Financial growth has resulted in the need for expansion of the Weyburn Credit Union, CEO Allan Messer told almost 100 members at the financial institution's annual general meeting, held Wednesday night at the Legion Hall.
Messer told the crowd that space in the current building on 221 Coteau Ave. has been maxed out, with 44 people working upstairs and another 11 people in the basement to meet the needs of expanding services.
For that reason, an additional facility will be built immediately west of the present location, annexed together with a bridge or walkway.
The two buildings west of the Credit Union - an old fourplex apartment block and a house on the corner - will be demolished at the beginning of May. A tendering process, possible sod turning and construction is scheduled for the third week in June.
The two-storey structure at the corner of Second Street and Coteau Avenue will house wealth-management services, commercial lending, commercial deposits, and a new community centre.
The small community room, which will include an entrance onto a courtyard or possible deck, can be used by the community at large, accessible to the membership after hours through a separate entrance.
Head office and administration will be housed in the upstairs of the new building.
The existing structure will be remodeled extensively to provide more of a transaction-retail business, including cashing of cheques, taking deposits, selling Mastercards, opening accounts and selling some basic term deposits. It will also house the agricultural lending, mortgage-consumer lending, and the internal processing areas of the bank.
Construction should wrap up in April or May of the year 2000.
"There are a lot of people to thank that make an organization like Weyburn Credit Union grow, prosper and succeed in the manner it has over the past several years. This building is the culmination of a lot of hard work by a lot of people," Messer told the audience. He went on to thank the members for their support and patronage, the board of directors, management and staff.
Messer also announced a partnership with the Minton Credit Union to provide a 50-per-cent manager and management services. The other 50 per cent of the manager's time will be utilized in the Weyburn Credit Union.
"Minton and Weyburn's shared services agreement is an attempt to deliver a broader range of services to the Minton membership, while maintaining their local autonomy, decision-making and Board of Directors," Messer told the audience.
The regional support program was strengthened Jan. 1 of this year with the amalgamation of the Lang and Weyburn Credit Unions. Lang Credit Union brought $6 million worth of assets and $4.5 million worth of loans to the balance sheet.
The financial report for 1998 indicated a net income of $552,704, for the Weyburn Credit Union, compared to $458,142 last year.
Assets for the year totaled $144,573,315, while liabilities totaled $133,011,516, and equity totaled $11,561,799.
The Board of Directors declared rebates and bonuses of six per cent and a member-ownership allocation, representing a $753,373 return to the membership.
Service awards were presented by Lloyd Soroka to Ron Milleker, who has served as a director for 15 years, and Eliford Mott, who has served as a director for 10 years.
The three board members whose term had expired in 1999 and were acclaimed again this year included Dave Lazurko, Ron Milleker, and Randy Vopni.
Box 400, 904 East Avenue
Weyburn, SK
S4H 2K4
Phone: (306) 842-7487
Fax: (306) 842-0282
E-mail: production@weyburnreview.com
This web page and its contents are copyright of the Weyburn
Review (1987) Ltd.