36

75th Anniversary - Sydney Credit Union

Embed Size (px)

DESCRIPTION

A look back at Sydney Credit Union's 75 years of community support and financial service.

Citation preview

Page 1: 75th Anniversary - Sydney Credit Union

75th

Anniversary

Page 2: 75th Anniversary - Sydney Credit Union

Introduction

As we proudly celebrate our 75th

anniversary, we reflect on the past and

while almost all aspects of the financial

industry has changed over the years,

the unwavering spirit of caring for our

members, our staff, and our community,

combined with our commitment to the

grassroots credit union philosophy of

‘people helping people’ remains as alive

today as it was in 1935. This is the story

of Sydney Credit Union.

Contents

Message From the President .................................... 1

Board of Directors ...................................................... 3

Message From the CEO ............................................ 4

Sydney Credit Union’s History .................................... 6

Five Star Success™ ................................................ 12

Our Organization ..................................................... 14

Our Members ........................................................... 15

Our Staff .................................................................. 16

Our Community........................................................ 16

Our Cooperative Sector ........................................... 17

The Sydney Credit Union

Charitable Foundation.............................................. 18

75th Anniversary ...................................................... 19

Credential Financial Strategies ................................ 20

Financial Literacy

& Money Management ............................................. 21

Sydney Credit Union Management ........................... 22

Sydney Credit Union Staff ........................................ 24

Sydney Credit Union Committees ............................. 26

Past Managers ........................................................ 30

Past Presidents ....................................................... 30

Page 3: 75th Anniversary - Sydney Credit Union

1 PP

Message From the President

I am very honored and privileged to represent your

current Board of Directors on this very special occasion,

Sydney Credit Union’s 75th Anniversary.

Sydney Credit Union is a financial cooperative owned by

its members. It was incorporated in 1935 and has grown

into a modern, efficient, full service financial institution.

But, what is the definition of a cooperative? A

cooperative is an autonomous association of persons

united voluntarily to meet their common economic, social

and cultural needs and aspirations through a jointly-

owned and democratically-controlled enterprise.

What are some of the values associated with a cooperative? Cooperatives are based on the values of

self-help, self-responsibility, democracy, equality, equity

and solidarity. In the tradition of their founders, cooperative

members believe in the ethical values of honesty,

openness, social responsibility and caring for others.

What are the established guiding principles of a cooperative?1. Voluntary and Open Membership

2. Democratic Member Control

3. Member Economic Participation

4. Autonomy and Independence

5. Training and Education

6. Cooperation among Cooperatives

7. Concern for Community

These principles and values are what separate us from

all other financial institutions. It is important to reflect

on the past, taking heart from the initiative and courage

of those who followed these principles and founded our

credit union.

I would like to take you back to November 16, 1935,

when a group of visionaries, ordinary citizens – who

believed in the integrity of the people of the community,

who believed in the spirit and culture of the community

and who believed a better future would come from a

cooperative approach to revive the economic base to

support the needs of the community.

Take a moment and visualize what it must have been

like to sit around a kitchen table in 1935 when coal mine

shifts were being cut, the steel plant was struggling to

attract business, poverty was growing and hunger was

a real fear.

Realizing the significance of a growing problem, you can

almost hear the emotional turmoil as they worked through

the multitude of causes for the economic downturn. This

was necessary before they could come to terms with the

fact that they had to grab the bull by the horns and act

in their own capacity to provide hope, confidence and

restoration of self-worth to the community they so dearly

loved.

Building on a new idea of a membership-owned agency

that caught on across the country, the founding fathers

formed Sydney Credit Union. The time was just after the

Great Depression and this experience focused on a need

for people to be more aware of the financial difficulties

that were becoming a part of their daily lives.

Page 4: 75th Anniversary - Sydney Credit Union

2 PP

The cooperative values and principles mentioned earlier

were adopted to build a framework for sustainability.

The few people who attended the original meeting were

able to bring friends to the organization and the concept

of ‘people helping people’ inspired many more to join.

Within six weeks, 69 members signed up. Two weeks

later, the first two loans were made, one for $10.00 and

one for $20.00 and the assets as of December 31, 1935,

are recorded at $184.00.

While there are many significant dates throughout our

history, I would like to draw your attention to a few:

l Seventeen years later, in 1952, Sydney Credit Union

bought and renovated a building on Townsend Street,

the current location of our main branch. Nineteen

years after that, in 1971, the original building was

decommissioned and a new building was erected

and continues to be the main branch today.

l In 1977, Sydney Credit Union opened the Sydney

River Branch office on Kings Road.

l In 2000, a new financial planning service was started.

MemberCARE Financial Services eventually came to

be known as Credential Financial Strategies.

l In 2003, the members opened a full service Sydney

River Branch in a new location on Kings Road in

Sydney River and launched the first drive through

ATM in the Sydney area.

l In 2006, Sydney Credit Union grew to $100 million

in assets and over $75 million in loans to members.

This reflection on our past is in tribute to previous

members, management and staff, and all the past

volunteers including directors, committee members

and many others. They were responsible for laying the

groundwork which provided the foundation for developing

and implementing the professional services we offer

today to the people of our communities.

We continue to be member-owned, we continue to put

people first, we continue to create sustainable jobs and

we continue to invest in our communities.

We are proud of our Vision to be a community minded,

member owned cooperative financial institution that is

totally committed to “Getting You There”. Our Vision is

fully supported by our mission statement which is to be

a financial cooperative committed to providing programs

and services which enhance the economic and social

well being of its members and the community.

In wanting to succeed in meeting the spirit and intent of

its vision and mission statements, Sydney Credit Union

developed our Five Star Success™ program which

recognizes our five key stakeholders, Our Organization,

Our Members, Our Staff, Our Community and Our

Cooperative Sector. The process associated with

this program ensures that all of our stakeholders are

appropriately recognized for achievements.

Just this year, to further assist Sydney Credit Union in

its efforts to meet the spirit and intent of its vision and

mission statements, the Sydney Credit Union Charitable

Foundation has been established.

