WILFRED YORSTON
A salute to a

by David M. Roth

Loong time Burnaby resident
and credit union pioneer
Wilfred Yorston passed away
August 11, at the age of eighty-
six. Born in England in 1902,
Yorston, along with his family,
immigrated to Canada in the
eatly part of the century. Begin-
ning in the 1930s Yorston, along
with his brothers, operaied
Coast Foundries on Boundary
Road, manufacturing wood
stoves and furnaces.

While servirg in the RCAF
during World War Two, Yorston
learned of the cvuoperative
movement and when he return-
ed to North Burnaby after the
war he helped to organize a
refrigeration cooperative that
served the Lochdale communi-
ty in the Hastings and Sperling
area of North Burnaby. In an
age when houschold freezers
were not common, the
cooperative allowed: local

residents to preserve food at a
minimal cost.

Yorston's nexi project was to
become his legacy to the North
Burnaby community; the
organization of a local credit
union. Knocking on doors and
holding organizationt mectings
in the Lochdale community
hall, Yorston, aiong with other
interested residents, succeeded
in forming the Lochdale Sav-
ings Credit Union in 1949.
Originally operating out of
members’ kitchens providing
savings and loan services to
Lochdale residents, the credit
union has grown considerably
over the years and is now serv-
ing the North Burnaby area as
the Burnaby branch of the
North Shore Credit Union.
Yorston, as the first member to
join the Lochdale credit union,
became account number one, a
distinction he retained as :he
tiny credit union changed and
grew along with the community.

In recent years, though
retired, Wilfred Yorston remain-
ed an active and interested
credit union member and is
remembered by many for his
numerous contributions to the
community. The Com-
municator saluies this credit
union pioneer.

Wilfred Yorston is survived
by Freda, his wife of fifty-five
years, a daughter and five
grandchildren.

Centralized Accounting

Y owa think that maintaining
the financial order of 115,400
member accounts would be
challenging enough. But the staff
at North Shore Credit Union's
Centralized Accounting Depart-
ment provide all of the accoun-
ting support for North Shore's
ten branches and the administa-
tion branch as weil.

“We look at the controls at the
branches as far as accounting
goes. We make sure that all the
member’s accounts are in
balance, all the genecal ledgers,
all the numbers. We look after
the security of member’s ac-
counts. We have to make sure
that what’s there is there and that
it stays there. We also Icok after
all of the assets, everything the
Credit Union owns;’ said Cen-
tralized Accounting Manager
Louise DeVita.

To the end of October, the
Credit Union's 36,200-strong
membership generated 4,400,000
transactions. And that figure is
growing as membership grows.
“We're averaging about 475,000
transactions a month right now,’
said DeVita.

With all of the raw fiscal infor-
mation channeled through Cen-
tralized Accounting, the branches
don’t have to tie up time hand-
ling daily accounting tasks. The

system allows for efficient con-
trols and allows branch person-
nel to focus on providing the best
membership service possible.
Said DeVita: ‘“We'’re the behind-
the-scenes people, Our only inter-
ruptions are when we help the
branches if they’re having prob-
lems with the system or a
member’s account. They phone
us and we straighten it out?’
The Centralized Accounting
office includes three senior ac-
countants, an accountant for the
administration office, a junior
accountant and two accounting
clerks. The staff ensures the
system runs smoothly by check-
ing and balancing daily branch
reports fed in to the office by way
of the Credit Union’s GEAC
computer system. At month’s end

the financial statements are
tallied, examined for accuracy
and presented to the V.P.
Finance. “We also do a Sot of
Statistical reports so that we
know where we stand every
month}? DeVita added.

DeVita, a self-confessed
“numbers person” has been with
the Credit Union for 12 years.
She began as a teller at the
Lonsdale Branch and joined the
accounting department after 2%
years. She’s managed Centraliz-
ed Accounting for the past 3%
years. “I really am a nuimbers
person. | enjoy doing financial
statements the most. They
culminate the whole month and
yer: see how the Credit Union did
and how everything is going;’ she
said.

§ - Sunday, November 26

Equity Share
Bonus
investments

N orth Shore Credit Union members have a unique
opportunity to coilect higher dividend bonuses on member
equity shares purchased between now and December 31. Equity
shares are an investment in ownership and the future success
of the Credit Union. Our just completed long-term planning
process has projected new goals of equity needed in the years
ahead to build a strong capital buse and meet the membership
ongoing and changing requirements.

Projected earnings and 4 strong surplus by the close of this
year translate into an 11 per cent dividend on member equity
shares (compounded quarterly), for each of the three quarters
of 1989. The same 11 per cent rate applies to the fourth quarter.

But this already excellent return will be enhanced by a special
dividend bonus of four per cent, payable as of December 31.
This means all members wil! receive a total return of 15 per
cent on their membership shares in 1989.

To reward member equity share investment, the Credit Union
is offering a further ten pes cent bonus on all new equity shares
purchased by existing members between now and December
31, up to the maximum share limit of $5,000 per member. The
ten per cent bonus will be paid in additional equity shares on
December 31. This additional investment in equity shares plus
the ten per cent bonus is eligible for the regular dividend
beginning January 1, 1990, along with previously held equity
shares.

Due to the expected strung interest in the bonus equity shares,
new share investmeni has been limited to $2 million and is
available on a first-come, first-served basis. For more
information about this special investment program contact your
local branch manager cz financial services representative.

convenient Iscations and we'll'h
on the road in minutes: "0 ~

401-1112
-North Vanco

986-4821