For Immediate Release
Monday, April 10
Libro Credit Union shares $6.5 million in profits as it grows prosperity across southwestern Ontario
LONDON, ON - Libro Credit Union (Libro) announced fiscal 2016 results at its Annual General Meeting on Saturday, resulting in $6.5 million returned to Owners, in the form of investment share dividends and profit sharing distributions.
"Libro achieved strong success in our business operations in 2016, and further embedded our prosperity purpose throughout everything we do," said Stephen Bolton, President and CEO of Libro Credit Union. "An important part of that purpose is returning a meaningful portion of profits to our Owners annually, and we are thrilled to share our growth and momentum of the past year with all Owners we passionately serve."
Total assets under administration at Libro grew almost $300 million to $4 billion, and fiscal 2016 also saw Libro earn a net income of $8.6 million before taxes and profit sharing. More information on Libro's 2016 financial results is available here.
During the Annual General Meeting, Libro Owner Representatives elected four members to Libro's Board of Directors to serve three-year terms. Re-elected are Board Chair Gary Baker and Director Dennis Hogan, and newly elected are Alan DeVillaer and Ronda Stewart. Libro's Board of Directors is composed of 11 members.
Libro's annual Growing Prosperity Award recipients were announced. The Growing Prosperity Awards recognized their outstanding achievements at Libro and in their communities. The recipients awarded were Libro Owner Sharon D'Arcey, Libro Owner Representative Donna Diebel and Libro employee Susan Roddy. In a dynamic message, President and CEO Stephen Bolton announced Libro's new 2017 partnership with Western University as one of five partners in The Western Accelerator. This a flagship program of the University's new campus-wide investment in entrepreneurship and more details will be announced as they are finalized.
Some Libro fiscal 2016 highlights:
- Invested close to $1.5 million to grow prosperity in local communities through Libro's Community Engagement Program, including grant awards through the Libro Prosperity Fund, supporting regional economic development, money smarts education and youth leadership development.
- Achieved an Owner Satisfaction Score of 4.5 out of 5, exceeding the annual target.
- Named a Platinum Level Aon Best Employer in Canada, for the second year in a row.
- Partnered with Each One Teach One, empowering people to make the right financial decisions through financial literacy workshops delivered by certified volunteer staff.
- Committed to compensating all Libro employees at or above the highest Living Wage across the region's 25 communities.
About Libro Credit Union
Libro is Ontario's third largest credit union with $4 billion in assets under administration and more than 103,000 Owners across southwestern Ontario and has been recognized as a 2016 & 2017 Platinum Level Aon Best Employer in Canada. As a co-operative financial institution with more than 70 years of history, Libro supports the well-being of people, businesses and communities by providing high-quality financial coaching and profit sharing. Libro is proud to support The Prosperity Project, which aims to grow prosperity in southwestern Ontario by mobilizing and inspiring collaboration, strengthening the financial health of people, families and businesses, and investing in our communities to help the region prosper together. Libro offers a full range of financial products and services for consumers, businesses and farms, including savings and chequing, investing, and borrowing. Great service can be experienced through 31 branches, online, telephone, mobile devices and a network of 4,000 ATMs across Canada.
For further information or to set-up an interview, please contact:
Mike Donachie, Communications Manager
Libro Credit Union
P: 519-672-0130 ext. 4344