HAMIOTA, Manitoba – Fusion Credit Union reported success across all indicators at their Annual General Meeting yesterday and announced a $500,000 patronage allocation to the members, a short nine months after the official amalgamation of Vanguard and Catalyst Credit Unions.
“Fusion’s amalgamation has been successful, which translates directly into member benefits,” said Ron Hedley, CEO. “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.”
Further indications of Fusion’s financial strength include a positive asset growth at 4.66%; with a net income in 9 months of over 4 million dollars and a very strong preferred dividend rate of 4.25%.
And while the financial returns are primary indicators, there are other signs that Fusion Credit Union is positioned to gain strength and momentum.
“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.”
During the amalgamation, staff were 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.
Fusion has also maintained, and in many cases strengthened their commitment to communities, keeping members and communities at the centre of every policy, decision and action. 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 have a lot to be proud of, and a lot to look forward to,” added Ron Hedley. “If this is what we can achieve during an amalgamation year, the future looks very bright.”