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PRESS RELEASES

June 24, 2009

March 3, 2009
February 5, 2009
January 1, 2008

Home > About YNCU > Announcements

FIBERGLAS EMPLOYEES (GUELPH) CREDIT UNION MEMBERS VOTE OVERWHELMINGLY IN FAVOUR OF JOINING YOUR NEIGHBOURHOOD CREDIT UNION

AUGUST 24, 2010 - The Board of Directors of Your Neighbourhood Credit Union (YNCU) are thrilled to announce that the membership of Fiberglas Employees (Guelph) Credit Union (FEGCU) voted by an overwhelming majority to join Your Neighbourhood Credit Union (YNCU), based in Kitchener. FEGCU members voted 99% in favour of joining forces with YNCU in order to create a stronger more vibrant credit union for their members. 

YNCU’s Chief Executive Officer Kerry Hadad is overjoyed with the result. “What a great endorsement of our new partnership! It’s an honour that Fiberglas Employees members voted so positively in favour of this partnership. We’re really looking forward to getting to know Fiberglas members, and to supporting the Guelph market.”

“This is a great move for our members,” said FEGCU Board Chair, Nancy Gilbert.  “We took great care in selecting a partner, and believe wholeheartedly that Your Neighbourhood Credit Union supports and believes in the same things our members support and believe in.  This move means our members will benefit from a full-service credit union, and contribute to the growth of a larger community. I’m looking forward to the future with YNCU!”

Fiberglas Employees (Guelph) Credit Union serves approximately 250 members, and operates one branch in Guelph, with approximately $2.5 million in assets. YNCU currently serves approximately 29,000 members, and operates fifteen branches in Kitchener, Waterloo, Cambridge, Brantford, Paris, Mitchell, Sebringville, Stratford, Shakespeare, Windsor, LaSalle and Woodstock, with over $575 million in assets.

The partnership means FEGCU will become an open bond credit union, welcoming all members of the community to bank with them.

The agreement is anticipated to close on October 1, 2010 and will operate under the name of Your Neighbourhood Credit Union.

For further information, please contact:

FIBREGLAS EMPLOYEES (GUELPH) CREDIT UNION and YOUR NEIGHBOURHOOD CREDIT UNION ANNOUNCE MERGER PLANS

JULY 15, 2010 - The Boards of Directors of Fibreglas Employees (Guelph) Credit Union (FEGCU) and Your Neighbourhood Credit Union (YNCU) today announced that they will join forces to introduce a full-service credit union to the Guelph market.

"After a long and proud history of serving the fibreglass industry employees of Guelph, we're ready for the next big step in our growth," said FEGCU Board Chair, Nancy Gilbert. "We know that partnering with an organization like Your Neighbourhood Credit Union will allow us to do more for our members. Plus, we want more people to know how great it is to bank the credit union way. YNCU has branches across southwestern Ontario. It's nice to know we're going to be part of something that's growing the way YNCU is growing."

Formed in 1958, FEGCU has provided employees of Owens Corning (formerly Fibreglas Canada), AOC and NGF Canada with credit union services at their worksite.

"We did our research and met with several credit unions before we made our decision," Gilbert said. "We like what Your Neighbourhood stands for, and we really felt comfortable with everyone we met there. I am proud to recommend this move to my members, and I'm excited about the future."

"It's a real vote of confidence to get this kind of endorsement from a Board Chair," commented Kerry Hadad, CEO of Your Neighbourhood Credit Union. "We're excited to be part of Guelph, and we're thrilled at the prospect of having so many ambassadors there telling people about the credit union."

FEGCU operates a single branch in Guelph, serving 250 members; they hold approximately $2.5 million in assets. YNCU currently serves approximately 29,000 members, and operates fifteen branches in Kitchener, Waterloo, Cambridge, Brantford, Paris, Mitchell, Sebringville, Stratford, Shakespeare, Woodstock, Windsor and LaSalle, with over $575 million in assets.

