Throughout 2014, the Board of Directors watched with pride, anticipation and enthusiasm as more than five years of hard work came to fruition with the completion of a number of important integration activities. At the same time, we also found ourselves looking ahead and considering what Servus needs to do to become an even stronger credit union, serving its members and communities well into the future.

The Board was proud to support management, and indeed all Servus employees, involved in the important and exciting technological changes and advancements in service offerings brought about by the Fusion program. In every recommendation, decision and update we saw an unwavering commitment to the ongoing improvement of our members’ banking experience and an equally important dedication to upholding the co-operative principles and our credit union’s values. We, like all members, eagerly anticipated the introduction of new online and mobile banking platforms as well as INTERAC e-Transfers. The Board was very excited to see this work completed in 2014 and wants to thank each and every employee for their hard work as Servus made true provincial credit union banking services a reality for our members.

Knowing that these incredible changes and advancements were nearing completion, throughout 2014 the Board spent a lot of time looking five to ten years into the future and thinking about what kind of organization Servus needs to become. We examined a number of policies to ensure Servus has a governance model in place that reflects best practices and supports the long-term stability and sustainability of the credit union. Directors honed their skills individually and as a group through training and development opportunities, and we were honoured to represent Servus at a number of national and global credit union and cooperative system events.

As the year progressed, the Board remained keenly aware of the difficult economic and regulatory environment in which the credit union was operating and competing. We knew that the financial targets set at the beginning of the year would be challenging to meet, but we also knew that your Executive Leadership Team, led by President and CEO Garth Warner, were up to the task.

Thanks to their efforts, the Board of Directors was very pleased to be able to approve a record-breaking Profit Share payout of $50 million. Profit sharing distinguishes Servus from our competitors and is one way our member-owners share in the success of their credit union. As representatives of all member-owners, the Board is particularly proud of this year’s profit sharing because it was achieved during a time of significant change and challenging circumstances.

This remarkable profit sharing was made possible in large part because management succeeded in holding the line on operating expenses in 2014. Now, more than ever before, cost control is critical to the long-term sustainability and success of the credit union. The Board thanks each and every Servus employee for their unwavering commitment to efficiency and expense management.

On behalf of the Board of Directors, I also want to thank you, our member-owners, for your loyalty and support through 2014. Servus’s success is your success, and I encourage you to take an active role in your credit union by voting in the annual Board elections, attending the Annual General Meeting held each spring or by joining one of Servus’s Community Councils. As a credit union member-owner, you have a unique opportunity to shape the future of your financial institution. As your Board Chair, my fellow directors and I are honoured to be your voice at the Board table as, together, we guide Servus Credit Union into a strong and prosperous future.

Doug Hastings, Chair
Board of Directors

Return to Our performance in 2014