When the new year rolled in on January 1, 2020, everyone at Casera was focused on continuing to build a strong foundation that could sustain a secure future for our members. A pandemic of historical proportions was the last thing on our minds. Providing essential financial services in the face of the public health crisis became a rallying point for all of us at Casera. I’m proud of how our staff met the challenge calmly and with courage.
Saying that the global pandemic disrupted economic activities is an understatement. Every credit union, including Casera, was affected through changes in business hours, temporary branch closures, and increased reliance on online services. While we expect the business disruption to be short-lived, the impact on our 2020 bottom line remains to be seen.
While the Conference Board of Canada predicts a bumpy ride for Canada’s economy over the next year, Casera remains focused on maintaining its financial strength. The Conference Board notes that the economic crisis caused by the pandemic is Canada’s deepest modern-day recession, but it has also been the shortest. While the Canadian economy nosedived early in the pandemic, recent consumer activity shows signs of improvement and growth.
Chief Executive Officer