BUILDING COMMUNITY. ONE MEMBER AT A TIME

FARM
RELATIONSHIP
STUDENT
MORTGAGE
FINANCIAL PLAN
TFSA
RELATIONSHIP
STUDENT
BUILDING COMMUNITY. INVESTMENT
ONE MEMBER AT A TIME.
RRSP
MORTGAGE
FINANCIAL PLAN
RESP
FARM
RELATIONSHIP
2014 ANNUAL REPORT
GET STARTED
TABLE OF
CONTENTS
CLICK TO A SECTION
Mission, Vision and Values3
Message from the Board Chair 4
Message from the CEO6
Auditor’s Report9
Summary of Consolidated Statement of Financial Position10
Summary of Consolidated Income Statement11
179,364
SAVINGS & CHEQUING
ACCOUNTS
HELD AT WESTOBA
2
WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
Summary of Consolidated Statement of Changes in Equity12
Summary of Consolidated Statement of Cash Flows13
Supporting our Community18
2014 Staff List22
2014 Staff Service Awards 24
Branch Listing26
NEXT
mber 31, 2012 gh business combination mber shares member shares
reference shares, net of tax recovery Member Shares
14,547,177 -
-
1,827,089 (462,804) -
Retained Earnings
55,538,448 4,085,706 -
-
-
(251,513) Attributable to members of the Credit Union
70,085,625 4,085,706 -
1,827,089 (462,804) (251,513) Noncontrolling
Interest -
27,357 75,763 -
-
-
OUR MISSION
2,593
179,364
SAVINGS AND CHEQUING
ACCOUNTS HELD AT WESTOBA
E-STATEMENTS
OUR
VISION
Interest and dividends received from investments
Service charges and other income received
6314OUR VALUES
Interest paid on borrowed money
Interest paid on deposits
Income taxes paid
80%
APPROVED ATM
3
60%
40%
WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
Transactions in 2014
Westoba is…
• A trusted partner and community leader
$40,000
• An engaged employer creating a community at work
• Financially strong, sustainable and globally connected
0
2009
2010
2011
2012
2013
We Value and Embrace…
OPERATING
• Commitment to people
20%
• Innovative thinking and change
• Learning and knowledge
52%
10%
• Honest, open and shared communication
16%
• Solutions delivered with excellence
Administratio
Amortization
Member secu
Occupancy
20%
0%
Sq. KM
$20,000
Interest received from members’ loans
503,503
74,362.45
Enriching lives and communities by
helping financial dreams come true.
$80,000
$60,000
Members are using
ATM CARDS WERE
DISTRIBUTED IN 2014
Westoba covers
a radius of approx.
Total Equity
70,085,625
4,113,063
75,763
1,827,089
(462,804)
(251,513)
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Occupancy
MESSAGE FROM THE BOARD CHAIR, Larry Wark
On behalf of the Board of Directors, I’m pleased
to present the 2014 Annual Report for Westoba
Credit Union. It was another successful year for our
organization as we brought to life the new strategic
direction set by our Board late in 2013.
Strong Results Our plan was ambitious and I’m
proud to say Westoba met or exceeded all Business
Plan targets. Our management and staff deserve credit
for their dedication and commitment. Running a credit
union in today’s highly competitive environment is no
easy task. They continue to do a great job balancing the
bottom-line, while also providing members with quality
service and ensuring their needs are met.
Enhanced Governance Practices Like others across
the financial services industry, Westoba is working to
enhance governance practices.
Our Board is recommending a change in its structure.
Subject to member approval, the existing governance
regions will change to better reflect the areas and
communities that Westoba serves. This includes reducing
the number of directors from 12 to nine and expanding
representation to Winnipeg, Onanole and The Pas regions not represented in the current governance
structure. Not only will the change ensure all Westoba
members are engaged in the governance system, but it
also increases the pool of candidates eligible to run for
the Board. The Board is working on a transition plan for
implementing the new governance model, which will be
voted on at Westoba’s 2015 Annual General Meeting.
4
Under the Board’s Human Resource Plan, we worked
with a consultant to identify attributes – such as
behavioural competencies, skills and experience –
necessary for credit union directors to possess in
today’s financial services industry. Westoba needs to
continue attracting directors who are described as
challengers, change agents, consensus builders and
counsellors. The framework or “job description”
developed will help support future recruitment,
succession planning and director development.
Looking Ahead As change in the financial services
industry continues to pick up speed, 2015 will be another
busy year for Westoba. Faced with regulatory and
marketplace pressures, Westoba will refine its business
model to ensure our future success.
New regulatory requirements to build capital are
currently being phased in for Manitoba credit unions.
Provincial regulators also have new expectations around
minimum levels of profitability and efficiency. On top of
this, marketplace competition continues to force credit
unions to decrease costs to compete, and a persistent
low interest rate environment impacts interest margins
and profitability.
In 2014, as a result of an approved bylaw, the Board
moved ahead with the use of online voting. We hope
this efficient and cost-effective method encourages
more members to participate in the electoral process.
Online voting is more accessible. Members can
place their vote when it is most convenient to them,
regardless of where they are located.The new process
also reduces our ecological footprint and lowers
administrative costs by eliminating the need to print
ballots and envelopes.