We continue to be member-owned, we continue to put people first, we continue to create sustainable jobs and we continue to invest in our communities.

Page 5: 75th Anniversary - Sydney Credit Union

3 PP

Today, Sydney Credit Union has assets in the range of

$124 million with a loan portfolio of approximately $94

million. Now that’s progress!!!

Over the past 75 years, there were a considerable number

of community minded individuals who were elected by

the membership to serve on the Board of Directors.

These individuals voluntarily gave of their time to provide

strategic direction to management and staff. Additionally,

many members voluntarily served on various committees

in support of the Board. While individual directors and

committee volunteers have changed over the years, it is

obvious from the trend of success recorded over the past

75 years that they each significantly contributed to the

health, wellness and success of Sydney Credit Union. In

saying that, they deserve a huge recognition of gratitude

from us all.

Let us not forget the management and staff of our credit

union. We were very fortunate to have strong leadership

from an operational perspective. Our history of loyal and

wonderful staff over the years speaks volumes for why

Sydney Credit Union can be considered an employer of

choice. Sydney Credit Union’s achievement is directly

proportional to the professionalism demonstrated by the

employees on a consistent basis.

Last but not least, to our member-owners who supported

the credit union and deserve the most recognition because

without you, our member-owners, we would cease to exist.

Happy 75th Anniversary!

Respectfully

Lawrence MacDonald

Board of DirectorsSydney Credit Union is a member-owned, democratic, cooperative financial institution and as such it is governed by

a Board of Directors which consists of ten voting members who are elected from the general membership of Sydney

Credit Union.

Back Row (left to right): Donna Arseneau, Blaise MacLean, Dorreen Burke, Vice President, John MacEachern,

Jeanette Thompson, Hugh MacKinnon, Darrell Kyte. Front Row (left to right): Jim MacLean, Lawrence MacDonald,

President, and Joe Legge, Secretary.

Page 6: 75th Anniversary - Sydney Credit Union

4 PP

Message From the CEO

It is a pleasure to share with you, our valued credit

union members, this momentous occasion of the 75th

anniversary of Sydney Credit Union. A 75th anniversary

would be a notable milestone for any organization, but it is

especially significant in today’s turbulent economy, when

a financial institution founded to provide financial stability

to its members, continues to grow and remain healthy.

As for myself, it has indeed been an honour to serve

Sydney Credit Union for the past 10 years and the credit

union system for these past 17 years.

As we celebrate our 75 years, we recognize that we

continue to retain the very same principles and values

that our predecessors instilled in us in those early days.

Back in 1935 when the credit union first got started in

J. R. MacNeil’s barbershop on Dorchester Street, it was

organized to assist people of modest means. I wonder

what our founding members would think if they were

here today knowing that Sydney Credit Union has grown

to some 14,000 members strong, representing over

$124 million in assets plus an additional $52 million in

off balance sheet assets with our partners at Credential

Financial Strategies, League Savings and Mortgage and

Concentra Financial. Wouldn’t they be pleased to know

that Sydney Credit Union is the 6th largest credit union

in Nova Scotia out of some 31 credit unions?

This is certainly a success story by all stretches of the

imagination. Wouldn’t they be happy to know that the

cooperative system has grown to over 400 co-op and

credit union businesses in Nova Scotia employing over

7,000 people and representing more than $5.2 billion in

assets?

But if you delve further into our success, you’ll find we

are a sophisticated financial institution, providing the

latest services to our members, such as computer home

banking and mobile banking from your cell phone and a

full line of commercial services.

The products and services we offer are extremely

competitive and the personal service we provide is

superior to what you will find in the traditional banking

institutions.

Our success is unique for several reasons; our loyal and

committed members who are truly our most valuable

asset, and the diversity among our membership base,

has allowed us to be the progressive credit union we are

today.

The cooperative system has grown to over 400 co-op and credit union businesses in Nova Scotia employing over 7,000 people and representing more than $5.2 billion in assets.

Page 7: 75th Anniversary - Sydney Credit Union

5 PP

The leadership provided to the credit union by the Board

of Directors who have given unselfishly of their time

to ensure the economic and social well being of our

members and our community are served. Since 1935,

our Directors have come from all walks of life; steel

workers, school teachers, professors, clergy, and local

business owners, who have provided their own opinions

and experiences.

The staff at Sydney Credit Union have been instrumental

in achieving a 75 year tradition of teamwork and

commitment. We are now a staff of 50, 43 of which are

full time individuals.

We are more than a bank. We are a community minded,

member owned cooperative financial institution that is

committed to providing added value to our members and

our communities.

The credit union difference places people before profits

and is one of the reasons that more than 184 million

people in 97 countries choose credit unions for access

to fair and affordable financial services.

As we celebrate our 75th anniversary, always remember

those who have come before us and remember that

Sydney Credit Union is your credit union and is always

ready to assist you, our valued members and our

communities.

Cooperatively yours,

R.A. (Bob) Coffin, Chief Executive Officer (CEO)

Mission StatementTo be a financial cooperative committed

to providing programs and services

which enhance the economic and social

well being of its members and the

community.

Vision Statement We will be a community minded, member

owned cooperative financial institution

that is totally committed to Getting You

There.

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010

Membership Growth

Asset Growth

Page 8: 75th Anniversary - Sydney Credit Union

6 PP

A Legacy of CaringThe year was 1935 and times were

hard. Cape Breton coal mines cut shifts

and the steel plant struggled to attract

business. Poverty was a growing threat

and hunger was fearful.

It was during these difficult economic

times that the credit union movement

was born. As the idea of membership

in a collective agency caught on across

the country, a small group of Sydney

citizens joined forces to form Sydney

Credit Union. Their vision was economic

revival for the community. By pooling

their money, they made it possible for

those in need to draw on the funds.

The spirit of caring and commitment that

founded Sydney Credit Union so many

years ago remains the cornerstone of

the institution today.