Subject to the normal conditions of due diligence, regulatory and membership approval, the agreement is anticipated to close on October 1, 2010.

For further information, please contact:

BOARD OF YNCU DECLARES PATRONAGE DIVIDEND, RETURNING PROFITS TO MEMBERS
January 22 , 2010

Kitchener, ON: The Board of Directors of Your Neighbourhood Credit Union (YNCU) has authorized payment of a patronage dividend for the fiscal period October 1 to September 30, 2009. The total patronage dividend distributed was $180,000. This brings the total amount of patronage dividends returned to YNCU Members over the last five years to over $1.2 million dollars!

The dividend is declared once a year, at fiscal year end, at the discretion of the Board of Directors, based on the financial results of the preceding fiscal year.

STANDARD TUBE EMPLOYEES’ (WOODSTOCK) CREDIT UNION MEMBERS VOTE OVERWHELMINGLY IN FAVOUR OF JOINING YOUR NEIGHBOURHOOD CREDIT UNION

SEPTEMBER 22, 2009 - The Board of Directors of Standard Tube Employees’ (Woodstock) Credit Union (STCU) are thrilled to announce that their membership voted by an overwhelming margin to join Your Neighbourhood Credit Union (YNCU), based in Waterloo. Members voted 95% in favour of becoming open bond (serving the whole community as well as Standard Tube Employees), and to join forces with YNCU in order to create a stronger more vibrant credit union for their members.

“It’s obvious our members see the benefit of this partnership,” said STCU Board Chair, Frank Crawford. “We look forward to the next chapter in the history of Standard Tube Employees’ Credit Union.” Manager Colleen Young is enthusiastic about the future for STCU members, and about the opportunity to offer banking services to the wider Woodstock community; “I’m so excited that our credit union will be growing and will be part of such a dynamic organization like Your Neighbourhood Credit Union. I can’t wait to welcome the whole community to bank with us!”

YNCU’s Chief Executive Officer Kerry Hadad shared the optimism about the future in Woodstock; “This is a great day for all of us. Standard Tube has been a vital part of the community for generations, and we want to help grow what they have built. Woodstock is a vibrant community, and we look forward to being part of it. It’s an honour that STCU members voted so positively in favour of this partnership.”

Standard Tube Employees’ (Woodstock) Credit Union serves approximately 800 members, and operates one branch in Woodstock, with approximately $4.5 million in assets. YNCU currently serves approximately 29,000 members, and operates thirteen branches in Kitchener, Waterloo, Cambridge, Brantford, Paris, Mitchell, Sebringville, Stratford, Shakespeare, Windsor and LaSalle, with over $500 million in assets.

The partnership means STCU will become an open bond credit union, welcoming all members of the community to bank with them.

The agreement is anticipated to close on October 1, 2009 and will operate under the name of Your Neighbourhood Credit Union.

(NOMINATIONS ARE CLOSED: September 30, 2009)
NOMINATIONS FOR DIRECTORS NOW BEING ACCEPTED :

September 1, 2009:
At the Annual General Meeting to be held in January 2010 the terms of five current board members will expire: John Haines, Elizabeth Esenbergs, Jacqueline Bester, (all representing the Waterloo Region), Doug Patton (Brant region) and Lorraine Babb (Perth/Huron region. In addition, a vacancy created by the resignation of Romeo Gallant in the Windsor Region is to be filled for the balance of the term.

The Nominations Committee is accepting nominations until the end of this fiscal year, September 30, 2009, as follows: 3 directors, representing Waterloo Region, 1 director representing Brant region and 1 director representing Perth/Huron region), all 3-year terms, and 1 director representing Windsor Region for a 2-year term.

The position of director of a credit union is both challenging and rewarding. The directors are responsible for ensuring that your credit union continues to meet the financial service needs of its members and the community it serves. The members of your credit union are relying the other directors to guide the organization into the future.