Westoba must improve its earnings and needs to revise
its business model.This is no small task but we are already
taking steps in the right direction. The following areas of
focus will play a big part in helping us revise our business
model:
Director Updates In 2014, we welcomed Don Green
to our Board representing District 1 (Brandon/Shilo) and
said goodbye to outgoing director Rod Balkwill. I’d like
to thank Rod for his nine years of service and dedication
to Westoba. The other directors up for re-election
in 2014 were Rae McBurney (District 3 – Souris), Rick
Mangin (District 7 – Swan Lake/Bruxelles) and Larry
Wark (District 1 – Brandon). These three directors were
re-elected to the Board for another term.
WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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Focusing on Technology – Technology features significantly
in our 2015 plans to help improve efficiencies and
profitability. Members come first at Westoba and serving
our members when and where they want is our ultimate
goal.Whether you prefer to do business online, in-person
or over the phone, it’s about providing financial solutions
through innovative technology and convenience services.
Second to this,Westoba is putting infrastructure in place
through our conversion to a new banking system to
improve not only member service, but also increase the
effectiveness by which Westoba staff support members
in-branch and behind the scenes.
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Reviewing Policies and Procedures – We need the right
information to better serve members. Our policies and
procedures need to be clear, concise, credible and easily
found. Through an Information Mapping Project, we are
working towards achieving just this. This project takes
information and maps it out in a way that ensures the
right information is getting to the right people, at the
right time.
Meeting Member Needs – As an owner, your opinions
are a critical piece of information Westoba uses to plan
its future. We need to make sure we provide members
with the right solutions to reach their financial goals.
To do this, we are conducting a member satisfaction
survey early in the year to learn from you directly on
how we’re doing.Your participation and comments are
valued and we thank you for taking the time to share.
The Board has requested a report from the CEO on
recommendations for a revised business model this
coming June.
In closing, I’d like to thank our members for their
support. Without you, there would be no Westoba.
Though this is a challenging time for credit unions
in Canada, I’m excited about Westoba’s prospects
for the future. As your Board of Directors, we look
forward to serving you in 2015 and beyond as we
continue building one of the best credit unions in
the province.
5
2014 BOARD OF DIRECTORS
Back row (l-r): Rick Chrest, District 1 – Brandon/Shilo • Don Green, District 1 – Brandon/Shilo • Dennis Herntier, District 6 – Pilot Mound/
La Riviere • Brad Lawson, District 1 – Brandon/Shilo • James Abernethy, Board Vice Chair, District 5 – Glenboro/Ninette
Middle row: Rick Mangin, District 7 – Swan Lake/Bruxelles • Edith Anderson, District 2 – Carberry • Rae McBurney, District 3 – Souris
Elizabeth Roberts, Secretary, District 1 – Brandon/Shilo • Stanley Reimer, District 8 – Killarney/Cartwright
Front row: Larry Wark, Board Chair, District 1 – Brandon/Shilo • Alan Morken, District 4 – Rivers
WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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MESSAGE FROM THE CHIEF EXECUTIVE OFFICER, Jim Rediger
My first full year as CEO of Westoba Credit Union
was an eventful one. Westoba made significant
progress on our Business Plan, which focused
on improving our business processes to enhance
service and make us an even stronger credit union.
2014 Business Plan To keep pace with growing capital
requirements in the future, Westoba must continue
managing costs and growing revenue. For this reason, our
work in 2014 focused on investments in our operations.
This included:
Strong Financial Results In 2014, Westoba met its
internal and regulatory requirements in all areas.
Capital is taking on increased importance as an indicator
of strength and stability for financial institutions.
At 6.13 per cent, our capital level is well within current
regulatory requirements and corporate targets.
• Developing and Implementing a Human Resource Plan
This included reviewing base compensation and
benefits, launching a new incentive pay program, and
working on recruitment and orientation. Our People
Solutions Team also conducted an extensive staff
engagement survey. 93 per cent of staff participated in
the survey, which is well above the benchmark average
of 75 to 80 per cent. Our employee group engagement
was also strong and 2.5 per cent higher than the
benchmark average. Areas that we scored well in
were co-worker relationships, work environment and
offering a good work/life balance. One area identified
for improvement was internal communications;
something we are already working to improve.
Strong capital levels were supported by slower growth in
2014. This was partly a reflection of a slower provincial
economy and partly by design. We carefully managed
our balance sheet to grow capital levels in preparation
for stricter regulatory requirements coming in 2019. We
ended 2014 with assets up four per cent to over $1.27
billion and loans up 4.6 per cent to approximately $1.07
billion.
Continued low interest rates and intense competition
coupled with investments in several important internal
projects, kept our earnings below 2013 levels. Westoba
earned over $3 million in 2014. At 89 per cent, our
efficiency ratio is higher than the 2013 ratio of 79.5
per cent. As a result of slower growth, our non-interest
revenue was down 3.4 per cent as well to roughly $7.6
million.
6
• Creating a new Corporate Structure
Westoba underwent a restructuring process to better
achieve its business goals, ultimately better supporting
our members. This included introducing specialized
teams. No one member is the same. Member needs
differ for a variety of reasons and our Member
Solutions and Business Solutions Teams are equipped
with the skills and knowledge to offer individualized
financial solutions.
WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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• Making Information and Technology a Priority
A five-year plan was developed outlining how
Westoba is committed to integrating technological
advancements into our operations. Technology and
information systems are an integral part of how we
do business and how members do business with us.
We are also looking ahead at ways to better member
experience and improve our efficiency.
