CANORA - Cindy Balaberda (Chief People Experience Office) was the moderator and welcomed everyone to the 17th Crossroads Credit Union Annual General Meeting on April 16.
Betty Tomilin (Board President) called the meeting to order, and said 2024 was another year of significant change.
“Crossroads navigated this change using four pillars to guide the board management and staff in decision-making to ensure that our organization remains successful in its operations,” said Tomilin.
“One pillar, community, is addressed through our staff volunteers at a number of events as well as providing educational opportunities to both the public and in the schools. Financial support is also provided for community projects through the community investment fund nominations made by community members.
“A second pillar that provides direction is finance,” continued Tomilin. “Throughout various economic changes in the past year, Crossroads has demonstrated the ability to adapt and as a result, experience a profitable year in 2024.
“A third pillar is to support you, the members, by providing sound financial advice that is unique to your personal situation.
“And this wouldn't be possible without the fourth pillar, people who comprise our staff. Our dedicated and knowledgeable staff strive to build a financial relationship with you. They are there to answer your questions, advise you and to watch out for you.”
Tomilin said one of the most important services provided by Crossroads staff is to be on the lookout for suspicious transactions.
“As you are aware, there is always a scammer waiting to take advantage of you and take your money. They are becoming increasingly sophisticated and it's imperative that you protect yourself by not sharing personal information over the phone or in emails. Avoid clicking on links and unusual texts or emails. Use strong passwords and not the same password multiple times.
“Crossroads does its best to protect you through updated technology. And if the staff sees something that looks suspicious they will reach out to you. You are encouraged to contact Crossroads with any questions that you may have and know that you will have the opportunity to speak to a real-live person regarding your concern. You can be assured that our people are looking out for your financial wellbeing.
“The focus is to increase our members’ financial confidence through our staff by having life-changing conversations one member at a time. You are valued as a member of Crossroads Community and not seen as a random account number.”
In closing, Tomilin recognized the retirement of a valued Crossroads director, Veronica Wilgosh, who is continuing on as CEO of National Consulting
“On behalf of everyone, I'd like to thank her for her service and contributions to the board for the past three years.
“I would also like to recognize the members of Crossroads Credit Union for your continued support in our organization and as a board. We hope to represent you to the best of our ability. Thank you.”
Jeff Bisschop presented the message from the chief executive officer, and said in the past year, Crossroads continued to push boundaries and positively impact Crossroads communities.
“Our vision focused on increasing members’ financial confidence,” said Bisschop. “And we executed this by having life-changing conversations, one member at a time.
“Our key strategic initiatives include staff support and development. We invested in staff training and development to ensure they could provide exceptional advice and adapt to new ways of working, uncovering new opportunities and strengthening their culture.”
Another area of change and progress was in technology investments.
“We expanded our digital banking platform to meet the growing demand for convenience with over 72 per cent of members using digital services for digital banking,” continued Bisschop.
“The launch of our first advice center in Sturgis exemplifies our commitment to providing expert financial advice. We provided financial assistance to our members. Whether they were buying their first home, starting a business or saving for retirement, our staff's dedication to offering tailored advice was central to our success.”
Crossroads has become well-known for its community impact.
“We gave back over $75,000 through sponsorships scholarships and community investments, reinforcing our role as a community-driven organization.”
Bisschop said Crossroads ended 2024 with a healthy financial picture.
“That includes assets rising to $373 million and a steady income of $3.2 million. “Over $478,000 will be paid out to members in patronage in 2025, demonstrating our commitment to sharing profits with those who matter.”
Employee experience was once again a priority during the past year, according to Bisschop.
“We prioritized improving the employee experience using feedback to guide positive change that enhances both the employee and member experience.
“Our board continued its strategic leadership, supporting key strategies like creating an advice-driven service environment and advancing our virtual branch services.
“We also bid farewell to Murray Botcher, who retired after 25 years of service, and we welcome Myrna Daviduk.
“Looking ahead to 2025 as we close 2024 we anticipate interest rates will continue to stabilize and we will remain adaptable to any economic changes. Our focus for 2025 will continue to be on offering members the advice and services they need, expanding our digital services and maintaining financial strength.”
Bisschop shared information from the Crossroads consolidated financial statement.
“Our assets from 2023 to ‘24 grew $24 million or 6.94 per cent. We had a good year in terms of loan growth, we grew $11.3 million or 4.3 per cent. And on the deposit side we grew just over $20 million at six per cent, which was certainly above the average for the system.
“Balance sheet growth was really good at $8.2 million or 11 per cent. Net interest income, 16.35 per cent growth at $1.65 million and other income, a little bit of growth for 2024.
“Expenses were up from last year which is probably no surprise given the state of the economy. But conversely, our net income was up more than our operating expenses. So that was really good to see.”
The terms of three Crossroads Credit Union directors expired in the north and central districts. Betty Tomilin and Shannon Mason were elected or reelected by acclamation for the next three years for the central district.
New to the board from the north district, which includes Sturgis and Preeceville, is Brittany Halkyard.
“This concludes the Crossroads Credit Union annual meeting,” said Bisschop. “Once again we'd like to thank all of our members for joining us this evening.”
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