Westminster Savings Credit Union

Westminster Savings Credit Union

March 22, 2007 10:00 ET

Westminster Savings Credit Union Enjoys Record Year

NEW WESTMINSTER, BRITISH COLUMBIA--(CCNMatthews - March 22, 2007) - Westminster Savings Credit Union has reported record results for 2006. "It was a great year for our members, our employees and our communities," said Emmet McGrath, Chair of the Board of Directors.

Total assets climbed to $1.52 billion from $1.31 billion in 2005. This 15.5% increase is attributable to all three operating divisions: retail, commercial and leasing.

Net earnings rose to $10.5 million, up from $8.8 million in 2005, a 19% increase. Retained earnings are now more than $90 million, thus ensuring that Westminster Savings Credit Union continues as one of the most financially sound credit unions in Canada.

"In independent surveys both our members and our employees gave the credit union very high marks," said Barry Forbes, President and Chief Executive Officer. "We responded by opening two new community branches in Cloverdale and Langley, enhanced a number of our products and improved our online banking services."

Contributions to the community were more than $1.4 million, also a record. Total contributions topped 11% of pre-tax earnings, far exceeding the Canadian corporate average. Included in that amount was a contribution of $950,000 to the Westminster Savings Foundation, bringing its capital to more than $5 million. The Westminster Savings Foundation is the second largest credit union foundation in Canada.

Westminster Savings Credit Union provides a full range of banking and wealth management products and services. Its 375 employees serve more than 50,000 members through retail branches in New Westminster, Coquitlam, Port Coquitlam, Maple Ridge, Surrey, Langley and White Rock and a state-of-the-art Member Service Centre that provides telephone and internet service. The commercial services group provides a broad range of deposit and loan services to meet the needs of businesses. WS Leasing Ltd, the credit union's wholly-owned subsidiary, is one of B.C.'s leading vehicle and equipment leasing companies and provides services throughout B.C. and Alberta.

For more information about WSCU, please visit www.wscu.com.

Contact Information

  • Westminster Savings Credit Union
    Steve Mosey
    Communications Officer, Marketing
    (604) 528-3836
    (604) 528-3847 (FAX)
    Website: www.wscu.com