• Supporting a new Sales and Service Culture
Last year, Westoba embarked on a journey to build a
stronger sales and service culture. Everyone Delivering
Great Experiences (EDGE) is the mantra of our
service code. EDGE is about fostering meaningful
relationships with our members and delivering the
best financial solutions. All staff took part in extensive
training in 2014 and all new hires joining Westoba are
taken through the program as well.
• Preparing for a New Banking System
Work started to prepare for Westoba’s migration to a
new banking system in 2015.Westoba entered a sevenyear contract with CGI for the implementation and
management of its RFS Banking solution. RFS is a robust
core banking platform proven to streamline operations,
drive efficiencies and enhance member service.
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• Managing Risk
To protect member assets, an Enterprise Risk
Management (ERM) program was put in place in
2014 with our Board adopting an ERM policy and a
risk appetite document. Risks are evaluated quarterly
to ensure we stay on top of existing risks but also
identifying new risks our credit union faces. We want
to make sure our credit union is not exposed to
unnecessary risks.
Looking Forward Westoba’s Board and staff should
take pride in what we accomplished together in 2014.
Many of the projects tackled are setting us up for
future success. It will continue to be an exciting time
as we build on our accomplishments in 2015 and the
strong base built over the last 50 years. Some of our
major undertakings will be:
• Migrating to a New Banking System
June 2015, Westoba is switching to our new banking
system. We’re excited to move to the RFS banking
platform and look forward to providing members
with enhanced online services like e-transfers and
remote deposit capture. During our conversion
weekend there will be some interruptions in service
to members but we’re committed to making the
impact as minimal and seamless as possible. We take
pride in keeping you informed on matters that impact
you. Please expect to receive communications specific
to this project later this spring.
7
• Launching a New Website
Our website has undergone major reconstruction.
We’re taking steps to improve your online user
experience and enhance access to online and
convenience services. We want you to be able to
find what you need, not only when you want but
also quickly.
• Focusing on Wealth Management
Westoba is a full service financial provider. Through
our Wealth Solutions Team, we have the experience and
expertise to work with members in developing financial
plans that position them to reach their goals.
• Collaborating with other Credit Unions
There is power in numbers and our work with other
credit unions to capitalize on efficiencies will continue.
Westoba is already working with Vanguard Credit Union
on several operational and administrative initiatives to
help reduce costs. In the area of marketing, Westoba
plays an active role in promoting the brand Your Money.
Your Corner. representing the collaborative efforts of
credit unions serving Southwestern Manitoba.
• Positioning Westoba as an Employer of Choice
As a follow-up to the staff engagement survey,Westoba
will identify the various reasons why its employees
choose to work here to position ourselves as an
employer of choice in the province.Westoba is proud
of the fact that we have a high percentage of staff that
has been with us for over a decade.This kind of loyalty
is something to be proud of, and will help us recruit and
retain talented individuals.
The financial services industry is undergoing
significant changes and Westoba must continue
evolving to keep pace with members’ growing needs,
increasing regulatory requirements and technology
changes. I’m confident that the plans we have in
place will keep us on the path to success.
It is a pleasure being a part of Westoba’s journey
and I thank you for your commitment to our credit
union community.
CURRENTLY
• Addressing Community Involvement
Westoba is proud to give back to the community
through donations, sponsorships and volunteerism.
It is our way of saying thanks for everything our
communities do for us. In the coming year, we will
evaluate how best we can continue building strong
communities.
WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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2,593
MEMBERS USE
E-STATEMENTS
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EXECUTIVE MANAGEMENT
Back row (l-r): Jim Rediger, Chief Executive Officer • Kevin Bower,Vice President of Lending Solutions
Brian Deutscher,Vice President of People Solutions
Front row: Diana Waterman,Vice President of Financial Solutions • Randy Brown,Vice President of Member Solutions
Janice Heapy,Vice President of Information Solutions
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WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
396,325
ONLINE TRANSACTIONS
IN 2014
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INDEPENDENT AUDITOR’S REPORT
To the Members of Westoba Credit Union Limited:
The accompanying summary consolidated financial statements of Westoba Credit Union Limited and its subsidiaries, which comprise
the summary consolidated statement of financial position as at December 31, 2014, and the summary consolidated income statement,
consolidated statements of changes in members equity and consolidated statement of cash flows for the year then ended are derived from
the audited consolidated financial statements of Westoba Credit Union Limited for the year ended December 31, 2014. We expressed an
unmodified audit opinion on those consolidated financial statements in our report dated February 25, 2015. The summary consolidated
statements do not contain all the disclosures required by International Financial Reporting Standards. Reading the summary consolidated
financial statements, therefore, is not a substitute for reading the audited consolidated financial statements of Westoba Credit Union Limited.
Management’s Responsibility for the Summary Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these summary consolidated financial statements in accordance
with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these summary consolidated financial statements based on our procedures, which were
conducted in accordance with Canadian Auditing Standard (CAS) 810, “Engagements to Report on Summary Financial Statements.”
Opinion
In our opinion, these summary consolidated financial statements, derived from the audited consolidated financial statements of Westoba
Credit Union Limited for the year ended December 31, 2014 are a fair summary of those consolidated financial statements.
Report on Other Legal and Regulatory Requirements
As at December 31, 2014, the Credit Union met the capital and liquidity reserve requirements established by Sections 15, 21, and 21(1)
of the Regulations to the Credit Unions and Caisses Populaires Act of Manitoba.
