Casera Credit Union’s 69th Annual General Meeting took place via teleconference on Tuesday, April 20, 2021. For the second year in a row, the COVID-19 pandemic curtailed the event’s usual in-person activities.
Members heard reports from Robert Riddell, Casera’s Board Chair, and Chief Executive Officer Brent Thomas. Both noted the pandemic’s overall effect on the economy. Still, they explained, Casera experienced success in an otherwise challenging year.
“Although not as strong as the year before, 2020 was a successful year for Casera, Riddell said. “I would like to thank our staff, our management, our CEO, and my fellow directors for their efforts and dedication during the year and their support during the recent challenges. Of course, our membership makes what we do possible, and the board is grateful for their loyalty and support.”
According to CEO Brent Thomas, Casera’s assets grew by 6.9 percent to $451 million, and deposits increased by 7.2 percent to $420 million. The strong deposit growth was due to the economic uncertainties and travel restrictions resulting from the pandemic.
Download the Financial Statements and Annual Report for 2020 at www.caseracu.ca.
“During 2020, many members kept their funds in chequing and savings and short-term deposits,” Thomas said. “This ensured that their funds were liquid in the event of any unexpected situations arising from COVID-19.”
While Casera’s branches continued to adapt to the operational impact of COVID-19, one component of the credit union’s business that members used steadily to conduct their transactions was electronic banking.
“We encouraged members to use electronic banking channels, including online banking, Interac e-Transfer, ATMs, Casera CU Mobile App, and Deposit Anywhere,” noted Thomas. “As a result, our members’ use of Casera’s internet and mobile banking has grown significantly.”
Thomas added that while the pandemic continues to challenge the credit union in 2021, lessons from 2020 can help sustain its success in the future.
“Casera was determined to stay the course during 2020, to maintain order under the challenging circumstances of COVID-19, and to remain strong in spirit and steadfast in our ongoing support of members,” Thomas remarked.