board of directors - provincialcu.com · metro credit union limited • 2008 annual report it is my...

Board of Directors .................................................................................2

President’s Report .................................................................................3

General Manager’s Report ....................................................................4

Auditor’s Report ....................................................................................5

Balance Sheet .......................................................................................6

Statement of Undistributed Earnings .....................................................7

Statement of Income And Expense .......................................................8

Cash Flow Statement ............................................................................9

Notes to Financial Statements ..................................................... 10 – 17

Metro Credit Union in the Community ....................................... 18 – 20

METRO CREDIT UNION LIMITED • 2008 ANNUAL REPORT�

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Left to right: Bernard Keefe (President) Ellen Locke Doiron (Vice-President) Barry Brown Robert Perry (Secretary) Alan Hearn Jr. Foch McNally Gerard Wood Corey Tremere Wendell Dawson

(missing from photo: James MacDonald)

Board Of Directors


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It is my pleasure to report to you on behalf of the Board of Directors for the year ending September 30, 2008.

Metro has enjoyed another successful year, despite the market turmoil. I am pleased to announce the board has declared a 2% share dividend for 2008. This is in agreement with our board policy of paying market rates on member share deposits.

Your board has been very active this year with ten regular meetings, plus others, for planning and reviewing audited financial statements.

We are very pleased that the provincial government has increased deposit insurance coverage on non-registered funds from $60,000 to $125,000. And of course with unlimited coverage on credit union registered products, our deposit insurance is second to none! New brochures outlining the changes will

be available shortly.

Metro continues to grow its membership and assets, reflecting on the high quality of service and products we provide. With 16,000 members and assets of $160,278,000 Metro remains the largest credit union in the province.

In closing I wish to thank my fellow directors, as well as Metro’s management team and loyal staff, for their dedication and commitment during the past year.

Respectfully submitted,

Bernard Keefe President

President’s ReportLo

ans

Dep

osi

ts

AbovetAblesstAtedinmillionsofdollArs.

2004 2005 2006 2007 2008

120.7 128.2 135.1 147.7 160.3

0

40

80

120

160

200

Ass

ets

2004 2005 2006 2007 2008

118.3 124.5 129.9 134.5 145.7

0

30

60

90

120

150

2004 2005 2006 2007 2008

94.3 95.8 96.0 108.2 112.3

0

30

60

90

120

150


It is with great pleasure to report to you on the operations of Metro Credit Union as at September 30, 2008.

Although this has been a very challenging year, from a financial perspective, it was another successful year.

Our deposit growth of 9.3% was well above our budgeted growth, however our loan growth of 4.6% was below projections. But more importantly, our equity or retained earnings has increased to 7.5%. In this time of market uncertainty, to have our equity at this level, is a testament to the financial stability of your credit union.

This is our second year as a high-ratio mortgage lender and also year two for our vehicle financing operation, through Metro’s in-direct auto program. Despite gains in both of these areas, particularly in vehicle financing, growing our loan portfolio in today’s extremely competitive environment, within reasonable risk standards, remains a challenge.

Of course one of the keys to growing our business is with effective advertising and marketing activities, and certainly our new TV commercials airing on CBC Television, have been instrumental in bringing people through our doors, as well as heightening the awareness of Metro Credit Union, and strengthening our brand.

In addition to external advertising we are reviewing all facets of our operation to ensure we live up to our

mission statement…”toprovideoutstandingserviceandprofessionaladvicetoenableourownerstoreachtheirfinancialgoals.”

The new year will introduce the addition of a new deposit offering at Canadian financial institutions. I’m pleased to advise Metro Credit Union will have Tax Free Savings Accounts (TFSAs) available effective January 2009. We are also in the process of upgrading our ATMs to meet national standards over the next couple of years.

The success of any organization can be attributed in no small way to well trained and motivated employees, and I’d like to take this opportunity to recognize a number of our staff who have reached milestones in their careers at Metro. Congratulations to Kelly McCarron and Brenda Harris on 5 years of service, Jennifer MacMillan, along with Doug Bridges and Janet MacInnis for 10 years of service, and Laura Bain Christy for 15 years of service.

In closing, thanks to our board of directors for their continued support and guidance, and to our owners for their continued patronage. Rest assured that Metro Credit Union is well positioned indeed, to deal with the challenges and prosperity that lie ahead.

Sincerely,

David BurtGeneral Manager

General Manager’s Report

Commercial 26.3%

Mortgages 39.4%

Personal 16%

Farm & Fish 2.6%

Lines of Credit 2.4%

Cdn. Student Loan 13.3%

Shares 9.1%

Chequing 19.9%Savings 4.9%

Term Deposits & CDRs 39.6% RRSP & RRIF 26.5%

Commercial 26.3%

Mortgages 39.4%

Personal 16%

Farm & Fish 2.6%

Lines of Credit 2.4%

Cdn. Student Loan 13.3%

Shares 9.1%

Chequing 19.9%Savings 4.9%

Term Deposits & CDRs 39.6% RRSP & RRIF 26.5%

Member Loans �008

Member Deposits �008


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METRO CREDIT UNION LIMITED • 2008 ANNUAL REPORT8


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METRO CREDIT UNION LIMITED • 2008 ANNUAL REPORT�0

METRO CREDIT UNION LIMITED • 2008 ANNUAL REPORT��

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METRO CREDIT UNION LIMITED • 2008 ANNUAL REPORT�8

Metro Credit Union Staff in the Community

Bernard Gillis, Manager of Operations at Metro Credit Union, has been an active committee member of the PGI Golf Tournament for Literacy for the last 5 years. Named after the late Peter Gzwoski, the tournament raises funds to enhance the literacy skills of Prince Edward Islanders. As the main fundraiser for the PEI Literacy Alliance, the tournament has raised in excess of $150,000 since 2004.