Readers of the summary consolidated financial statements are advised that in order to appropriately interpret the Credit Union’s capital
and liquidity reserve requirements, the reader must refer to the audited consolidated financial statements and notes for the year ended
December 31, 2014.
Brandon, Manitoba
February 25, 2015
9
Chartered Accountants
WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of December 31, 2014
2014
2013
Assets
Cash and cash equivalents
Accounts receivable
Investments and accrued interest
Members’ loans receivable and accrued interest
Income taxes recoverable
Prepaid expenses and deposits
Property and equipment
Goodwill and intangible assets
Investment property
43,601,959
879,721
122,255,677
1,070,935,201
93,507
1,340,429
29,131,426
1,995,564
399,900
67,424,618
1,012,543
95,144,328
1,024,121,072
34,790
1,169,082
30,932,212
1,995,564
483,405
1,270,633,3841,222,317,614
Liabilities
Member deposits and accrued interest
Current taxes payable
Accounts payable
Deferred tax liabilities
1,186,694,489
-
5,836,051
116,836
1,192,647,3761,146,930,391
Members’ equity
Member shares
Retained earnings
Non-controlling interest
1,140,074,062
9,984
6,657,509
188,836
15,911,462
59,372,641
103,120
15,691,820
62,170,812
123,376
77,986,00875,387,223
1,270,633,3841,222,317,614
Approved on behalf of the board
Signed by “Rae McBurney”
Signed by “Al Morken”
DirectorDirector
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WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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SUMMARY CONSOLIDATED INCOME STATEMENT
For the year ended December 31, 2014
2014
2013
Interest income Member loans
Investments
41,274,986
3,632,085
41,250,885
4,554,117
44,907,071
45,805,002
Interest expense 21,037,113
102
21,137,442
5
21,037,215
21,137,447
Gross financial margin
23,869,856
24,667,555
Operating expenses Administration
Amortization
Member security
Occupancy
Organizational
Personnel
6,035,637
2,318,054
1,174,271
1,885,195
694,490
15,843,500
6,113,618
1,587,659
1,238,666
1,869,849
780,668
14,280,811
27,951,147
25,871,271
Net operating expenses
Other income
(4,081,291)
7,621,026
(1,203,716)
7,888,605
3,539,735
6,684,889
2,536
(83,505)
(1,862,028)
-
(80,969)
(1,862,028)
3,458,766
449,592
(72,000)
4,822,861
707,798
2,000
377,592
709,798
Net income
Net income attributable to: Members of the Credit Union
Non-controlling interest
3,081,174
3,060,918
20,256
4,113,063
4,085,706
27,357
3,081,174
4,113,063
Deposits
Interest on borrowed money
Income before recovery of (provision for) impaired loans, investment property and income taxes
Recovery of (provision for) impaired
loans and investment property
Impaired loans
Investment property
Net income before income taxes
Income taxes Current
Deferred tax
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WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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A full set of audited financial statements
is available from the Credit Union.
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended December 31, 2014
Member Shares
Retained Earnings
Attributable to members of the Credit Union
Noncontrolling
Interest Total Equity
Balance December 31, 2012 Net income Acquired through business combination Issuance of member shares Redemption of member shares
Dividends on preference shares,
net of tax recovery 14,547,177 -
-
1,827,089 (462,804) 55,538,448 4,085,706 -
-
-
70,085,625 4,085,706 -
1,827,089 (462,804) -
27,357 75,763 -
-
70,085,625
4,113,063
75,763
1,827,089
(462,804)
-
(251,513) (251,513) -
(251,513)
Balance December 31, 2013 Net income Issuance of member shares Redemption of member shares Dividend on preference shares,
net of tax recovery 15,911,462
-
301,613 (521,255) 59,372,641
3,060,918 -
-
75,284,103
3,060,918 301,613 (521,255) 103,120
20,256 -
-
75,387,223
3,081,174
301,613
(521,255)
-
(262,747) (262,747) -
(262,747)
Balance December 31, 2014 15,691,820 62,170,812 77,862,632 123,376 77,986,008
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WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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A full set of audited financial statements
is available from the Credit Union.
SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended December 31, 2014
2014
2013
41,320,061 3,668,141 (20,969,537) (26,639,042) 7,753,847 (102) (477,777) 41,279,757
4,868,820
(21,485,659)
(25,062,718)
7,814,041
(880,463)
4,655,591 6,533,778
Financing activities
Net change in member deposits Proceeds from issuance of member shares Payment for redemption of member shares Dividends paid on preference shares 46,552,749 301,613 (521,255) (290,297) 52,575,119
1,827,089
(462,804)
(163,974)
46,042,810 53,775,430
Investing activities
Net change in members’ loans receivable Purchases of investments Proceeds on disposal of investments Purchases of property and equipment Proceeds from disposal of property and equipment Proceeds from disposal of investment property (46,856,669) (28,280,000) 1,132,595 (545,530) 28,544 -
(99,037,088)
(231,782)
(1,069,520)
23,126
46,874
(74,521,060) (100,268,390)
Decrease in cash and cash equivalents Cash and cash equivalents, beginning of year (23,822,659) 67,424,618 (39,959,182)
107,383,800
43,601,959 67,424,618
Cash provided by (used for) the following activities:
Operating activities
Interest received from members’ loans Interest and dividends received from investments Interest paid on deposits Cash paid to suppliers and employees Service charges and other income received Interest paid on borrowed money Income taxes paid Cash and cash equivalents, end of year 13
WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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A full set of audited financial statements
is available from the Credit Union.
