Donations - Provincial Credit Union

METRO
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METRO CREDIT UNION LIMITED • 2010
2009 ANNUAL REPORT
Board of Directors .................................................................................2
President’s Report .................................................................................4
General Manager’s Report ....................................................................5
Auditor’s Report ....................................................................................7
Balance Sheet .......................................................................................8
Statement of Undistributed Earnings.....................................................9
Statement of Income And Expense .....................................................10
Cash Flow Statement ..........................................................................11
Notes to Financial Statements ..................................................... 12 – 23
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METRO CREDIT UNION LIMITED • 2010 ANNUAL REPORT
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Board Of Directors
Barry Brown
Corey Tremere
James MacDonald
Norm Finlayson
Foch McNally
Gerard Wood
Sharon Honisch
Wendell Dawson
Ellen Locke Doiron Vice-President
Bernard Keefe President
Robert Perry Secretary
METRO CREDIT UNION LIMITED • 2010 ANNUAL REPORT
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Dr. David Ashby, QEH Foundation Annual Campaign Chair, accepts a cheque for $6,441 from Doug Bridges,
Metro Credit Union and Shanna Doiron, Stella Maris Credit Union.
PEI Credit Unions all participate in the iCare program. For every transaction on your Metro Credit Union
MasterCard, we make a donation to the QEH Foundation on your behalf, through the i Care program. Over the
years Metro has donated thousands of dollars to the foundation, and now we are able to increase our contribution
substantially through the iCare program, which is attached to our credit cards.
Get your MasterCard today and help build healthier communities across PEI.
METRO CREDIT UNION LIMITED • 2010 ANNUAL REPORT
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President’s Report
It is my pleasure to report to you on behalf of the board of directors of
Metro Credit Union Ltd., for the year ending September 30, 2010.
As financial co-operatives, credit unions throughout the world operate
from the common philosophy of (1) democratic structure, (2) service to
members, and (3) social goals. This common thread sets our financial
system apart from others within the international marketplace. Metro
Credit Union strives to be a key player within the community, a provider
of top rate financial products and services, a responsible corporate
citizen, and a significant employer.
150
96.0
108.2
112.3
125.0 135.0
120
90
Loans
60
30
0
150
2006
2007
2008
2009
2010
129.9
134.5 145.7
151.7
156.7
120
Deposits
90
30
200
2006
2007
2008
2009
2010
135.1
147.7
160.3 167.3 173.3
160
120
Assets
Your board continues to be active with regular monthly meetings,
special meetings for planning and budgeting, as well as several sessions
pertaining to the amalgamation of the three Atlantic Centrals into one,
which takes place December 31, 2010.
The board would also like to recognize the retirement of our General
Manager David Burt, who after 31 years of dedicated service will be
leaving December 31, 2010. We wish him all the best. Our owners can
be secure in the knowledge that David is leaving Metro’s financial house
in terrific shape. On a related note, the board is pleased to announce
that Bernard Gillis, Manager of Operations, and an employee of 29
years, will replace David as General Manager, effective January 1, 2011.
In closing I wish to thank all of my fellow directors as well as the
management team and loyal staff at Metro, for their dedication and
commitment during the past year.
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40
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Metro continues its success despite low interest rates and a slowing
economy. The asset base has grown steadily to $173,291,207 and
Metro remains the largest credit union on Prince Edward Island.
I am pleased to announce the board has declared a share dividend
of 1.50% for 2010. This rate is very competitive in the market place
for demand deposits.
Congratulations are in order for our colleague Sharon Honisch for
achieving the distinction of Accredited Canadian Credit Union Director.
She is one of only two directors on PEI with this distinction, the other
being yet another Metro director…Wendell Dawson.
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Your credit union continues its commitment to countless community
groups and organizations. The board of directors is especially proud
of Metro’s partnership with Camp Gencheff, which is now entering its
seventh year. I would like to formally acknowledge and congratulate our
employees who throughout the year, continued their drive to fundraise,
and commit their personal time to the spring clean up at the camp. Staff
are also committed to the Canadian Cancer Society’s Relay for Life, and
in April of 2010, Metro Credit Union received a Community Champion
Award, recognizing the significant contribution towards eradicating cancer
here on Prince Edward Island.
Respectfully submitted,
2006
2007
2008
2009 2010
ABOVE TABLES STATED IN
MILLIONS OF DOLLARS.
Bernard Keefe
President
METRO CREDIT UNION LIMITED • 2010 ANNUAL REPORT
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General Manager’s Report
It is with great pleasure I report to
you on the operations of Metro Credit
Union Ltd., as at September 30, 2010.
It is with mixed feelings however that
I write this report. It is my 31st annual
report and also my final one, as I have
announced my retirement effective
December 31, 2010.
Once again we have had a very
successful year, particularly when you
factor in the economic uncertainties
combined with low interest rates. We
achieved deposit growth of 3.1% and
loan growth of 8.1%, and our equity is
now at an all time high of 8.15%.
Member Loans 2010
Commercial 24.5%
Indirect Auto 17.4%
Lines of Credit 4.9%
Farm & Fish 1.3%
Personal 9.4%
Cdn. Student Loan 10.6%
Mortgages 31.9%
Member Deposits 2010
Tax Free Savings Accounts 2.3%
Term Deposits & CDRs 34.2%
RRSP & RRIFs 26.5%
Savings 8.5%
Chequing 18.1%
Shares 10.4%
Looking ahead we do foresee
challenges in obtaining good loan
growth for the next few years, due to
economic conditions and increased
competition. With that in mind we
have in the last year and will continue
this year with a stronger emphasis on
marketing and advertising activities, as
well as our commitment to community.
