Westminster Savings Credit Union

Westminster Savings Credit Union

March 15, 2005 12:00 ET

WSCU Reports Another Successful Year

NEW WESTMINSTER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2005) - Westminster Savings Credit Union
(WSCU) has reported another strong year in 2004.

Financial performance remained strong throughout 2004 with operating income
reaching $10 million. Net earnings, after taxes and a contribution to the
Westminster Savings Foundation, amounted to $6.9 million. Assets climbed to just
under $1.2 billion - up $93 million over the previous year.

"In 2004 the credit union celebrated its sixtieth anniversary and made a $1.8
million payment to members in recognition of their loyalty and support. We also
announced expansion of our delivery network with the opening of a Member Service
Centre (call centre) in June of this year and a retail branch in Cloverdale this
fall. With these plans for expansion, we are providing our members with better
account access and delivering on our mandate to help members achieve their
financial goals," said Michael Betts, Board Chair.

In 2004 the credit union increased contributions to the Westminster Savings
Foundation to $750,000, bringing the total capital of the Foundation to $3.3
million, making it one of the larger foundations in the credit union system.
Established in 1994, the Foundation supports local non-profit community groups
in the areas of health, education, social services, sports and culture.

"We had another great year", said Barry Forbes, President and Chief Executive
Officer. "Our blend of personal and electronic service seems to be hitting a
chord with our members, and that's reflected in strong growth in both deposits
and loans. Our good financial results mean that we can also maintain our
tradition of supporting our communities. 2004 was a great year for our members,
our credit union and our communities."

As one of Canada's largest credit unions, Westminster Savings is dedicated to
providing full financial services to the residents of the Lower Mainland.
Westminster Savings has $1.2 billion in assets, 51,000 members and eight retail
branches in New Westminster, Coquitlam, Port Coquitlam, Maple Ridge, Surrey, and
White Rock. The credit union also operates two subsidiaries, WS Leasing Ltd, and
Westminster Savings Financial Planning Ltd.

Contact Information

  • Westminster Savings Credit Union
    Harpreet Gill
    Corporate Communications
    (604) 528-3836