Servus Credit Union Mark 80th Anniversary at AGM
[March 6 2019, Edmonton, AB] Servus Credit Union had plenty of great news to share with its members at its 80th Annual General Meeting. The event followed round-table sessions with Servus’ community councils, where innovation, inclusion, and banking (of course!), were discussed. Prior to the AGM members were invited to mingle and network, with a fantastic open-house showcasing the various community programs Servus supports alongside a virtual reality demonstration on what banking can look like the future.
The event kicked off with some opening comments from Edmonton’s Ward 6 City Councillor Scott McKeen. He shared his own story of switching from a Big 5 bank to a credit union. “I wasn’t interested in their CEO getting a new Ferrari”, he joked, but then went to explain the crucial role of credit unions in driving economic resiliency and community investing.
With the proceedings underway, and over 400 members in attendance, CEO and President, Garth Warner led-off with the understatement of the year: “2018 was very good for Servus”. Yes, $54 million in profit sharing and an additional $2.5 million invested in community organizations is very good. Overall, in 2018 Servus contributed $3.5billion to Alberta’s economy.
Other highlights included mergers with Inglewood Savings and Credit Union Limited, and Canada Safeway Employees’ Savings and Credit Union Limited, and another year of being named in Canada’s Best Managed Companies and recognized by Forbes Magazine as a Top Canadian Employer.
Mr. Warner also shared his own experience shaping members’ financial fitness. He described how a 19-year-old came into a branch and helping get him in a strong financial position, building a credit history and contributing to term deposits regularly. This not only led to a car loan but the 19-year-old developed the tools to apply the same approach to home-ownership, RRSPs, and more – truly improving his financial fitness.
Looking ahead, Servus is keeping their foot on the gas. They are innovating in terms of profit sharing – offering members an opportunity to receive five years up-front. This provides a larger sum to the member, to put towards strengthening their financial position. New branches are also expected to open in Medicine Hat, and the Bridlewood neighborhood in Calgary.
To conclude a great night, the large crowd honored retiring director Dianne Brown. A stalwart of the co-operative and credit union system since 1982, Dianne has served on the board of Servus since 2014 – here at the ACCA we wish her all the best.