AS OF DEC. 31, 2014
WESTOBA PROUDLY HAS
34,945 MEMBERS
PAID $5 COMMON SHARES
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WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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MEMBER FEEDBACK
WE SERVE
A RADIUS OF
OVER
74
I trust your judgement, Joyce (McKay), and have been comfortable
investing more and more with Westoba over the years because of the
relationship I now have with the credit union. I know there have been
many days when I used a lot of your time but you have never rushed
through my many inquiries. I am pleased with the suggestions you have
made and never feel pressured, only better informed, when I do
make my final decisions.
BRONWEN DOBSON, PILOT MOUND
THOUSAND
SQUARE KM
RURAL MEMBER SOLUTIONS MANAGERS
Back row (l-r): Leanne DeVliegere, Associate Vice President, Rural and Winnipeg Member Solutions
Marie McKean, Regional Manager – Carberry and Glenboro
Wendy Denbow, Regional Manager – Souris, Rivers and Onanole
Front row: Pat LePoudre, Regional Manager – Killarney, Cartwright, Ninette and Belmont
Stacey Griffin, Regional Manager – La Riviere, Pilot Mound, Swan Lake and Bruxelles
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WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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APPROVED
APPROVED
APPROVED APPROVED
APPROVED
APPROVED
APPROVED
APPROVED APPROVED
APPROVED
APPROVEDAPPROVEDAPPROVED APPROVED THE BUSIEST WESTOBA ATM IS AT APPROVED
APPROVED
APPROVED
MEMBER FEEDBACK
This is just a short letter to
commend the service of Wendy
Denbow at the Souris credit union.
She has served us exceptionally
well on many occasions. She
also sets the time for gracious
hospitality, service and staff
co-operation at our branch. It is
a constant delight to witness the
care and consideration for each
other and for every member
every time I do business there.
34TH & VICTORIA IN BRANDON
JEAN DORNIAN, SOURIS
BRANDON MEMBER SOLUTIONS MANAGERS
Back row (l-r): John Jansen, Branch Manager of 34th and Victoria
Melody Osudar, Associate Vice President, Brandon and The Pas Member Solutions
Josh Roels, Branch Manager of 18th & Kirkcaldy, Shilo and 1st & McTavish
Front row: Amber VanDeKerckhove, Manager of TeleService
Patti McEvoy, Branch Manager of 10th & Princess
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WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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SUPPORTING OUR COMMUNITY
Our credit union is built on co-operative principles that include “Concern for
Community”. Westoba is honoured to be a part of the many communities we
serve throughout Manitoba. We take this privilege seriously and believe in giving
back to our communities through various donations and sponsorships.
Corporately, our credit union puts thousands of dollars annually back into the
community. Individually, Westoba staff is also committed to building stronger
communities. Collectively, our staff donated approximately 2,500 hours last
year alone towards a variety of causes and events.
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WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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2014 saw Westoba undertaking some interesting community projects:
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COMMUNITY FOUNDATIONS CALENDAR
CANADIAN DEVELOPMENT FOUNDATION (CDF) TRIP
Westoba partnered with Community Foundations in Manitoba to celebrate major
projects or initiatives that are making a difference at a local level. This included
food programs teaching about healthy eating, to infrastructure projects resulting
in playgrounds, community centres and swimming pools, to ensuring beautiful green
spaces are preserved. Some projects highlighted were ones that Westoba helped fund.
Randy Brown,Vice President of Member Solutions, sits on the National CDF of Canada
Board. In November, Randy visited a CDF joint project with the Canadian Co-operative
Association (CCA) in Peru! Randy toured coffee, cocoa and cane sugar farms
and learnt about how CDF and CCA funding is helping modernize production
processes.Westoba has been directly involved with CDF for the past 15 years by hosting
a golf tournament raising in excess of $150,000, including a $10,000 donation in 2014.
Nourishing Potential, Winnipeg MB.
Sugar cane stocks ready to be processed into panela (brown sugar).
Glenboro Twin Square, Glenboro MB.
Transportation from field to processing.
WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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2,191
NEW MEMBERS JOINED IN 2014
MEMBER FEEDBACK
Thank you for your friendly
efficient service. You make banking
feel like I am visiting a friend.