Sydney Credit Union’s History The Early Days: 1935 – 1945

l November 16, 1935 – A small group of Sydney citizens pooled their money together to open Sydney Credit Union.

l Within six weeks, 69 members has signed up.

l Two weeks later, the first two loans are made,

one for $10 and one for $20.

l By December 1936, membership grows to 262, with 149 loans totalling $7,055.82.

l The credit union begins to operate part time in donated space in the Vidal Hotel.

l In August 1936, Armand LeBlanc assumes managerial duties. Under his leadership, the

office keeps full time hours by 1938.

l Collection sites are located at e s t a b l i s h m e n t s throughout the city:

Dave Nolan’s clothing

store on Charlotte

Street, J.R. (Rod)

MacNeil’s barbershop,

the Vidal Hotel on

Dorchester Street and the Ashby Co-op Store.

l Board meetings are held in various locations including the Knights of Columbus rooms on

Charlotte Street, homes of the officials and

sometimes in Rod MacNeil’s barbershop.

It is amazing how much Sydney Credit Union has grown. I use to go in when they would collect once a week at the Co-op Store and put my 25¢ in.

- Pat Fitzgerald, member for 75 years

Page 9: 75th Anniversary - Sydney Credit Union

7 PP

Years of Steady Growth: 1946 – 1955

l After several years at the Vidal Hotel,

Sydney Credit Union moves in 1949 to the Kempter Building on Charlotte Street. Wilfred MacKinnon succeedes Armand

LeBlanc as Manager.

l Three years

later in 1952,

Sydney Credit Union buys and renovated a two storey building on the corner of Townsend and Bentinck Streets in Sydney. This site continues to house the

main branch of Sydney Credit Union today.

l D. Joseph O’Connell assumes managerial responsibilities in 1952. Under his

direction, the assets of the credit union

surpass the million dollar mark.

l In 1953, the first electric posting machine is installed.

l Membership advanced to almost 3,000 people and includes both employed and unemployed steelworkers, railway workers, clerks, bookkeepers and police.

All share a common goal: to survive in the

face of crushing economic problems.

An Institution to Depend On: 1956 – 1965

l From 1958 to 1980, John L. McPhee serves as Manager of Sydney Credit Union

l The credit union assist with loans for

the purchase of homes, medical expenses,

educational needs and for many other

worthwhile purposes.

l In 1964, the credit union becomes an approved lender for government guaranteed Canada Student Loans.

Membership Grows, Assets Expand: 1966 – 1975

l By the late 1960’s, membership exceedes 4,500 and assets surpass $2 million.

l Rod Munroe is hired as Senior Loan Officer.

l Sydney Credit Union continues to grow,

assuming responsibility for the Isle Royale Credit Union in March 1970, having

previously taken over Seenar Employees

Credit Union, East Bay Credit Union, Ashby

Credit Union and Point Edward Naval Base

Credit Union.

l In 1971, a new building is erected on the Townsend Street location, which continues

to be the main branch today. Shortly after

the construction of the new building, Sydney

Credit Union opens Mini-Gallery to promote

the work of local artists. It serves as an

exhibition space for over 24 years.

l In 1975, Sydney Credit Union becomes unionized.

Page 10: 75th Anniversary - Sydney Credit Union

8 PP

Fast Paced Changes Characterize 1986 – 1995

l The main office expands in 1986 to better

serve its members.

l Sydney Credit Union introduces a long list of member services including: RRSPs and

RRIFs, the MemberCard Debit Card, Interac

direct payment service and the Ethical

Family of Mutual Funds to provide members

with another investment option.

l In 1990, Sydney Credit Union installs the very first ATM (automated banking machine) in the Nova Scotia credit union system.

l In 1993, Sydney Credit Union is instrumental in bringing the Choices Program to the local school board, a program which

teaches the importance of staying in

school. Also in 1993, Sydney Credit Union

purchases the assets of Louisbourg Credit

Union.

l In 1994, Sydney Credit Union becomes an approved lender under the National Housing Act, giving members the ability to

obtain mortgages with as little as 5% down

payment with insurance provided by the

Canada Mortgage Housing Corporation.

l Between 1993 and 1995, both branches

undergo major renovations.

New Technology and New Services: 1976 – 1985

l In 1976, Sydney Credit Union’s first computer system is installed.

l In 1977, Sydney Credit Union purchases the Fedora property on Kings Road

and opens a branch office with long time

employee Irene Lewis as Manager.

l Also in 1977, Sydney Credit Union wins the prestigious Coady Award, which is

presented annually in memory of Dr. Moses

Coady, to the credit union or caisse populaire

in Nova Scotia or Newfoundland and

Labrador that best exemplifies leadership,

contribution and commitment to social action

and the well-being of their community.

l Over the next few years, Sydney Credit

Union introduces a variety of new services, including Lines of Credit, terms deposits and mortgages.

l Managerial duties pass to Rod Munroe on

September 1, 1980.

Page 11: 75th Anniversary - Sydney Credit Union

9 PP

The Legacy Continues: 1996 – 2000

l In 1996, Sydney Credit Union introduces TeleService® telephone banking.

l In 1997, assets reach $50 million, MemberDirect® online banking is introduced and the Sydney Credit Union Fat Cat School program begins at Mira Road Elementary school, the first of many schools to later join this

worthwhile youth oriented savings program.

l Also in 1997, Sydney Credit Union launches its Patronage Rebate Program which distributes

$250,000 to Sydney Credit Union members

each year from 1997 through to 2006 when

Sydney Credit Union then launches its Five Star

Success™ program.

l In 1998, in response to concern expressed

by local downtown merchants regarding the

lack of police presence in the downtown core,

Sydney Credit Union opens the Sydney Credit Union Community Police office in the YMCA building on Charlotte Street.

l In 1999, the Sydney Credit Union Room (CE265) is officially opened in the Great Hall at the Cape Breton University.

l As Sydney Credit Union welcomes the new

millennium, so too is welcomed R.A. (Bob) Coffin who assumes the position of General Manager upon the retirement of Rod Munroe after 35 years of service.

l Sydney Credit Union also introduces a number of new services including; MemberCARE® Financial Services, a financial planning service for credit union members, commercial lending and Inter-Credit Union Service.

l Also in 2000, the position of Marketing Manager is created, Sydney Credit Union’s Patronage Rebate program reaches $1 million distributed to members over the past four consecutive years, membership grows to over 10,000 members, and for the second

time, in 2000, Sydney Credit Union is granted the prestigious Coady Award.

