Sunrise Credit Union held its annual general meeting virtually on April 20. Although COVID-19 has taken its toll in some sectors, a strong agricultural economy and amalgamation last summer with Minnedosa Credit Union has bolstered growth for Sunrise.
There’s been a downturn with the pandemic, but the credit union’s figures reflect economic stability in the area. Sunrise President and CEO Tim Klassen noted, “Agriculture had a very strong year in 2020 and helped support the economy in our region”.
In his address to more than 180 members and staff, Klassen touched on the health and economic crisis, thanking members for their continued support, patience and trust in Sunrise Credit Union. He also thanked staff for their ability to adapt and focus on members’ needs.
Sunrise CU’s annual audited statements showed a Net Income of $2.4 million, down from both 2018 and 2019.
Deposits were up by 25.2%, however amalgamation had a lot to do with that. “That is the increase since 2019, and Minnedosa CU amalgamation contributed approximately 50% of the growth in deposits from 2019 to 2020.”
Loans amounts also grew by just 10.8%.
Total Equity of 6.48% was reported. “The equity has remained stable from 2018 to 2020, down slightly from 7.07% in 2018 to 6.48% in 2020,” says Klassen.
Total Assets reached $1.6 billion in 2020.
Sunrise supported local initiatives and needs. Klassen reviewed those highlights for the financial institution, including the $1 million commitment to Assiniboine Community College’s Prairie Innovation Centre and the $42,000 in financial support for local organizations providing essential items to those impacted by the pandemic.
In his remarks, Sunrise Credit Union Board of Director Chair Glenn Young welcomed former Minnedosa Credit Union members, who officially joined the Sunrise family on July 1, 2020. Young also saluted outgoing board members Roger Palmer and Bjarni Walterson.
Member of the Nominating Committee, Lon Cullen, welcomed Robert Sopuck and announced that Doug Van Damme and Agnes Kokke as re-appointed to the Board of Directors.