WAYNE DUPONT, BRANDON
BUSINESS SOLUTIONS MANAGERS
Rob Margetts, Associate Vice President of Business Solutions
Keith Parry, Manager of Business Solutions
Melissa Rushton, Manager of Business Solutions
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WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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ATM CARDS DISTRIBUTED IN 2014
INTERNAL MANAGERS
Back row (l-r): Keri Bok, Manager of Centralized Deposit Services • Lorne Melnyk, Project Manager
Lee-Ann Boes, Manager of Centralized Loans Administration
Middle row: Scott Sanders, Manager of Corporate Risk • Ramit Divakaran, Manager of People Solutions • Garnet Fisher, Property Manager
Front row: Amy Doerksen, Associate Vice President of Marketing and Communications • Sherice Claridge, Manager of Training and Operational
Procedures • Manon Pascal, Manager of Finance and Accounting • Todd Delaurier, Manager of Credit Risk
20
WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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STAFF LIST
As of December 31, 2014
10TH & PRINCESS
1ST & MCTAVISH
SOURIS
THE PAS
18TH & KIRKCALDY
LA RIVIERE
Beaulieu, Corinne
Clark, Deanna
Brigden, Carla
Basson, Jenna
Campbell, Kristine
Gerbrandt, Beverly
Campbell, Kelsey
Dusessoy, Tanya
Clark, Melissa
Dayrit, Rowena
Froese, Kenzie
Griffin, Stacey
Charles, Debbie
Katchen-Ring, Natashia
Denbow, Wendy
Fatima, Nasrin
Kendrick, Susan
Moffatt, Jenna
Clark, R. Blaine
Lobban, Bonnie
Kempthorne, Brenda
Ferguson, Lyra
Kingdon, Patti
Thompson, Beth
Froese, Taylor
Loewen, Patrick
Robinson, Debra
McClymont, Maureen
Minty, Delene
Wymer, Gladys
Gibson, Brenda
Mayert, Lindsay
Roosen, Wendy
Tormino, Lea
Orton, Sarah
Hodgson, Corinne
Morrisseau-Pearson, Patches
Wooley, Janice
Vrisk, Sherry
Reina, Sandra
Jansen, Melissa
Renaud, Rachel
Kassa, Lideya
Sebree, Alexa
RIVERS
SHILO
Kennedy, Sherri
Taylor, Evan
Azure, Melissa
Aycard, Laura
Kushner, Jordan
Latell, Tracy
McEvoy, Patti
Perreault, Carman
Picard, Patrick
Rempel, Krystal
Yaschyshyn, Samantha
Stewart, Jordan
Dickson, Diane
Dickson-Park, Evelyn
Dyck, Michelle
Breemersch, Barb
Goswell-Payne, Denise
PILOT MOUND
Hildebrandt, Judy
34TH & VICTORIA
Brown, Kora-Leigh
Mckay, Sybain
Griffin, Stacey
Kinley, Lori
Addison, Kellie
Clark, Melissa
Thorburn, Micaela
Lints, Jill
Klassen, Deb
Butts, Laureen
Denbow, Wendy
McKay, Joyce
LePoudre, Patricia
Brooks, Amanda
Noort, Chrissy
McMillan, Marjorie
Toews, Germaine
Campbell, Angela
Phillips, Nicola
Morin, Jacqueline
Turner, Kathlene
Connors, Dianne
Roberts, Onalie
Perks, Laura
Wilkins, Shawna
Daza, J. Santiago
Sytnyk, Shawna
CARBERRY
Holstein, Lydia
Webster, Deborah
Devloo, Kyla
Jansen, John
Early, Jo-elle
Klein, Sandy
Hill, Shari
Lamb, Jayden
Johnstone, Lorne
Logan, Chelsey
McKean, Marie
McPhee, Chelsea
Paluch, Deanna
Murray, Carol
Sinclair, Tanya
Ryall, Rebecca (Clark)
Winter, Laurel
Shearer, Chelsea
Sutherland, Madison
21
Roels, Josh
KILLARNEY
COMM BUS CENTRE
Adams, Ryan
Bird, Brian
Bray, Kevin
Buhr, Wayne
Cantlon, Michael
Schmidt, Irene
Young, Stacy
CARTWRIGHT
Calcott, Sally
GLENBORO
Dowsett, Donna
SWAN LAKE
Cantlon, Donna
Daly, Megan
Moorehead, Greg
Bach, Joshua
Hayward, Maggie
Davis, Dennise
Parry, Keith
Griffin, Stacey
LePoudre, Patricia
Desrochers, Raelene
Powell, Cody
Levreault, Brittany
Maxwell, Renae
Haasbeek, Cathie
Rushton, Melissa
Mangin, Colleen
Mullin, Sherry
Johnstone, Lorne
Wright, Theresa
Pouteau, Wendy
Penner, Natalia
Shoemaker, Jackie
Sudermann, Nelli
Letain, Cynthia
Martin, Trudy
Wiebe, Carola
BRUXELLES
Woychyshyn, Leah
Griffin, Stacey
WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
BELMONT
LePoudre, Patricia
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Shrumm, Pam
Truelove, Jaymie
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NINETTE
ONANOLE
De Roo, Ken
Manning, Tess
Smith, Adele
WESTPROTECT
Heinrichs, Heather
Clark, Melissa
Delaurier, Todd
Margetts, Rob
Smith, Kenneth
Bass, David
Johnson, Brenda
Denbow, Wendy
Delichte, Arlene
McBride, Jennifer
Sprott, Sherry
Byczkowski, Christina
Kozak, Val
Durand, Florence
Derksen, Elvira
