Innovation Credit Union hosted a virtual Annual General Meeting for members on Thursday, April 28, 2022. It was the third year Innovation chose a virtual format, letting more members engage from the comfort of home.
Despite COVID-19 still being at the forefront of members’ daily lives in 2021, Innovation Board President Russ Siemens views the year as one of planning for an exciting future.
“We focused with optimism on how to make banking better for our members,” says President Russ Siemens. “Knowing we were working to improve their financial lives truly boosted our morale throughout the pandemic.”
Innovation launched a new website, online banking platform, and mobile banking app in early 2022. The digital updates were made based on member feedback, a testament as to how much members’ opinions and financial needs matter to the organization.
“I’m so incredibly proud of our Innovation staff team – the countless hours dedicated to this project is beyond inspiring,” says President Russ Siemens. “A big thank you to members for their patience as well as we sorted through bugs. We look forward to continued improvements and adding more exciting features for years to come.”
Large scale digital undertakings, such as the website and digital banking upgrades, are what Innovation Credit Union CEO Daniel Johnson calls “fulfilling our Purpose. We strive daily to simplify our members’ lives.” Innovation’s Responsible Banking philosophy – “the right thing to do” – is also guiding the organization to focus efforts on underserved consumers like new Canadians, Indigenous communities, the less affluent, and seniors. “Credit unions have historically redefined banking, embracing values that ensure everyone has access to financial services,” says CEO Daniel Johnson. “We feel it’s time to redefine banking again. It begins with our outstanding Board and staff group who operate with social conscience and promote diversity and inclusion every day.”
Amid planning for change, one thing remained constant – Innovation members’ support of their credit union. Because of their business, Innovation was able to distribute $1,915,299 in Member Rewards back to them. Innovation was also able to support communities, investing $489,871 in the form of sponsorships, grants, and scholarships. “Because of our community support, we were honored to once again be named as a Caring Company in 2021,” says President Russ Siemens. “Our Board, management, and staff, thank you for your continued support.”
Other items of note: Innovation generated a net income of $10,818,722 growing their assets to $4.047 billion. This makes the organization Saskatchewan’s third largest and Canada’s 21st largest credit union.
The countdown is on for Innovation becoming a federally regulated credit union. They’re on pace to obtain approval from the Office of the Superintendent of Financial Institutions (OFSI) in 2022. More work and preparation for this monumental event took place in 2021.
Innovation announced their 2022 Board of Directors. No election was necessary this year due to candidates winning by acclamation. Successful candidates for District 1 North Region are Joan Baer, Brian Guillemin, and Michele Wilde. The successful candidate for District 2 South Region is Karen McBride. Innovation wishes to thank Board members Gord Lightfoot and Karen Yurko for their dedicated service. Their terms will end effective April 29, 2022.
Lastly, Innovation presented Ehrlo Sport Venture with a $5,000 donation. The organization provides youth and families access to a variety of recreational programs. Innovation was pleased to contribute to their efforts.