We have now completed year six of
our partnership with Camp Gencheff,
with contributions to the camp so
far totaling $120,000 on our way
to a total contribution of $200,000
over ten years. We also produced a
new TV commercial to high light our
partnership with Camp Gencheff. It
airs on CBC television.
Metro Credit Union would not have
achieved the success we’ve had over
the years without our dedicated staff
and I would like to recognize the
following employees who have reached
milestones in their careers.
Congratulations to Ray Giddings – 35
years, Adele McGuire – 25 years, Brian
Gallant – 20 years, Dianne MacDonald
– 15 years, Mary Lynn Farrell-Mahar
and Darlene Young – 10 years, as well
as Tara Gould, Sarah Frid, and Jonathan
Fenton for 3 years of service.
As always, thank you to our board of
directors for their continued support
and a special thank you to our owners
for their continued patronage. As I
enter a new phase of my life, I will be
watching Metro Credit Union’s progress
from the sidelines, with intense interest!
Sincerely,
David Burt
General Manager
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METRO CREDIT UNION LIMITED • 2010 ANNUAL REPORT
In April of this year, PEI Credit Unions were honoured with the National Community Champion Award,
presented by the Canadian Cancer Society, in recognition of our efforts to eradicate cancer. PEI Credit Unions
are the provincial event sponsor for the annual Relay for Life, with all credit unions participating by putting in
teams, volunteering on bank nights, as well as many other fundraising initiatives. The Credit Unions of PEI have
committed $200,000 over 10 years in our role as provincial event sponsor, in addition to fundraising.
METRO CREDIT UNION LIMITED • 2010 ANNUAL REPORT
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METRO CREDIT UNION LIMITED • 2010 ANNUAL REPORT
The only one of its kind on Prince Edward Island, Camp Gencheff is a recreational facility for children and
adults with special needs. Located at Bellevue Cove in Stratford, the camp includes 22 acres overlooking the
Hillsborough Bay, and camping activities include arts and crafts, games, karaoke and dances.
Metro staff are especially proud
of our partnership with Camp
Gencheff. As we enter our
seventh year of working with
the camp, our contributions
so far total $120,000.
For more information on
programs, registration and how
you can support this special
facility, visit their website
www.campgencheff.com.
David Burt - General Manager, Tom DeBlois - Chair - Camp Gencheff
Donations
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AidsPEI12DaysofChristmas
AdventureGroup
AlzheimerSocietyofPEI
BluefieldHighSchool
CampAbegweitOrganization
CampGencheff
CampSeggie
CanadianCancerSocietyRelayForLife
CandianDiabetesAssociation
CandianRedCross
CerebralPalsyAssociationofPEI
CharlottetownChamberGolfTournament
CharlottetownLegion
CharlottetownPoliceAssociation
CharlottetownRuralHighSchool
CharlottetownSlowpitchSoftballLeague
ChildFindPEIDraw
Children’sWishFoundation
ChristmasDaddies
CNIB
ColonelGrayHighSchool
CommunityFoundation
ConfederationCentre
CopsforKids
CornwallCougars
CrossRoads&AreaLionsClub
DonaghSchool
EastCoastCheer
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EasterSealsTelethon
EmyvaleRecreationCentre
FarmersHelpingFarmers
FirstBaptistChurch
FitzroyCentreClubhouse
FoodBank
FortAugustusHeritagePark
FriendsofMohammed
GraceChristianSchool
HaitiRelief
Heart&StrokeFoundation
HollandCollege
HorseTrialsPEI
IWKHealthCentreFoundation
Joyriders
JuniorAchievementofPEI
KingsGirlsHockey
LongCreekBaptistChurchWatotoChildCare
MarshfieldWomen’sInstitute
NativeCouncilofPEI
NorthRiverAtomAAFlames
NorthRiverMinorHockeyAssociation
OpenDoorMinistries
PEICo-operativeCouncil
PEIFamilyViolencePrevention
PEILiteracyAlliance
PEIMarathon
PEIMidgetBoysSoftballTeam
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PEIPhotoClub
PEIWritersGuild
PownalHockey
QEHEquipmentFund
QEHFoundationICareProgram
QueensCountyMusicFestival
RotaryClubofHillsborough
RotaryClubofStratford
SalvationArmy
SherwoodLawnbowlingClub
SpecialOlympicsPEI
SportPEIDinner
SpudTournament
St.ColumbaPresbyterianChurch
StarsforLifeFoundation
StoneParkIntermediateSchool
Stratford&AreaWatershed
ThyramasCorporation
UnitedWayofPEI
VoluntaryResourceCouncil
WestRoyaltySoftballAssociation
WOCCUFoundation
XtremeHockey
YoungatHeartTheatre
281 University Avenue
Charlottetown, PE C1A 4M3
10 Kinlock Road
Stratford, PE C1B 1R1
Tel: (902) 892-4107
Fax: (902) 368-3567
Tel: (902) 569-6900
Fax: (902) 569-6901
w w w. m e t r o c r e d i t u . c o m
METRO