Page 12: 75th Anniversary - Sydney Credit Union

10 PP

Continued Success throughout the New Millennium: 2001 – 2010

l In 2001, Sydney Credit Union creates the position of Manager, Community Economic Development to manage the commercial

lending function.

l 2002, Sydney Credit Union installs a second ATM in the lobby of the main branch on Townsend Street to address a growing demand

for ATM access. The memory of former General Manager John L. McPhee is honoured with the launch of an annual memorial scholarship

in his name.

l In 2003, Sydney Credit Union opens a state of the art, full service branch in its new location on Kings Road in Sydney River and in doing so,

launched the first drive thru ATM in the Sydney

area. The Grand Opening is marked with the

cutting of a “ribbon of money” to commemorate

a number of donations to worthy community

organizations made in honor of the new branch.

l Also in 2003, Sydney Credit Union makes an outstanding contribution of $65,000 to the

Cape Breton Regional Hospital Foundation

for the purchase of an exercise stress testing

machine and a cardiac ultrasound probe.

l In 2004, the Sydney Credit Union Community Board Room is officially opened in the Crowell’s Building on Charlotte Street in Sydney.

l 2005, MemberCARE® Financial Services changes its name to Credential® Financial Services and changes its location to the Sydney River branch of Sydney Credit Union.

l Assets grow to $100 million in 2006, the

Branch Manager’s position for the Sydney branch is created and Sydney Credit Union

creates its Cooperative Social Responsibility

(CSR) Committee and launches its dynamic

Five Star Success™ Program. The program is

formula driven and exemplifies the cooperative

difference by distributing year end profits to

Sydney Credit Union’s five key stakeholders;

Our Organization, Our Members, Our Staff,

Our Community and Our Cooperative Sector.

After nine consecutive years of distributing $250,000 in the annual Patronage Rebate program, the rebate distributes $285,000 under

the Five Star Success™ Program.

l In 2007, Sydney Credit Union partners with the Cape Breton Victoria Regional School Board and Lifesaving Society of Canada to deliver the Sydney Credit Union Swim to Survive program to all grade three students in the school district. The Patronage Rebate

distributes just dollars shy of $300,000 back to

the members of Sydney Credit Union.

Page 13: 75th Anniversary - Sydney Credit Union

11 PP

l Sydney Credit Union purchases the assets of Main-A-Dieu Credit Union in 2008, launches the Tax Free Savings Account and despite the global economic crisis, profits returned to members continue to grow, totalling $317,000. Sydney Credit Union continues to

provide professional, expert financial advice

to members impacted by the downturn in the

economy and works with members to help them

manage their finances during difficult times.

l In 2009, Sydney Credit Union distributes its largest amount to stakeholders under its Five Star Success™ Program with $329,610 rebated back to members.

l Also from its Five Star Success program, Sydney

Credit Union purchases an Argo for the Search and Rescue team, providing an integral addition

to their life saving equipment and enabling the

team to be quickly transported in an emergency

situation through rough terrain, both on land and

in water. The new 2010 Argo Avenger 750 HDi,

hails as the most versatile off-road vehicle in the

world, floats and propels through water, travels

through the toughest conditions including rugged

terrain, hills, water, deep snow and ice.

l Sydney Credit Union’s contribution to the Cape Breton Regional Hospital Foundation reaches over $150,000!

l Sydney Credit Union celebrates its 75th anniversary! In acknowledging the loyal and

dedicated support of its members over the past

seventy-five years, Sydney Credit Union shares with all members a special distribution totalling $750,000!

l Also to celebrate its momentous occasion,

Sydney Credit Union launches its newly incorporated Sydney Credit Union Charitable Foundation, created to support the charitable

work of its Five Star Success™ Program and

to enable contributions from members and the

community in support of its programs as well.

l Sydney Credit Union contributes $75,000 to its Foundation for future community giving.

l Also in 2010, Cape Breton Credit Unions,

for which Sydney Credit Union is a partner,

announces a commitment to the Cape Breton Regional Hospital Foundations’ Cape Breton Cares campaign for $250,000 over the next five years.

Page 14: 75th Anniversary - Sydney Credit Union

12 PP

Five Star Success™

Sydney Credit Union’s Five Star Success™ Program

is a profit sharing program which is unique to Sydney

Credit Union. The basis of the program is that “Five Star”

is synonymous with being “the best in the business”

and each of the five stars represents each of our five

key stakeholders who share in our financial success

through this innovative and exciting profit sharing

program. The Five Star Success™ Program illustrates

our commitment to Cooperative Social Responsibility

and reflects Sydney Credit Union as we aspire to not

only be “Five Star” or “the best in the business” but

also that we are committed to sharing our financial

success…or our Five Star Success, with each of our

five key stakeholders; Our Organization, Our Members,

Our Staff, Our Community and Our Cooperative Sector.

Each of the five stakeholders (or five stars) share in

Sydney Credit Union’s financial success in unique ways.

First and foremost, Our Organization receives a share

of the Five Star Success through the reinvestment of

earnings back into Sydney Credit Union, known as

Retained Earnings. The Retained Earnings allows for

growth of the organization, as well as the financial

stability and security of the organization which is a vital

component to our continued success. Our Members

receive a share of the Five Star Success through our

Patronage Rebate program, which now totals $3.48

million of earnings, distributed back into the hands of

our members, over the last thirteen consecutive years.

Our Staff share in the Five Star Success through the

distribution of a staff benefit/profit sharing program.

Our Community and Our Cooperative Sector each

share in the Five Star Success with programs aimed at

improving the economic and social well being of those

in our community and in fostering a successful, and

solid cooperative future, both locally and abroad.

