For Immediate Release
Monday, April 18, 2016
Libro Credit Union sharing $1 million in profits to grow prosperity across southwestern Ontario
LONDON, ON – Libro Credit Union (Libro) announced fiscal 2015 results at its Annual General Meeting on Saturday, resulting in $1 million returned to Owners, in the form of dividends and profit sharing distributions.
“Libro experienced another year full of growth and momentum, supporting efforts to carry out the credit union’s vision of growing prosperity in southwestern Ontario by transforming banking,” said Stephen Bolton, President and CEO of Libro Credit Union. “We are thrilled to share profits with our Owners, as we passionately serve them to inspire their personal prosperity and financial happiness.”
Total assets under administration at Libro grew $396 million to $3.8 billion, an increase of more than 11 percent over the previous year. Fiscal 2015 also saw Libro earn a net income of $2.4 million before taxes and profit sharing. More information on Libro’s 2015 financial results is available at libro.ca.
During the Annual General Meeting, Libro Owner Representatives elected four members to Libro’s Board of Directors to serve three-year terms. They are Chris Smith, Chris Mendes, Jacquie Davison and Donna Taylor. Libro’s Board of Directors is comprised of 11 members.
Some Fiscal 2015 highlights include:
- More than $500,000 invested through Libro’s Community Engagement Program, including grant awards for 31 community projects through the Libro Prosperity Fund, supporting regional economic development, money smarts education and youth leadership development.
- Achieved an Owner Satisfaction Score of 4.6 out of 5, exceeding the annual target.
- Members of Hald-Nor Credit Union voted to combine with Libro, adding four branches and more than 5,000 new Owners in Haldimand and Norfolk counties.
- Raised $75 million in Libro Prosperity Shares to support the credit union’s strategic plan; the limited issue sold out in just two weeks.
- Named a 2016 Platinum Level Aon Best Employer in Canada.
- Partnered with the University of Guelph, establishing the Libro Professorship in Regional Economic Development for southwestern Ontario at the university’s Ontario Agricultural College.
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