McEwen, Alisha
Stewart, Crystal
Gerritzen, Sharon
LePoudre, Patricia
Flackman, Matthew
Desrochers, Judy
McConnell, Marcie
Stewart, Kyla
Kelso, Brad
Morden, Rebecca
Marcischuk, Marnie
Deutscher, Brian
McCroary, Judy
Strand, Loni
Murray, Margaret
Nixon, Laura
DeVliegere, Lisa
Mealy, Terra
Strelczik, Jennifer
Penner, Kelsey
DeVliegere, Leanne
Melnyk, Lorne
Sturgeon, Marilyn
Roberts, Jack
Doerksen, Amy
Monita, Hank
Sutherland, Shelley
Tennant, Brittany
Droux, Gina
Moore, Chelsea
Thompson, Tanya
Vickery, Marcie
Everett, B. Pat
Myers, Terry
VanDeKerckhove, Amber
Everett, Mary Ann
Neal, Jennifer
VandeKerckhove, Carolyn
Everett, Nichola
Neale, Rheanon
Vincent, Raeanna
Ferguson, Sarah
Nedohin, Lynette
Wallcraft, Jessica
Fisher, Garnet
Noort, Drake
Wasilka, Janine
Gosnold, Teresa
Noto, Linda
Waterfield, Danielle
Harapiak, Paiten
Nylen, Pennie
Waterman, Diana
Heapy, Janice
O’Driscoll, Joanne
Wiess, Kenneth
Hofer, Alesha
Olver, Jackie
Willis, Chelsey
Jenks, Sandra
Ostrowka, Donna
Wilson, Connie
Jensen, D. Marie
Osudar, Melody
Workman, Jill
Keele, Kathy
Pakavath, Ramit
Yakielashek, Colette
Keeves, Elena
Palaniuk, Tammie
Yeo, Sandra
King, Sherri
Pascal, Manon
Krykavska, Iuliia
Pleskacz, Donna
Lamport, Kayla
Rediger, Jim
Lelond, Cheri
Roberts, Brenda
Lepage, L. Nettie
Robertson, Molli
Leroy, Michael
Robinson, Mary
Levandoski, Candice
Sanders, Scott
Mair, Catherine
Scramstad, Shannon
Neufeld, Michelle
Paradis, Lorraine
Van Damme, Alyssa
Anderson, Sarah
PEMBINA
Appareil, Nicholas
Adindu, Adetoun
Boes, Brian
Aslan, Nadya
Boes, Lee-Ann
Calma, M. Kathrina
Bok, Kerilee
Claeys, Candace
Boland, Lacey
Domok, Racheal
Bourgeois, Stacie
Gerrard, Danielle
Bower, Kevin
Grosskopf, James
Brown, Jamie
Hunt, Tracy
Brown, Randy
Liu, Chang (Sherry)
Bryce, R. Mark
McMurdo, Justin
Byers, Celya
PORTAGE
Brinkworth, Allison
Ducharme, Ashley
Dulac, Robyn
Dutkiewich, Carly
Findlay, Tracy
Kirkwood, Tannis
Kusie, Kassandra
Parisi, Kelli
Thompson, Deanna
22
CORPORATE OFFICE
Cameron, Tanya
Carmichael, Debora
Cataford, Don
Chisholm, Tara
Claridge, Sherice
Cline, Laurie
Crandlemire, Linda
Cumming, Sandra
Cuthill, Cindy
Davis, Vicki
WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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PHILLIPS INSURANCE
Dillabough, Sheri
Kalberg, Kathleen
Villers, Wanda
WESTOBA EMPLOYS
PEOPLE
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2014 WESTOBA STAFF SERVICE AWARDS
For Service Completed to December 31, 2014
Each year, staff is recognized for reaching significant milestones in their
career with Westoba.
35 YEARS OF SERVICE
5 YEARS OF SERVICE
Mullin, Sherry - Cartwright
Bird, Brian - Commercial Centre
Connors, Dianne - 10th & Princess
25 YEARS OF SERVICE
Heapy, Janice - Corporate Office
McMillan, Marjorie - Pilot Mound
Kirkwood, Tannis - Portage Ave.
Latell, Tracy - 10th & Princess
20 YEARS OF SERVICE
McClymont, Maureen - The Pas
Claridge, Sherice - Corporate Office
Noort, Drake - Corporate Office
Jensen, Marie - Corporate Office
Thompson, Tanya - Corporate Office
Keele, Kathy - Corporate Office
Van De Kerckhove, Carolyn - Corporate Office
Vincent, Raeanna - Teleservice
15 YEARS OF SERVICE
Cumming, Sandra - Corporate Office
Dowsett, Donna - Pilot Mound, Swan Lake, Ninette
Neal, Jennifer - Corporate Office
THE PAS MEMBER SOLUTIONS MANAGER
Randy Dagasdas, Manager Member Solutions
10 YEARS OF SERVICE
Boes, Lee-Ann - Corporate Office
Cantlon, Michael - Commercial Centre
Griffin, Stacey- -Pilot Mound, Swan Lake, LaRiviere
Yellowega, Darlene - The Pas
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WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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MEMBER FEEDBACK
I remembered the two individuals who took the time
and made themselves present in my office that day in
June. I made an appointment with James Grosskopf
and from that point forward James and Racheal
Domok of the Pembina Hwy location have been
incredible. No longer do I feel I am just the dollar
numbers for where I am banking. In fact, I am not
a number at all but an individual who matters.