The addition of an Argo to our rescue efforts will make an unimaginable difference for us when faced with an emergency situation

- Paul Vienneau, Cape Breton Search & Rescue

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Patronage Rebate Since InceptionIntroduction of

Five Star Success™

Page 15: 75th Anniversary - Sydney Credit Union

13 PP

Retained Earnings

Patronage Rebate

Staff Benefit Program

Community Giving

Cooperative Development

Page 16: 75th Anniversary - Sydney Credit Union

14 PP

Our Organization

Cooperatives and credit unions are driven by both

economic and social concerns. They are community-

based organizations that care not only about the bottom

lines of their businesses, but about the needs of their

members and the quality of life in their communities.

Cooperatives and credit unions differ from other

businesses in three key ways:

A Different Purpose: The primary purpose of

cooperatives and credit unions is to meet the common

needs of their members, whereas the primary purpose

of most investor-owned businesses is to maximize profit

for shareholders.

A Different Control Structure: Cooperatives and credit

unions use the one-member/one-vote system, not the

one-vote-per-share system used by most businesses.

This helps the cooperative or credit union serve the

common need rather than the individual need, and is a

way to ensure that people control the organization, not

capital.

A Different Allocation of Profit: Cooperatives and

credit unions share profits among their member-owners

on the basis of how much they use the co-op, not on

how many shares they hold. Cooperatives and credit

unions also tend to invest their profits in improving

service to members and promoting the well-being of

their communities. - Canadian Cooperative Association

Investment in improving services to members…

The first star in Sydney Credit Union’s Five Star

Success™ Program is Our Organization. The

organization (or Sydney Credit Union itself) receives

a portion of year end profits through the program

as Retained Earnings. Retained Earnings are held

by the organization as a re-investment back into

the organization which are then used to not only

provide security and stability for the growing credit

union but are also used to fund product and service

developments and improvements. When members

from our Sydney River branch expressed a need for a

new and improved full service branch, planning began

to acquire land and construct a new state of the art

building with full service offerings. The re-investment

of Retained Earnings back into the organization

allowed for this much needed expansion. Over the

years, Sydney Credit Union has also been a front

runner in adding innovative new products and services

to its offering; TeleService® telephone banking and

MemberDirect® online banking, commercial lending

and financial planning services, the Tax Free Savings

Account (TFSA) and the High Interest Savings

Account (HISA), Mobile Banking (texting for your

account balances and transactions), with the newest

product, MemberDirect® Business, a comprehensive,

full service banking solution for medium to large

businesses.

CSR Value StatementSydney Credit Union’s commitment to

Cooperative Social Responsibility defines its

recognition of stakeholders, while in the pursuit

of sustainable solutions, that involve and balance

the interests of Our Organization, Our Members,

Our Staff, Our Communities, Our Cooperative

Sector and Our Environment.

Page 17: 75th Anniversary - Sydney Credit Union

15 PP

Our Members

Our Members are one of our five key stakeholders in

our Five Star Success™ Program, as represented

by one of the five stars. As such, members of Sydney

Credit Union receive a portion of our profits each year.

The member rebate is based on the level of business

members conducted with us throughout the year, which

includes the number of eligible products members have

with us, the product balance maintained and the account

transactions members conducted throughout the year.

As a cooperative financial institution, the member rebate

portion of the Five Star Success™ Program brings to

life the International Cooperative Principle of Member

Economic Participation, meaning that our members

share in our year end profits. And because the rebate

is based on the level of business you conduct with

Sydney Credit Union (as detailed in your Profit Sharing

Statement that you receive with your rebate), the more

business you do with us, the more you get back in your

Patronage Rebate!

Since the implementation of the Five Star Success™

program in 2006, the Patronage Rebate to Our Members

has grown…meaning more money distributed back into

the hands of Sydney Credit Union members! To increase

your rebate for 2011, simply use more of our financial

products and services…ask us how!

Sydney Credit Union… where it pays to do business with us!

The Credit Union has provided us with financial advice and support for the last 12 years. Our children really enjoy the in-school “Fat Cat” program which allows them to take some ownership in their own savings.

- Ferguson family, members for 12 years

Page 18: 75th Anniversary - Sydney Credit Union

16 PP

Our Staff

Our Staff are one of our five key stakeholders in our

Five Star Success Program, as represented by one

of the five stars because at Sydney Credit Union we

acknowledge Our Staff as a key stakeholder in our

organization. While still maintaining their traditional

functions, staff have become more involved in the

planning and implementation processes in order to

improve client service to all our member owners. Each

year, a significant investment is made in staff training

and professional development because we recognize

our staff as a cornerstone of our credit union. Our profit

sharing program for our staff through the Five Star

Success™ Program supports the fact that having and

retaining knowledgeable, professional staff is critical to

the success of the organization.

Our Community

Our Community is one of our five key stakeholders in our Five Star Success

Program, as represented by one of the five stars. Recipients in the Our Community

stakeholder group of the Five Star Success program since the inception of the program in 2006 include:

2006 Five Star Success:

l Cape Breton Regional Hospital Foundation - $34,005

l Sydney Credit Union’s Swim to Survive/Learn to

Swim Program - $10,000

l Sydney Credit Union’s “Like Your Bike” program -

$5,000

2007 Five Star Success:

l Cancer Centre Expansion Project (Cape Breton

Regional Hospital Foundation) - $24,000

l Atlantic Burn Camp - $7,000

l Talbot House - $5,000

l Loaves and Fishes - $3,716

l Every Woman’s Centre - $2,500

l Family Place Resource Centre - $2,500

l Kiwanis Club of Sydney - $2,000

l Whitney Pier Youth Club - $2,000

l Baille Ard Recreation Association - $2,000

l AIDS Coalition of Cape Breton - $1,000

2008 Five Star Success: l Cape Breton Regional Hospital Foundation - $28,500

l Cape Breton Search and Rescue - $25,000 for the

purchase of an Argo

l Loaves and Fishes - $2,500

l YMCA Strong Kids Program - $2,500

l The Autism Society of Cape Breton - $1,915

l Coxheath Mountain Trail - $1,000

l East Bay Trail - $1,000

l Cape Breton Mental Health Services - $1,000

Page 19: 75th Anniversary - Sydney Credit Union

17 PP

Our Cooperative Sector

Our Cooperative Sector is one of our five key

stakeholders in our Five Star Success™ program, as

represented by one of the five stars. Our Cooperative

Sector has been identified as a key stakeholder because

as a cooperative financial institution and in adhering to

the International Cooperative Principle of Cooperation

Among Cooperatives, we believe that the cooperative

business model provides sustainable solutions that

empower individuals and their communities. Our

commitment is to encourage, promote and advance the

cooperative economy and to help foster a successful

and solid cooperative future, both locally and abroad.