The board of directors is responsible for directing the management of the business and affairs of the credit union. The board's responsibilities include the following five primary functions:
• establishing the organization's business objectives and policies;
• reviewing and approving each year the organization's policies and annual business plan;
• ensuring that qualified and competent management is appointed to implement appropriate risk measurement techniques and risk management procedures;
• monitoring the performance of the credit union to ensure adherence to policy and the annual business plan; and
• overseeing community relations and protecting members' rights.

If you’re interested in running for a position on the board of directors, have been a member for one year or more, are in good standing and are at least 18 years of age, you must submit your nomination form by 4:30 pm on September 30, 2009.

YNCU AND STANDARD TUBE EMPLOYEES' (WOODSTOCK) CREDIT UNION LIMITED AGREE TO JOIN TOGETHER

The Boards of Directors of Your Neighbourhood Credit Union and Standard Tube Employees Credit Union today announced that they have agreed to pursue the joining together of the two financial institutions.

Your Neighbourhood currently serves approximately 29,000 members, and operates thirteen branches in Kitchener, Waterloo, Cambridge, Brantford, Paris, Mitchell, Sebringville, Stratford, Shakespeare, Windsor and LaSalle, with $500 million in assets. Standard Tube serves 800 members, and operates one branch in Woodstock, with $4.5 million in assets.

The merger will mean Standard Tube Employees Credit Union (STECU) will become an open bond credit union, welcoming all members of the community to bank with them.

Following approval by STECU’s membership, the Woodstock branch will operate under the name of Your Neighbourhood Credit Union. Subject to the normal conditions of due diligence, regulatory and membership approval, the merger is anticipated to close on October 1, 2009.
Press release, June 24, 2009

YOUR NEIGHBOURHOOD CREDIT UNION
MAKING SIGNIFICANT INVESTMENT WITH BUILDING PROJECT

Date: March 9, 2009
Waterloo, ON -- Your Neighbourhood Credit Union (YNCU) has broken ground in Kitchener, beginning a construction project that will create a new head office for the credit union, and keep local trades’ people working for much of this year.

The new head office is a long-awaited and much-anticipated project, CEO Kerry Hadad said. “Due to three mergers in four years, and natural increases in our business, we long ago outgrew our current head office in Uptown Waterloo, and it’s time to take the next step in our evolution.”

The decision on who to partner with for the design and construction was the result of careful and thoughtful planning. “We decided from the very beginning we wanted to work with a local company that employs people from our community. We chose Schiedel Construction, who has a long history and solid reputation in this area. Schiedel’s philosophy is based on co-operation and, as a financial institution rooted in co-operative principles, we knew we were working with the right people,” Hadad said.

The building will be on Executive Place in Kitchener, close to the 401, allowing for easy access to and from the credit union’s 13 branches in southwestern Ontario. The project will incorporate both green and energy efficient features, as well as ideas suggested by staff, including a workout and fitness room with showers. “Head office staff often work flexible hours based on the time of year and volume of work. Including elements that balance work with a healthy lifestyle just makes sense… it’s a smart business decision and good personal decision. And it proves we don’t just talk about the work/life balance” Hadad said.

The new building will include expansion space for the growing organization, as well as a large board/community room that will allow YNCU to host member and community groups. “We’re a member-owned organization. This space is our members’ space, and we plan to make it accommodating and welcoming to our members and the communities we serve as much as possible.”

The grand opening and ribbon-cutting is expected to happen in late fall this year.

The space YNCU corporate office vacates in Uptown Waterloo is shared with the credit union’s Waterloo branch. Hadad noted “Your Neighbourhood Credit Union remains committed to Uptown Waterloo, and our branch will remain and undergo a face lift; we want to make it a real destination. We’ve been a fixture in the community for decades, and we are committed to this area.”

Your Neighbourhood Credit Union is a member-owned financial co-operative serving Southwestern Ontario. We provide a complete range of financial services at competitive rates, plus the benefit of ownership – a share in the profits. You can experience community banking through 13 branch locations and a variety of self-serve banking channels, including 2,300 ATMs*.

