financial, a division of First West Credit Union.
"Having a third partner join the First West family ahead of our three-year strategic plan target demonstrates the attractiveness of our locally-focused credit union," adds Skinner. "We've seen how our model helps credit unions stay local, but tap into all the benefits that come with being part of a larger organization, like innovative products, increased purchasing power and higher lending caps. We're excited to welcome Enderby & District Financial and look forward to even more growth in our local communities."
First West 2012 online annual report showcases innovation and the keeping it simple brand promise
First West's inaugural online annual report, which embraces innovation, interactivity and our keeping it simple brand promise, is now available. Learn more about how we're re-invigorating the Canadian credit union system with a unique multi-brand operating model that's yielding strong financial results. Download our 2012 financial statements, read our management's discussion and analysis, and check out our 2012 successes, including highlights from our regional brands, Envision Financial and Valley First.