In 2006 and 2007, Sydney Credit Union sponsored the

“Women’s Savings and Credit Cooperatives: Schools of

Democracy in Nepal”, a program through the Canadian

Cooperative Association (CCA). Since 1987, the CCA

has, on behalf of Canadian cooperatives, credit unions

and their members, helped millions of poor people

around the world escape from poverty. With this program,

the cooperative principles, which underpin cooperative

development everywhere, are being used in Nepal to

train women credit union members. Nepal is one of the

poorest countries in Asia (95% of people earn less than

$2 per day) and the poorest of poor are women. CCA’s

work in Nepal with one partner, the Centre for Micro-

Finance (CMF), has focused exclusively on building and

strengthening women’s savings and credit cooperatives.

Membership in cooperatives has helped women in Nepal

to support each other, both economically and socially, in

very difficult circumstances. Women have earned trust

and have become leaders in their communities. Sydney

Credit Union is proud to have helped make a difference

in the lives of the people of Nepal and positive changes

in the communities in which they live.

Since that time, Sydney Credit Union has looked for

ways to advance the cooperative economy locally

within Cape Breton. As a result, Sydney Credit Union

has recently formed a partnership between itself, Cape

Breton University, and the Nova Scotia Co-op Council to

create a local Cooperative Development Initiative (CDI).

The first step in creating the CDI is the facilitation of

research that will be conducted by a student of the MBA

CED program at the Cape Breton University. Sydney

Credit Union is providing a bursary for the research

project which will provide the foundation for which the

CDI will be based. The research project will identify the

needs and challenges of local cooperatives, as well

as best practices in terms of successful CDIs across

Canada. Sydney Credit Union is pleased to support the

research efforts of a local CBU student and is excited

about the opportunities to support local cooperatives

that will be identified through the research.

Page 20: 75th Anniversary - Sydney Credit Union

18 PP

The Sydney Credit Union Charitable Foundation

While the journey in the area of social responsibility has

been an interesting one, it has taken place over several

years, taking time to ensure our social responsibility

efforts align with our values and the values of our

members and that they best meet our Mission in aspiring

to improve the economic and social well being of our

members and the community. In 2004, we incorporated

a question into our Member Satisfaction Survey which

requested members to consider their Patronage Rebate

when asked, ``if a program was spearheaded by the

credit union for the good of the community, would they

be likely to contribute a portion of their rebate to support

such a program``. The results were impressive, with

32% of members likely to contribute part of their rebate

to such an initiative, and 54% undecided but definitely

wanted more information to consider. We saw this as

very positive and a direct measure of how our members

share in the value of community and how they too aspire

to make a positive difference.

During the development of the Five Star Success™

Program in 2006, the idea that members could leverage

their financial contributions with others to support our

community again arose among discussion of the CSR

Committee. The decision was then made to develop

and incorporate a charitable foundation. A charitable

foundation would not only allow Sydney Credit Union to

accumulate funds for specific community projects year

over year, but would also allow Sydney Credit Union

members or community member at large, to financially

contribute in support of the programs with a tax

deductible receipt issued to them for their contribution.

The development began and application to the Charities

Directorate was made and we are extremely pleased

to be launching our Sydney Credit Union Charitable

Foundation in conjunction with our 75th anniversary

celebrations. Believing that there is strength in numbers,

the Foundation will combine the funds provided by

Sydney Credit Union, members and non-members in

support of programs developed for the betterment of our

community.

In celebration of the launch of the Sydney Credit Union

Charitable Foundation and in conjunction with Sydney

Credit Union’s 75th anniversary, we are pleased to

announce that Sydney Credit Union is making the first

contribution to our Charitable Foundation in the amount

of $75,000! This contribution will fund our community

giving program which will directly and positively impact

members of our community. To support our Charitable

Foundation, speak to us here at Sydney Credit Union!

Page 21: 75th Anniversary - Sydney Credit Union

19 PP

75th Anniversary

Celebrating a 75th anniversary in business today

is unfortunately a milestone that all businesses are

privileged to commemorate. While Sydney Credit Union’s

longevity and continued growth may be attributed to

many things over the years, the loyalty and patronage

of our members remains a consistent contributor to the

success of Sydney Credit Union.

As the 75th anniversary year approached, Board and

management seeked to find a way to acknowledge the

bond between Sydney Credit Union and its members. As

such, a special distribution of $750,000 was declared

and paid to all Sydney Credit Union members who

had a share in the credit union as of December 31,

2009. Unlike the Patronage Rebate which distributes

year end profits each year to members based on

the level of business they conduct with Sydney

Credit Union throughout the year, this special

anniversary distribution was an even $45 for

each and every member, regardless of products

and services used, length of membership or

age….even members who may have since

closed their account after December 31,

2010 received the $45 special distribution

as long as they had a share in the credit

union at December 31, 2009.

Perhaps one of the most exciting aspects of the special

anniversary distribution was the fact that despite our

school Fat Cat accounts do not actually hold a share in

the credit union, we included them in the distribution as

well! As a result, 1,207 Sydney Credit Union School Fat

Cat members also received $45 in their accounts! For

many of our Fat Cat’ers, the $45 gave a real boost to

their savings account! It also acknowledged them as an

equal and valued member in the credit union, as well as

illustrating the importance Sydney Credit Union places

on its youth members!

