With the ever-changing landscape of the financial world, Access Credit Union (ACU) continues to see strong growth and support from their membership.

Tuesday night 147 ACU members attended the Credit Union's Annual General Meeting (AGM) to hear what's happened over the last year and the plans for the future.

Larry Davey CEO and President of ACU shared there has been steady growth at the branch. Over the past five years, ACU's total growth in assets under management is over $1 billion, currently, their total assets come to almost $2.5 billion.

ACU's net income increased by $1 million from 2016 at around $13.4 million, loans over the last five years rose from $1.5 billion to $2.1 billion,  with around $2.3 billion in deposits over the last year.

In 2017 there was a continued trend of members using technology said, Davey.

"More people are utilizing all the other channels but the branch. We are now down to 10 percent of the transactions are the branch, probably more than 50 percent of our members weren't in a branch last year."

Larry Davey CEO and President of Access Credit Union

With 52,000 members that's a lot of people to think about said, Davey which is why ACU continues to work towards serving their members to the best of their ability.

To continue to be competitive in the increasingly technological world ACU will be opening an Innovation Centre.

"It's basically a footprint of what we see as the branch of the future. We're trying to gauge if that's the correct size. We're trying to open it up to people to go there to learn about the technology so it will make their life a little bit easier."

With the provincial government's decision to remove the tax credit which was given to 40 years ago. This tax credit was implemented due to Credit Unions inability to go into the market and raise funds.

Credit Unions only way to raise their equity is through their profits. With the loss of this tax credit, over five years could cost the Credit Union approximately $3 million to $4 million.

This could be a substantial hit to ACU says, Davey.

ACU continues to strive by giving back to the community it serves. In 2017 approximately $563,000 was given back to the community.

From the donations report relesed by ACU at their AGM.

$250,000 was also donated to STARS Air Ambulance, with STARS aiding numerous communities where ACU branches are located, Davey explained it's ACU's duty to assist their members in any way they can.

"We're big believers in sustaining our communities," explained Davey. "We do it in a few ways, at a branch level where they contribute to their community. We do it at a corporate level where we give larger donations across a number of years. We also do it from a volunteer side.

95 percent of ACU employees volunteered time in their communities, a total of 8124 volunteer hours.

Looking forward the future of  Credit Unions is fewer and larger Credit Unions. In 2000 there were 65 Credit Unions, currently, there are 28. There are a number of Credit Unions which have amalgamated in 2017, Austin-Portage with Stride (Jan 1), Catalyst-Rorketon with Catalyst (April 1) and Sunrise-Grandview with. Sunrise (May 1).

Amalgamations in 2018 Crocus/Erickson with Compass Credit Union (Jan 1, 2018), Sunrise-Prairie Mountain with Sunrise (Apr 1, 2018), Catalyst-Vanguard with New CU [TBD] (April 1, 2018)

Amalgamations – proposed, Sunova-Oak Bank (Oak Bank Members to vote Apr 24, 2018, Sunova  members to vote April 26, 2018).