message from the board
& management

As we look back on 2018, two words come to mind. Positive change. Several major projects were completed over the year and all are working together to make banking better and enhance service to Kootenay Savings members. We introduced a new suite of credit cards offering more choice and value than ever before. We officially launched our new Member Service Centre across our full branch network. We upgraded ATMs to make everyday transactions faster, easier and envelope free. And that’s just a small part of the story.

Digital transformation is changing the banking industry at a rapid rate. We know it’s vital we keep pace and accurately anticipate members’ expectations. Intuitively knowing how you prefer to bank and meeting your needs is our goal. In branch, online, on the phone and mobile app, we’re creating easier access to our products and services – a seamless experience across all touch points, both physical and digital, resulting in a more robust financial relationship and higher value for every member.

Over the year, Kootenay Savings’ total assets grew to $1.2 billion while dollars under management increased 2.12% to $2.4 billion. Great numbers and an even greater opportunity to reward you, our members. In January 2019, our board of directors proudly declared a 2.25% patronage dividend, which saw over $746,000 shared with our member-owners. That we are able to pay a profit sharing dividend for the 26th year in a row in this increasingly competitive marketplace speaks to the passion, hard work and commitment of our amazing employees. It also demonstrates the all-important trust and loyalty our members place in us. And for this, we thank you all.

Our subsidiaries contribute significantly to our success as well. Kootenay Insurance Services Ltd. (KIS) celebrated its best financial year since inception with the addition of McBain Insurance in Summerland. The KIS network now includes eight branch offices in Trail, Nelson, Crawford Bay, Summerland, Cranbrook, Kimberley, Invermere, and most recently, Sparwood.

Despite a downturn in the financial markets late in 2018, our wealth management arm, Kootenay Savings MoneyWorks, also successfully navigated the year. In-depth conversations with clients enable our planners and advisors to truly understand people’s goals and operate nimbly when markets change. By focusing on retirement income planning, we create and manage plans that allow our members to see a clear path to the future and the steps they need to get there.

Speaking of milestones such as retirement, we’re celebrating a significant milestone ourselves this year. It’s our 50th birthday – the anniversary of our three founding community credit unions in Trail, Fruitvale and Castlegar joining forces in 1969. It was the first time a merger of its kind had ever occurred. Now 50 years later, we’re on a similar journey exploring the possibility of bringing together six credit unions from the Boundary, Kootenay and Columbia Valley regions. Another first in credit union history! We’re excited to be sharing some special birthday surprises with you throughout 2019.

Every day, we feel honoured to be serving you. Without your continued loyalty and business, we would not be here. We extend our gratitude to you and our commitment to providing an exceptional member experience, now and into the future.