Page 22: 75th Anniversary - Sydney Credit Union

20 PP

Credential Financial Strategies

(left to right): Kim Forrest, Denise Gallant

For more than ten years, Sydney Credit Union has provided

professional wealth management services to its members,

access to financial planning expertise, asset management

and personal insurance through its Credential Financial

Strategies office. This means that Sydney Credit Union

members benefit from comprehensive financial advice and

have access to all of the best investment and insurance

options available in Canada. The office is staffed by three

full time employees and offers wealth management and

insurance services to any Credit Union member who

wants to access the service.

Like Sydney Credit Union, the wealth management

service has also grown tremendously since it was first

introduced in January 2000. Initially, operations of the

wealth management services began under the company

name MemberCARE, in partnership with CUMIS

insurance, although in 2004 MemberCARE became

Credential Financial Strategies. Operations began with

the hiring of Denise Gallant, Certified Financial Planner,

and expectations were that she could work from home

and visit clients at their homes. It was quickly realized

that first year of business was growing too fast to operate

this way for long and therefore the infrastructure of a

professional office was needed to meet the demands of

clients. As a result, MemberCARE settled into the front

corner of the Townsend Street branch and operated there

until the end of 2004, when continued growth caused a

second move to larger space on the second floor of the

Sydney River branch, followed by the name change to

Credential Financial Strategies.

A third move was realized in April of 2008 when the senior

management team of Sydney Credit Union moved to the

second floor of the Sydney River branch. Focusing on

the needs of our growing client list, Credential Financial

Strategies secured new office premises in the Medical

Arts Building on Kings Road, conveniently located half

way between both branches of Sydney Credit Union. The

new location offers clients elevator access and plenty

of parking, while providing lots of room to allow for

continued growth.

Operating with the professional standard that clients’

needs come first, one of the most significant advantages

of the services provided by Credential Financial

Strategies is the ability to provide access the absolute

best investment and insurance products available,

products not traditionally sold through credit unions.

Although the office operates as a separate entity from

Sydney Credit Union, it operates with the same values

and community focus as the Credit Union. Credential

Financial Strategies continues to leverage relationships

with partners to contribute to local charities and to

participate in many of the Credit Union’s projects.

Credential Financial Strategies are annual supporters of

the Breakfast for Learning Program and have sponsored

the breakfast program at both Sydney Academy and

Memorial High School. Credential Financial Strategies

also promotes continued education and development

within the insurance and financial planning industries by

maintaining membership in and volunteering time with

Advocis, the Million Dollar Round Table, and the financial

planning standards council.

Page 23: 75th Anniversary - Sydney Credit Union

21 PP

Financial Literacy & Money Management

Financial Literacy

Sydney Credit Union is committed to building the skills

needed to effectively manage one’s financial future

and to increase the financial literacy for those in our

community. To achieve this objective, Sydney Credit

Union has developed a comprehensive financial literacy

program and has delivered the program at several

venues throughout the community. In addition, Sydney

Credit Union is the support provider for The NEFE

program in the local area, which offers a proactive

approach to money management and teaches personal

financial responsibility to help students of the program

avoid financial difficulty in the future. All of Sydney

Credit Union’s financial literacy programs include the

topics of the time value of money, earning an income,

saving money, protecting assets, establishing and

prioritizing financial goals, and understanding the cost

of using credit.

Fat Cat The Sydney Credit Union Fat Cat School Program

began in 1997 and has grown to now include the

following schools:

l Mira Road Elementary

l Sydney River Elementary

l Coxheath Elementary

l Cusack Elementary

l Cornwallis Elementary

l Ashby Elementary

l Marion Bridge Elementary

The Sydney Credit Union Fat Cat School Program

currently has 1,207 youth accounts with balances

totalling just under $195,000.00! The program introduces

children to the concept of money management and helps

to establish the groundwork for the child’s financial

future. It also enables them the opportunity to develop

money management skills and regular savings habits

by providing a convenient place to make deposits, while

introducing the values and principles of cooperation.

Page 24: 75th Anniversary - Sydney Credit Union

22 PP

Sydney Credit Union

Nancy Burke, Human Resources Associate

Art Risk, Manager, Community Economic Development

Frances MacDonald, Commercial Lending Consultant

Todd Day, Branch Manager, Sydney

Mary Wilson, Branch Supervisor

Karen MacNeil, Accountant

Denise Dezagiacomo, Branch Manager, Sydney River

Jane Graham, Executive Assistant

Carol Ripley, Manager of Operations

R.A. (Bob) Coffin, Chief Executive Officer

Leanne Boutilier, Marketing Manager

Management

Proffesional Team of Management & StaffSydney Credit Union prides itself on our dedicated, professional employees who have served our members

with the highest level of excellence and integrity for the past seventy-five years. Our caring and supportive

staff continues to work hard daily to build the best solutions to meet the financial needs of our 14,000

members. Their attention to detail and willingness to go the extra mile sets us apart from the competition.

Our employees are committed to innovation, continuous improvement and working collaboratively toward

common goals. They are passionate in delivering results to our members and consistently strive to surpass

service expectations. The employees of Sydney Credit Union continue in their dedication to provide high

standards of professionalism when it comes to honouring our commitment to excellence for our members.

