September 22, 2023

WFCU Credit Union held its 39^th Annual General Meeting at Crowne Plaza in Kitchener on Monday, September 18^th, 2023 and continued the meeting at the St. Clair College Centre for the Arts in Windsor on Wednesday, September 20^th, 2023.

Mr. Gillis, Chair WFCU Board of Directors thanked the members of WFCU Credit Union for continuing to put their trust in WFCU as their Financial Institution of choice. He explained that this continued support has allowed WFCU to continue expansion across Southern Ontario as WFCU Credit Union closed on the asset purchase of Health Care Credit Union, expanding our presence in London, Ontario, and opened our newest branch location in Chatham. WFCU Credit Union also supported the opening of our Kitchener branch and celebrated the grand opening of our Cambridge branch, bolstering the presence of our ECU – A Division of WFCU Credit Union brand across the Waterloo region.

“We take pride in the legacy we have built in Windsor-Essex and are committed to extending this impact across our newer communities in the Waterloo Region, as well as in London and Chatham,” shared Mr. Gillis. “As part of WFCU’s ongoing leadership in the credit union sector, we will continue to seek out environmental, social and governance best practices and evolve our operations for the pursuit of excellence in corporate citizenship,” said Marty Gillis, Chair of WFCU Credit Union Board of Directors.

On behalf of the Nominating Committee, Bob Nesbitt, Nominating Committee Chair, WFCU Credit Union Board of Directors, declared by acclamation, to a three-year term on the WFCU Credit Union Board of Directors. Returning directors Vic Neufeld and Dr. Patti France.

Eddie Francis, President & CEO reported on the credit union’s financial position, the financials exemplified WFCU’s financial resiliency in a time when the economic landscape lacked clarity or consistent direction. The fiscal and operational results of the past year surpassed expectations, and highlighted the credit union’s strategic focus on market development and long-term sustainability. WFCU Credit Union once again generated robust profitability, with net income after taxes of almost $18 million. This strong level of earnings was accomplished while simultaneously paying a record amount of interest on member deposits. Interest on member deposits totaled $93.8 million for the year, representing a 114% increase over the prior year and surpassing the growth in interest and investment income.

Approximately 375 team members across Southwestern Ontario responsibly managed total credit union assets of $4.8 billion as of May 31^st, 2023, representing a 10.8% increase in asset size year-over-year.  At $4.8 billion total assets WFCU is the 6^th largest credit union in Ontario, and among the top 25 credit unions in the country, in a playing field of over 200 Canadian credit unions. The credit union achieved notable financial outcomes in fiscal 2023 while remaining methodical in its pursuit of strategic initiatives in areas such as real estate, automotive finance, and highly secured commercial lending.  This is evidenced by the 37% increase in interest and investment income over fiscal 2022, and in the credit union’s ability to generate resounding profits and maintain healthy levels of both liquidity and capitalization.

“It is not an overstatement to say that the credit union stood on very firm financial ground as of the fiscal 2023 year-end, and that it’s financial position continues to allow for execution of its mandate to invest in its members, its team, and in the growing list of communities that it serves,” stated Mr. Francis.

As part of the Annual General Meeting, President & CEO Eddie Francis delivered a clear road map, positioning the credit union and its diversified income streams for more growth. Mr. Francis also confirmed that WFCU maintains the significant capital reserves required to support such growth. The Membership also approved a number of amendments to the WFCU Credit Union Bylaws, encompassing all regulatory and legislative requirements in order to ensure WFCU Credit Union remains compliant and up to date.

This was the second year of the new Strategic Plan – Momentum: Timeless Vales, Next Generation Results, designed to create a better way forward for WFCU Credit Union and its members, staff and community.