April 04, 2007 13:30 ET

SaskCentral Achieves New Level of Excellence in 2006

REGINA, SASKATCHEWAN--(CCNMatthews - April 4, 2007) -

Attention Business Editor

SaskCentral reported at its annual meeting today in Regina that it had achieved a new level of excellence in 2006. CEO Sid Bildfell says, "We have strong financial results, clients are pleased, employees are enthusiastic and we're giving back to our communities."

SaskCentral exceeded all of its financial targets in 2006, with consolidated net income of $17.6 million, up from $15.7 million in 2005. Based on that performance, a 2006 dividend of $8.8 million was returned to the credit unions that own SaskCentral. Assets grew from $3.9 billion in 2005 to $4.4 billion in 2006.

Saskatchewan credit unions also had a very successful year with net income of $64.7 million, compared to $39.4 million in 2005. They returned $22 million in patronage allocations to their members, as part of their commitment to Saskatchewan communities. The Saskatchewan system continues to grow, and reached a major milestone with assets surpassing $10 billion in 2006.

The reason for our success has a lot to do with our commitment to our communities, according to Bildfell. "For an organization to be really successful, it needs to go beyond its four walls. It has to be involved in the community. That's always been a very important principle for the credit union system." Each year, Saskatchewan credit unions contribute $5 million to their communities and to province-wide initiatives, and system employees volunteer hundreds of hours of volunteer time. In addition, SaskCentral donated more than $140,000 to charitable organizations and community groups in 2006.

In 2007, Saskatchewan credit unions reach another significant milestone - they have been a part of Saskatchewan communities for 70 years. It was in 1937 when the first credit union was incorporated in the province. Bildfell says, "The growth of our system over the past 70 years comes from working together co-operatively and always striving for excellence in serving the needs of members and their communities."

SaskCentral is a democratic financial co-operative which supplies research, development support, consulting services and financial liquidity management and acts as a trade association to the province's credit unions. As of December 31, 2006 there were 87 Saskatchewan credit unions serving members out of 320 locations. Those credit unions are major employers in Saskatchewan, with more than 3,300 employees located throughout the province.

Contact Information

  • SaskCentral
    Marj Strandlund
    (306) 566-7484
    Janelle Lindsey
    (306) 566-1684