Page 25: 75th Anniversary - Sydney Credit Union

23 PP

Page 26: 75th Anniversary - Sydney Credit Union

24 PP

Sydney Credit Union

Barbara MacDonald, MSR

Laura Lee Arsenault, MSR

Joline Vassallo, FSO

Tracey MacKinnon, MSR

Lori Jessome, MSR

Francis Mvere, MSR

Bob Gill, General Office Worker

Sharon Locke, Teller Supervisor

Jennifer Griffin, Receptionist

Brandon MacSween, MSR

Sarah Winn, MSR

Joe Candelora, MSR

Sharon Leonard, MSO

Laura Rykunyk, MSR

Monique MacMullin, MSR

Lyndsey Fitzgerald, MSR

Krista Hooper, MSR

Bobbi-Ann Lanceleve, MSR

Carol Lee Carrigan, Receptionist

Annette Coakley, Central Teller

April Boutilier, MSR

Wanda MacNeil, Receptionist

Patsy Cantwell-Underhill, FSO

Andrew Livingstone, MSR

Crista Currie, MSR

Steven Rolls, Social Media Coordinator

Pam Andrews, Receptionist

Kyle Peterson, MSR

Chris MacPherson, FSO

Barb Miller, FSO

Chris Larade, Financial Services Clerk

Jackie Young, FSO

Connie MacNeil, MSO

Glenda Ramsay, Chequing Clerk

Stephen LeBlanc, Collections Office

Staff

Page 27: 75th Anniversary - Sydney Credit Union

25 PP

Legend: Member Service Officer - MSO, Member Service Representative - MSR, Financial Services Officer - FSO

Page 28: 75th Anniversary - Sydney Credit Union

26 PP

Sydney Credit Union

Executive (left to right): Doreen Burke, Vice-President, Joe Legge, Secretary, Lawrence MacDonald, President,

(missing from photo): R. A. (Bob) Coffin, Chief Executive Officer

Credit (left to right): Blaise MacLean, Doreen Burke, Paul Dolhanty, Jim MacLean, Todd Day, Lawrence MacDonald,

Jeanette Thompson, Chair, John MacEachern, Frances MacDonald, Denise Dezagiacomo, Stephen LeBlanc

Committees

Page 29: 75th Anniversary - Sydney Credit Union

27 PP

CSR (left to right): John MacEachern, Leanne Boutilier, Doreen Burke, Jeanette Thompson, Lawrence MacDonald,

Carol Ripley, (missing from photo): Darrell Kyte, Chair, Hugh MacKinnon,

75th Anniversary (left to right): Doreen Burke, Denise Dezagiacomo, Pam Andrews, Leanne Boutilier, Todd Day,

Lawrence MacDonald, Chair, Jane Graham, (missing from photo): Barb Miller

Page 30: 75th Anniversary - Sydney Credit Union

28 PP

Audit (left to right): Donna Arseneau, Chair, Blaise MacLean, Joe Legge, Lawrence MacDonald, (missing from

photo): Hugh MacKinnon, Darrell Kyte, Don Bonnell, Carol Ripley, Karen MacNeil

Building (left to right): Blaise MacLean, Jim MacLean, Chair, Joe Legge, Lawrence MacDonald, Todd Day,

Donna Arseneau, Denise Dezagiacomo, Leanne Boutilier, (missing from photo): Hugh MacKinnon, Dan MacDonald,

Carol Ripley

Page 31: 75th Anniversary - Sydney Credit Union

29 PP

Policy (left to right): John MacEachern, Chair, Leanne Boutilier, Jeanette Thompson, Lawrence MacDonald,

Todd Day, Donna Arseneau, Denise Dezagiacomo, Jim MacLean, Frances MacDonald, Nancy Burke, (missing from

photo): Darrell Kyte, Anne Buchanan, Carol Ripley, Karen MacNeil

New Dawn Enterprises and the Sydney Credit Union share a history and a commitment to the task of building a strong local community. Given that common ground, New Dawn is proud to be able to declare that the Sydney Credit Union is our financial partner.

- Rankin MacSween, New Dawn Enterprises

Page 32: 75th Anniversary - Sydney Credit Union

30 PP

Past Managers

Past Presidents

J.D. Coffin1992-93

Kevin MacAdam2004-05

John MacEachern2006-08

Gerald Gallant1990-91

Annette Murphy2003

Matt Keefe1996-97

Gerard MacKinnon2001-02

Charles Sheppard1998-99

R. A. (Rod) Munroe 1980-99

John L. McPhee1958-80

Joseph O’Connell1952-58

Wilfred MacKinnon1948-52

Milo Crowe2000

Charlotte MacNeil1994-95

J.M.A LeBlanc1936-48

Page 33: 75th Anniversary - Sydney Credit Union

31 PPManning MacDonald

1976-77

Peter Mombourquette1984-85

Eric Finney1969

Charles O’Connell1951

David F. MacLean1975

Donald Johnston1982-83

Murdock Matheson1966-68

T.R. MacNeil1948-50, 1958-61

Earl LeBlanc1989

John Nicholson1974

Ernest Morrison1981

George MacNeil1962-65

Gordon Hill1945-46

Margaret Paruch1988

Jack MacDougall1972-73

Mark Johnstone1980

Ralph MacCallum1962

Neil MacNeil1941-44

Pat Moore1986-87

C.H. Redmond1970-71

Wm. Urquhart1978-79

Hubert Lewis1952-57

D.S. Morrison1935-40

Page 34: 75th Anniversary - Sydney Credit Union

32 PP

Page 35: 75th Anniversary - Sydney Credit Union

33 PP

Page 36: 75th Anniversary - Sydney Credit Union

34 PP

Help spread the news about a dynamic, member owned cooperative financial institution…

If you want to belong to a democratic organization that is owned and controlled

by the people who use its services, an organization that can successfully

compete in the marketplace without abandoning the values and principles that

set it apart from other businesses, and an organization that returns its profits to

the community, then you share many of the same values and priorities as the

millions of people around the world who are already members of cooperatives

and credit unions.

Cooperatives and credit unions recognize the importance of people and

communities defining their own needs and working together to meet those

needs. They are a powerful and democratic way to put decision-making into the

hands of those who need and use the services. Cooperatives and credit unions

are directed locally and invested in locally. Surplus profits are returned to the

members and, therefore, remain within the community. - Canadian Cooperative

Association

95 Townsend St

Sydney NS

(902)562-5593

1280 Kings Rd

Sydney River NS

(902)539-1684

www.sydneycreditunion.com Make sure you look us up on Facebook: www.facebook.com/sydneycreditunion