Annual General Meeting Recap

Entegra Credit Union held its 2019 Annual General Meeting (AGM) Wednesday, April 17, 2019, at the Norwood Hotel, located at 112 Marion Street. One hundred fifteen members were in attendance.

Through the support of our members, we continued to increase our growth in the 2018 reporting year. Our assets finished just above $670 million, our member loans grew by 5.65%, and member deposits increased by 2.24%. Our net operating margin ended the year at $2,744,715, and our net income finished at $1,817,588, which is an improvement of 57.38% over the 2017 reporting year.

An essential function of our AGM is the election of our Board of Directors. This year, we had two Directors up for re-election: incumbents Apee Panchhi and Edward Plezia. As there were no new applications for candidates, Mr. Panchhi and Mr. Plezia were acclaimed for an additional 3-year term. We appreciate the enthusiasm and hard work of all the board members, and we thank them for their dedication to our Credit Union.

Additionally, the Board of Directors sponsored a Special Resolution to the membership. The purpose of the bylaw change is to modernize the process of the election of the Board of Directors to include electronic voting. The resolution passed by a show of hands, with no opposition.

2018 was a year of change for Entegra. We welcomed a new Executive Team; Ernie Remillard, CFO, Kerri Robertson, COO, and Brent Turman, CEO. We also said farewell to our leader, CEO Gordon Kirkwood, as he retired after 21 years at Entegra. In 2018, we expanded and improved our service offerings through the introduction of online applications and contributions for registered products, the launch of our new Visa credit card suite, and the introduction of user enhancements to Interac e-Transfers. We also expanded our wealth management division and increased our focus on employee training and development, with 97% of staff completing personal development training to broaden their knowledge.

Heading into 2019, we will continue our focus on sustainable growth and efficiency, simplifying the member experience with the introduction of online account opening, and enhancing our community involvement. We want to thank our dedicated employees, management team, and Board of Directors for their unwavering commitment. Most importantly, we would like to thank our members for continuing to choose Entegra as your financial partner.

You can find a copy of Entegra Credit Union’s 2018 Annual Report, here.
 

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