2022 was a year of significant change, evolution and growth for Access Credit Union, according to board chair, Kevin Beresford, who delivered a review of the past year at the institution's annual general meeting on Tuesday.
The year started off with membership approval of a merger with Noventis and Sunova credit unions in January.
"With these integrations, we're seeing the core benefits the Board covered in their due diligence process - a stronger, more resilient credit union that can give back to the communities it serves, a robust development environment for staff, and a continued commitment to great product, services and rates for all members regardless of the way they wish to bank," said Beresford.
Beresford added, these benefits led to additional conversations with Amaranth, Casera, and Carpathia credit unions later in the year. As a result, memberships from all three credit unions voted to join Access.
"In joining with Access, it underscores the necessary work that our legacy directors and credit unions began many years ago in building the foundation of success we see today. While these changes have been impactful on staff and members, the rapidly changing financial services environment requires that credit unions adapt, grow and change at a faster pace than ever before,” added Beresford. “We’re all faced with new requirements, new technologies and new demands for members who see convenience of technology, an aggressive rate environment and the importance of local investment as key priorities for their financial institution of choice. Access is well positioned to be that institution, and as we continue to grow, we'll focus on serving the needs of those members, including expanded in-branch offering and wealth services."
As well, the Board tasked itself with determining the new vision, priorities and values for the amalgamated organization. Beresford explained that includes a refreshed vision that aligns with the strategic direction of the Board, ensuring the financial well-being of all members and communities.
“We continue to prioritize serving our clients and members with excellence, to invest in a sustainable future for our communities and to empower our staff to their fullest potential.”
That will be accomplished through four basic priniciples, added Beresford. They are - doing good, being better, owning it and moving forward.
Meantime, Access Credit Union's deposit and loan portfolios grew substantially in 2022, on top of growth resulting from the Noventis and Sunova mergers.
"Our loan portfolio had an incredible year and grew 85 per cent. Of that 85 per cent, 65 per cent was a result of the merger but 20 per cent was a result of the organic growth," explained President and CEO, Larry Davey. Deposits enjoyed similar success, growing almost 71 per cent. 64 per cent of that was from the mergers, and 7 per cent was a result of organic growth.
Davey added, a rapidly changing rate environment challenged Access' gross operating margin this year, with gross operating on a percentage of assets reported at .46 per cent. Gross expenses grew as Access, Noventis and Sunova were brought together, to .95 per cent to assets. Davey said the expectation is that number will drop as efficiencies are found within the organization.
2022 also saw Access return a record $13.5 million in profits back to members. That's the largest return in Manitoba history, pointed Beresford.
The institution continued to support the communities it serves by sponsoring organizations, charities and events that reflect the values of its members, employees and communities.
In 2022, Access donated over $1.5 million dollars to local charitable organizations. As well, employees raised over $118,000 for community organizations through Access' Jeans for Charity program.
For the 8th year in a row, Access was also named one of Manitoba's Top 30 employers in 2022.
“As our team grows to over 900 staff across Manitoba, we continue to strive to be employer of choice. Supporting professional and innovative environments, developing staff to achieve their full potential. Each employee contributes to the continued success of Access,” said Davey.
“Being recognized as a top employer is an important goal of Access, as both the employment market shifts and the demand for specialized knowledge increases. By creating an environment that encourages development, facilitates teamwork, inspires innovation, and highlights the importance of work-life balance, we are better able to recruit and retain exceptional individuals that serve our members in-branch and online. Our internal teams manage specialized areas within our organization.”