WEALTH AND INSURANCE SOLUTIONS MANAGERS
Marcie Vickery, WestProtect Insurance Agency Manager
Brian Boes, Associate Vice President of Wealth and Insurance Solutions
Wanda Villers, Phillips Insurance Agency Manager
CHAD LATENDRESSE, WINNIPEG
WINNIPEG MEMBER SOLUTIONS MANAGER
Racheal Domok, Branch Manager of Portage and Pembina
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WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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BRANCH LISTING
BRANDON- Corporate Office
220-10th Street Unit C, Brandon, MB R7A 4E8
Phone: 204-729-2050 Fax: 204-729-8852
CARTWRIGHT
435 Veteran Dr., Box 309, Cartwright, MB R0K 0L0
Phone: 204-529-5600 Fax: 204-529-5609
SWAN LAKE
19 Lorne Ave., Box 125, Swan Lake, MB R0G 2S0
Phone: 204-836-6500 Fax: 204-836-6509
BRANDON - 10th & PRINCESS
1020 Princess Avenue, Brandon, MB R7A 0P8
Phone: 204-729-2060 Fax: 204-729-8872
GLENBORO
106 Broadway, Box 6, Glenboro, MB R0K 0X0
Phone: 204-827-6300 Fax: 204-827-6309
THE PAS
261 Fischer Avenue, Box 1379, The Pas, MB R9A 1L3
Phone: 204-627-6300 Fax: 204-627-6309
BRANDON - 1st & McTAVISH
562-1st Street, Brandon, MB R7A 2X1
Phone: 204-729-2070 Fax: 204-728-0486
KILLARNEY
110 Finlay Street, Box 1030, Killarney, MB R0K 1G0
Phone: 204-523-5300 Fax: 204-523-5339
WINNIPEG - PEMBINA
1890 Pembina Hwy, Winnipeg, MB R3T 5L3
Phone: 204-896-2510 Fax: 204-896-2519
LA RIVIERE
503 Broadway, Box 10,1La Riviere, MB R0G 1A0
Phone: 204-242-2777 Fax: 204-242-2648
WINNIPEG - PORTAGE
3365 Portage Avenue, Winnipeg, MB R3K 0W9
Phone: 204-885-8520 Fax: 204-885-8529
ONANOLE
110 Wapiti Dr., Onanole, MB R0J 1N0
Phone: 204-848-7040 Fax: 204-848-7049
WINNIPEG - COMMERCIAL SERVICES
1890 Pembina Hwy, Winnipeg, MB R3T 5L3
Phone: 204-896-8510 Fax: 204-896-8519
BRANDON - 34th & VICTORIA
3300 Victoria Avenue, Brandon, MB R7B 0N2
Phone: 204-729-2080 Fax: 204-728-0681
BRANDON - 18th & KIRKCALDY
1711A Kirkcaldy Drive, Brandon, MB R7A 0B9
Phone: 204-725-8900 Fax: 204-725-8909
BRANDON WEALTH MANAGEMENT CENTRE
Unit B - 220 10th Street
Brandon, MB R7A 4E8
Phone: 204-729-2678 Fax: 204-729-2679
BRANDON COMMERCIAL SERVICES CENTRE
1020 Princess Ave. - 2nd Floor, Brandon, MB R7A 0P8
Phone: 204-729-2716 Fax: 204-729-2719
BELMONT
125 - 3rd St S, Box 40, Belmont, MB R0K 0C0
Phone: 204-537-6500 Fax: 204-537-6509
BRUXELLES
65 Main Ave, Box 100, Bruxelles, MB R0G 0G0
Phone: 204-526-6400 Fax: 204-526-6409
CARBERRY
47 Main St., Box 609, Carberry, MB R0K 0H0
Phone: 204-834-6300 Fax: 204-834-6309
25
NINETTE
227 Queen St. N., Box 98, Ninette, MB R0K 1R0
Phone: 204-528-5400 Fax: 204-528-5409
PILOT MOUND
19 Railway St. S., Box 49, Pilot Mound, MB R0G 1P0
Phone: 204-825-6300 Fax: 204-825-6309
RIVERS
504 2nd Ave., Box 298, Rivers, MB R0K 1X0
Phone: 204-328-6330 Fax: 204-328-6339
SHILO
CANEX Mall Building L-125 CFB Shilo
Box 68 Shilo, MB R0K 2A0
Phone: 204-765-6350 Fax: 204-765-6359
SOURIS
104 1st St. S., Box 126, Souris, MB R0K 2C0
Phone: 204-483-6300 Fax: 204-483-6309
WESTOBA CREDIT UNION | 2014 ANNUAL REPORT
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BACK
mber 31, 2012 gh business combination mber shares member shares
reference shares, net of tax recovery Member Shares
14,547,177 -
-
1,827,089 (462,804) -
179,364
SAVINGS AND CHEQUING
ACCOUNTS HELD AT WESTOBA
Retained Earnings
55,538,448 4,085,706 -
-
-
(251,513) Attributable to members of the Credit Union
70,085,625 4,085,706 -
1,827,089 (462,804) (251,513) Noncontrolling
Interest -
27,357 75,763 -
-
-
2,593
Westoba covers
a radius of approx.
Total Equity
70,085,625
4,113,063
75,763
1,827,089
(462,804)
(251,513)
74,362.45
Sq. KM
$80,000
$60,000
Members are using
$40,000
E-STATEMENTS
$20,000
0
2009
2010
2011
2012
2013
Interest and dividends received from investments
Service charges and other income received
6314
ATM CARDS WERE
DISTRIBUTED IN 2014
Interest received from members’ loans
Interest paid on borrowed money
Interest paid on deposits
Income taxes paid
80%
503,503
APPROVED ATM
Transactions in 2014
westoba.com | 1-877-WESTOBA
20%
60%
40%
20%
0%
52%
OPERATING
10%
16%
Administratio
Amortization
Member secu