1 Credit Union is s helping :
fund the program by way. of
$100,000" contribution...

ing: < ‘Program . cocr-

< bearing the North Shore

r Allen: Lynch, approx-:
ly 40,000. “plastic blue”

28 - Wednesday, June 20, 1990 - North Shore News

| _NSCU SPONSORING -

which will be completed by the.
‘end of September.

The boxes. distributed to

single-family dwellings will be
“ emptied weekly on the same

day garbage is picked up.

- Apartment boxes will also be’

emptied on a weekly basis to.-
start with and’ may thereafter
be emptied more frequently,

- depending on the volume of
: -” goods recycled.
Te diag to: North Shore : .

Each blue box is: approx-
imately 18 inches long, 15 in-
ches wide and 13 inches deep.

The boxes are meant to hoid

‘food and beverage glass, tin
“and: aluminum. containers.
-: The. blue box recycling pro-
..gram: will also take plastic
- milk ‘jugs: and plastic pop

- bottles,

oo gram following up. a
on ““¢ Said. “Lynch, ..“Some
i bali’ are going to ety

M ANOTHER

The Canadian credit union
system recorded another year of
healthy growth in 1989. Assets of
the 1,299 credit unions across
we. Canada grew by 10.2% to $29.8
a billion. Similar healthy increases
were recorded in the loans and
savings categories. Loans grew io
$21.2 billion, an 8.2% gain over
last year, and savings jumped by
9.6% to $27.5 billion.
; The figures are slightly better
a than the average gains recorded
me last year as the system continues
the momentum that has been
generated during the past five
years. Among the provincial
systems, British Columbia
recorded the most impressive
asset growth. Its 1989 assets are
17.5% greater than the total

wo] NORTH SHORE CREDAT UNION

3

he
ne

vos das seg fet.
: nis an ae

Newspapers will continue to

- be collected in blue bags.

/... The curbside multi-material
. Fecycling::program will be
“gperated’ by International
* Paper Industries Ltd. ‘The five-

year contract was awarded tc
the company -by the three

North Shore municipalities
‘earlier this year.

Administrative costs of the
recycling program will be
shared’ by the’ threeNorth’

‘Shore municipalities.

YEAR OF

Z HEALTHY GROWTH
S FOR THE CREDIT
2 UNION SYSTEM

reported last year. Credit unions
in the Atlantic region also turned
in healthy performances ranging
from an 8.6% asset growth rate
in New Brunswick to a 13% in-
crease in Prince Edward Island.
Ontario and Manitoba both
posted asset growths aboye 8%.
Alberta and Saskatchewan; still
feeling the ill effects of a sagging
agricultural sector, generated
more moderate growth rates of
7.6% and 6.5% respectively.

System rationalization, a trend
that has been evident for several
years, continued during 1989.
The number of credit unions
declinded by 58. Membership
jumped by more than 221,000
and surpassed the 4.5 million
mark. (CCCS Briefs).

‘

C.E.O. AND CHAIRMAN OF THE BOARD
REPORT TO MEMBERSHIP

$300 MILLION MARK SURPASSED

Norn Shore Credit Union had
a very successful year in 1989,
reaching several new milestones.
Board chairman, Jack Bright, at-
tributed the Credit
Union's success to
its loyal member-
ship and its dedica-
ted management
and staff and their
commitment to
providing high
quality products
and services at a
fair price. “Over
fifty percent of our
new members are
recommended to us
by existing mem-
bers?’ said Bright.
“In 1989 equity
shares grew by
60.5% and the combined return
paid to members was 15%: In
total the Credit Union returned
$23 million to members through
interest on deposits and
dividends this past year.
Members of North Shore
Credit Union benefited from a
strong business performance in
1989. Said CEO, Phil Keller,
“Member deposits exceeded the
$300 million level, growing from
$254.7 to $300.1 million, a 17.8%
increase and a milestone for the
Credit Union? All types of
deposits experienced strong

NSCU’S BOARD

Dennis Humphries

N orth Shore Credit Union welcomes two new
members to its Board of Directors and con-
gratulates Dennis Humphries on his re-election.

Votes cast at the Annual General Meeting
held April 24 at the Whistler Conference Cen-
tre were added to the ballot count at the April
25 meeting held at the North Shore Winter

Club.

Dennis G. Humphries has been a board
member for the past six years. In addition, he’s
served two terms on the Board of Directors for

BC. Central Credit Union.

A retired teacher and administrator, Hum-
phries is also involved in the community as an
executive with UNICEF and as a board member
with the Capilano Community Services Society.

The two new board members are Michael E.

Burch and Neil McAskill.

Jack Bright
Chairman of the Board

growth, with term deposits and
RRSPs leading the way. Self-
directed RRSPs expanded
significantly by $3.7 million to

$12.2 million, a growth of 43.4%.
No less an achievement for the
Credit Union was the increase in
total assets to $315.6 million, up
18.3% in a record-setting year. At
the same time, loans to the
membership grew by 12.1% to
reach $233.4 million. Increases
were recorded in all areas of len-
ding: personal loans up 11%
commercial loans, up 18.5% and
residential mortgages up 9.6%.
Said Keller, ‘As a further
measure ef a successful lending
year and prudent policies, delin-
quency declined to 1.9%

Neil McAskill

Union.

Phil Keller
CEO.

of the loans portfolio, down from
2.6% at the end of 1988?’ Con-
tinued Keller, ‘Properties held in
settlement of defaulted loans
were virtually elim-
inated. Retained
earnings grew sub-
stantially to pro-
vide an ever-stre-
ngthening reserve
and equity base?’

For 49 contin-
uous years the
Credit Union has
successfully opera-
ted for the mutual
benefit of its mem-
bers and their com-
munities as a mem-
ber-owned, demo-
cratically con-
trolled financial in-
stitution. Said Keller, “The future
promises to be very exciting. In
1989 the hoard, management and
staff developed a comprehensive
five-year strategic plan that en-
sures we continue to focus clear-
ly on the fulfillment of members’
needs, the achievement of their
financial goals, and the ‘ex-
cellence of service’ we respect so
highly.’

The !989 Annual Report con-
tains further information on the
Credit Union’s performance and
is available at all branch
locations.

OF DIRECTORS

Michael Burch

Michael E. Burch, 45, has been a resident of
the North Shore since 1975. He is president and
owner of Whitecap Books Ltd. The North
Vancouver-based publishing company ranks
among the top 20 of Canadian-owned book
publishing concerns.

Neil McAskill, 39, lives in Burnaby and works
as a senior materials technologist for an
engineering company. McAskill was formaily a
director as well as president of Burnaby Credit

Your 1990-91 Executive Committee members

are:

Jack Bright, Chairman
Gerald Brewer, Vice-Chairman
Dennis Humphries

Rick Staehli