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A look back at Sydney Credit Union's 75 years of community support and financial service.
Citation preview
75th
Anniversary
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
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.
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.
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.
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.
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
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
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.
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.
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.
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.
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.
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™
13 PP
Retained Earnings
Patronage Rebate
Staff Benefit Program
Community Giving
Cooperative Development
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.
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
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
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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.
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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!
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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!
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.
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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.
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.
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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
25 PP
Legend: Member Service Officer - MSO, Member Service Representative - MSR, Financial Services Officer - FSO
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
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
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
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
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
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
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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