Annual General Meeting Prairie Mountain Credit Union Ltd.

Annual General Meeting

December 10, 2016
Welcome to Ste. Rose du Lac

It was a very cold night, but that did not deter the 200 attendees at the Prairie Mountain Credit Union Annual General Meeting who celebrated 75 years serving the communities of Ste Rose, Laurier and surrounding communities like McCreary, Eddystone, Alonsa, Ochre River and many others. All were treated to an evening of fun and prizes and of course the results of the Credit Unions success from the previous year. Special guests in attendance were CEO from Credit Union Central of Manitoba Garth Manness, Regional Manager from Concentra Financial Audrey Wilkinson, and MLA for Dauphin Brad Michaleski. Each gave greetings from their perspective organizations and political party. Emcee Pam Vandepoele ensured that the evening ran smoothly which was prepared in part by the staff of PMCU. Cocktails started at 5:00pm with dinner at 6:00pm and concluded with a comedian Brett who kept the crowd laughing from beginning to end.

President Jean Louis Saquet started the business portion with greetings from the Board of Directors followed by a moment of silence respecting those members that passed away during the year. He also stated that the members should be proud of keeping their community owned financial institution going for the past 75 years. It was a testament to their forefathers vision and dreams that started July 3rd, 1941 with a mere $530 in assets. Today the Credit Union boasts close to $71,000,000 in assets and is meeting and exceeding all the required capital requirements demanded of them.

General Manager Armin Glas presented the financial results for the year. Highlights were that loan growth was down, but profits were up. The $70.9 million dollar credit union attained a strong gross financial margin with expenses being controlled and relatively flat for the year. This resulted in equity being increased from 6.55% to 7.05% for the year ending September 30, 2016. All other regimented requirements governing a financial institution were also positive. Capital requirements, which is an indicator of financial stability were improved upon from previous year. This was a sign that the credit union was financially stable and shows resilience and sustainability from the fallout from the financial crisis of 2008. Collaboration is the key going forward to keeping smaller autonomous credit unions viable for the future. As touched upon in Garth Manness's speech, 24 of the 33 credit unions in Manitoba are working together to find efficiencies within their organizations. Audrey Wilkinson from Concentra financial gave a retrospective speech from what times were like in 1941. Brad Michaleski gave greetings from the Premier and the Conservative party and congratulated Prairie Mountain Credit Union Ltd. for serving their communities well for the past 75 years.

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Box 190  •  601 Central Avenue  •  Ste. Rose du Lac, MB R0L 1S0  •  204-447-2723  •  Fax 204-447-3024
Box 61  •  115 rue Burrows  •  Laurier, MB R0J 1A0  •  204-447-2412  •  Fax 204-447-3124

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