2014 was a year of major milestones for Servus Credit Union. We accomplished so much in such a short time but it is how we accomplished it—with confidence, effort, poise and teamwork—that I am most proud of. Now we can really get excited about the technology and services we offer to our members and what we’re positioned to offer in the years ahead.

Last year we launched new services, including online banking platforms, a mobile banking application and INTERAC e-Transfers. We brought all of our members together on one banking system and one suite of products, which marked the culmination and completion of the Fusion program. Fusion has moved us forward immensely in terms of harmonization, technology, business processes, project management, decision making and much more. We proceeded slowly and cautiously at times to ensure this work was done well because each of these initiatives meant major changes for our members and employees. In doing so, our corporate values, particularly Teamwork and Member Service, came to life in ways that both inspired and humbled me.

Through it all, we kept our end goal in mind—building a stronger credit union and creating a better future for us all. That’s why it is especially meaningful that Alberta Central named Servus their Credit Union of the Year. In awarding us this honour for the first time, Alberta Central cited our strong financial results and record Profit Share with members; our commitment to the community including support for flooded Alberta areas; our marketing efforts and demonstration of the co-operative spirit; and our participation in regional and national initiatives to build the credit union system.

These are major achievements that have set us on a solid foundation for the future and moved Servus a huge step forward in terms of delivering on our promise to continually improve member service and build a stronger, more competitive and sustainable credit union for our members.

Our financial results for 2014 also demonstrate our commitment to that promise. Our income before taxes and patronage rose by $1.7 million or 1.4% over last year. Loan growth increased by $724.3 million, and the credit union’s total assets increased to $14 billion.

If there’s one number that stands above the rest for me in 2014 it’s the $50 million we gave back to members through our Profit Share program. That’s in addition to the $2 million in support we provided to our communities.

Achieving record-breaking profit share and making multi-million dollar community contributions is something any CEO would be proud of. The fact that we did so while making significant organizational changes and in a year of difficult and ever-changing economic, competitive and regulatory environments, is proof that this credit union is capable of truly incredible things. That gives me great confidence as I look forward to 2015.

As an organization, Servus will continue planning and making significant changes to remain competitive in this increasingly fast-paced financial sector. As a credit union, we know that long-term success is not just about technology or policies; it’s about people who are unified by shared values and motivated by a vision of building a better world.

In 2008, all of our members had the opportunity to vote on the amalgamation of our three legacy credit unions. I believed then, and I continue to believe, in the vision of a credit union that could be even better than the sum of its parts, great as they were. We are now living that reality and are challenged to keep up our momentum.

Heading into 2015 with a refreshed brand that is bolder and rooted in the strength, unity and uniqueness of the Servus Circle, we are poised to channel all of our energy into what we do best—providing our members with sound, advice-based financial products and services. Servus will continue to offer and embody the very best of what the credit union way of banking has to offer.

2014 took us another step closer to a building a better world—one member at a time. Imagine what we’ll be able to do now!

Garth Warner
President and Chief Executive Officer

Return to Our performance in 2014