Metro Credit Union is in its fourth year of a 5 year association with Camp Gencheff. Each year, Metro makes a corporate donation of $10,000, which is matched by our staff. Metro employees volunteer about 600 hours per year collectively to raise the funds, through such activities as bake sales, barbeques, 50/50 draws, and yard sales. To date, $80,000 has been donated to Camp Gencheff.

(Left to Right) Therese Marsh from Metro, Edna Reid from Camp Gencheff, along with Ellen Meerburg and Shirley Davis, also from Metro.

(Left to Right) Jinny Greaves - PEI Literacy Alliance, Peter Mullins - Freedom 55 Financial, Joanne Ings - PEI Lung Association, Bernard Gillis - Metro Credit Union, Robin Tulk - Newspapers in Education, Norm Finlayson - PEI Literacy Alliance


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Susan Hardy, Financial Services Officer at Metro Credit Union, is enjoying her second year of volunteering at the Lillibets Gift Shop at the Queen Elizabeth Hospital. All proceeds from the gift shop go to the QEH Auxiliary.

In recognition of the many hours of her own time Susan donates to the gift shop, Metro Credit Union makes a corporate donation to the charitable organization of Susan’s choice…no surprise…it’s the QEH Auxiliary!

PEI Credit Unions are the proud Provincial Event Sponsor for the Canadian Cancer Society’s Relay for Life. Metro takes an active role in the Queens County Relay at the CDPEC each June. This year credit unions raised over $56,000 to help fight cancer on PEI. Metro had two teams in the 2008 relay, and Marketing & Communications Officer, Doug Bridges, also did some moonlighting with his band Incognito, as part of the evening’s entertainment.

(Left to Right) Kenny Downe, D. Bridges and Fraser Cameron

Metro Credit Union Staff in the Community

DonationsAids PEI Alzheimer’s SocietyAndrews Hockey Growth Program Bantam AAABig Brothers Big SistersBirchwood School (Holocaust Studies Program)Bluefield High SchoolBrian Injury AssociationCamp GencheffCamp SeggieCanada Cup 2008 Baseball TeamCanadian Cancer Society Relay for LifeCanadian Mental Health AssociationCanadian National Senior Women’s Soccer TournamentCanadian Police Association Cops for KidsCerebral Palsy Association of PEICertified Organic Producers Co-operativeCharlottetown Chamber of CommerceCharlottetown Rural High SchoolChild Find PEI DrawChristmas DaddiesCity of CharlottetownCNIBColonel Gray High SchoolCornwall Minor Ball AssociationCrohn’s & Colitis FoundationEaster Seals TelethonEsso Women’s Nationals HockeyExcel SelectsFarmers Helping FarmersFitzroy Centre ClubhouseFriends of Catholic Family Services Inc.

Friends of the RegimentGlen Stewart Elementary SchoolGolf for WishesGrace Christian SchoolHeart & Stroke FoundationHillsborough Rotary ClubHOA Summer Hockey Hockey PEI Horse Trials PEIHumane Society of PEIIsland Media Arts Co-opJunior AchievementLebanese New YearLiteracy AllianceLong Creek for WatotoMarshfield Presbyterian ChurchMarshfield Women’s Institute Metro Junior Builders HockeyMosquito AAA North River Minor Junior C FlamesOld Home Week Oldtimers Hockey ChallengeOpen Door MinistriesParkdale-Sherwood Lions ClubParkinson Society PeeWee AAA Hockey PEI Council of the Arts PEI Crime StoppersPEI Disability AlertPEI Firefighters PEI Scouts CanadaPEI Tween RingettePEI Under 16 Girls All Star Soccer Team

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PEI Youth Chess AssociationPEI Youth Selects BaseballPownal AA Bantam Girls HockeyPownal Bantam AAPownal Memorial TournamentPownal Metro Builders Club Hockey QEH FoundationQEH Equipment FundQueen Charlotte School Breakfast ProgramRip Tide Young IslandersRotary Club of StratfordRoyal Canadian LegionS.A.D.D.Singing Strings Fundraising CommitteeSpecial Olympics PEISt. Jean Breakfast ProgramStars for Life FoundationStratford Community ChoirStratford Soccer Team Stratford Winter Carnival The Adventure GroupThe Canadian Red Cross SocietyThe Ghiz Park FundThe JoyridersThe Salvation ArmyThyramas CorporationUnder 14 Provincial Girls All Star TeamUnder 17 Rugby Girls Tournament United Way of PEIUniversity of Prince Edward IslandVoluntary Resource CentreWestern Horse Show Winsloe West Royalty Under 18 Girls Soccer Club

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Metro Credit Union in the Community

board of directors - provincialcu.com · metro credit union limited • 2008 annual report it is my...

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