Fusion Credit Union had a successful amalgamation according to CEO Ron Hedley.
In their financial report to members, Fusion announced a $500,000 patronage allocation to all members.
They also reported financial strength including positive asset growth at 4.66%; with a net income in 9 months of over 4 million dollars and a strong preferred dividend rate of 4.25%.
In nine months, Fusion contributed almost $180,000 to projects and community organizations through donations, sponsorships and scholarships. The staff counted 35,322 acts of green (environmental responsibility); they have undertaken thousands of volunteer hours and have made event support resources available 30 times for community groups.
"We're thrilled with these financial indicators," said Guy Huberdeau, Board Chair. "But if you want to see where an organization is headed, look at the culture and the commitment of the people who make these successes possible. We have recognized the passion our staff feel for this work, for the members they serve and for our towns."
They held their annual general meeting last night. Fusion is the result of the official amalgamation of Catalyst and Vanguard Credit Unions that took place on April 1, 2018.
During the amalgamation, staff was required to take on new roles and develop new skills. The 2018 Annual report highlights the work that was undertaken behind the scenes to keep everything moving seamlessly for members.
"From the beginning, we had strong support and buy-in from the staff, who created new teams that came together well and quickly, which in turn has delivered results that have exceeded our expectations," said Hedley.