More than 29,000 members have chosen to do their banking the credit union way with YNCU. With over $500 million in assets under administration, Your Neighbourhood Credit Union is one of Ontario’s largest credit unions, offering personal, business and agricultural products and services.

Through their member-run Board of Directors, YNCU has returned more than $750,000 in patronage dividends to members over the last four years alone. Through their Member Relations Committee, a sub-committee of the Board, YNCU supports dozens of charitable and community organizations in the neighbourhoods they serve.

*Wherever you see The Exchange® logo you can perform your ATM transactions ding-free. No surcharges will ever be applied to your transactions whether you are using a bank or credit union Exchange ATM.

For further information, contact:
Kerry Hadad, CEO, Your Neighbourhood Credit Union
Phone: 519.579.1370 ext. 212
Email: TalktoKerry@yncu.com

Press Release: March 3, 2009

BOARD OF YNCU DECLARES PATRONAGE DIVIDEND, RETURNING PROFITS TO MEMBERS
February 5, 2009

Waterloo, ON: The Board of Directors of Your Neighbourhood Credit Union (YNCU) has authorized payment of a patronage dividend for the fiscal period of March 1, 2008 (merger date with Mitchell & District Credit Union) until fiscal year-end September 30th, 2008. The total patronage dividend distributed was $150,500.

In a full fiscal year, payments of a minimum of $2.00 to a maximum of $200.00 are made. This fiscal period was 7 months long, so the minimum payout was $1.17 (7/12 of $2.00) and the maximum was $116.67 (7/12 of $200.00).

YNCU paid a dividend of 5/12 of the full amount in May, 2008 ($94,999.17) for the period of October 1, 2007 to February 29, 2008 (pre-merger); MDCU paid $2 per share for the 2007 fiscal period in May, 2008 (pre-merger).

Calculation is based on the average total business (deposits and lending) with YNCU during the payout period.

Press Release: February 5, 2009

Message from the CEO
December 2008

Given what I am sure you are reading, hearing, and seeing on various media commentary on the current tumultuous state of the global markets, I wanted to assure you that Your Neighbourhood Credit Union (YNCU) is well positioned to weather these times. 

As stewards of our members' assets, YNCU has always taken a financially prudent approach to both lending and investing (please review the annual reports we have posted). YNCU does not hold any asset-backed commercial paper (ABCP), and we are poised to declare another profit for the 2008 fiscal year.

Some facts on YNCU:

• YNCU is well capitalized as our capital as a percentage of total assets is over the policy and regulatory limits.
• YNCU is very liquid as our total liquidity rate is over the policy and regulatory ranges. 
• YNCU total asset growth annualized is currently over our targets.
• YNCU deposit growth annualized is currently over our targets.

Some facts of the Canadian banking system:

The Canadian banking system is fundamentally different and is very stable; the credit underwriting is extremely prudent and strong; Canadian financial institutions are much better capitalized; and the regulatory oversight is robust and very visible. 

However, given the fact that the world economy is so inter-related and the fact that the US is Canada’s biggest trading partner, the Canadian economy will feel the effects of this global financial crisis. Our economy will adjust as the markets react and our credit union will get through this in good shape.

Again rest assured that:

1. your deposits are safe and sound as YNCU is financially healthy, and that you have the added advantage of deposit protection through the Deposit Insurance Corporation of Ontario (www.dico.com);
2. we are liquid and will continue to underwrite loans in all areas of lending, including retail, commercial, and agricultural;
3. we are still focused on a growth strategy;
4. we still have among the best rates in the market, both on the deposit and lending side;
5. our fee structure remains extremely competitive; and
6. the markets where we have branches are relatively stable which will augur well for sustainability and growth.

This is your credit union, and I want you to feel comfortable that your assets are well-managed and secure. Please don't hesitate to call or visit your branch if you have questions, or contact me directly at TalktoKerry@yncu.com. Let me know what matters most to you, because that's what matters most to me.