The Weyburn Credit Union continued to show significant growth in its assets, deposits and loans as it approaches its 60th anniversary in December, members and staff were told at the annual general meeting on Wednesday evening.

Growth was experienced in every area, as the assets grew to $206.4 million, deposits grew by 5.8 per cent to $188.1 million, and their loan portfolio grew by 6.2 per cent to $147.98 million. The gross profit on 2003 was $1,555,992, before rebates, bonuses and taxes.

CEO Al Messer pointed out another area of growth which doesn't show up in the financial report is the Credit Union handles about $32 million in investments in stocks, bonds and securities over and above the $206 million in assets.

As part of the returns to its members, the board of directors declared rebates, bonuses and patronage allocations of 7.5 per cent, which meant a return of $826,092, more than half of the gross profits, and almost double the allocation in 2002.

The board also increased the amount it allocated to reserves and member equity to 7.87 per cent of the assets, with a long-term goal to move equity and retained earnings to nine per cent.

With the growth also comes change, said CEO Messer, explaining how staff and management will be undergoing training to change their staff culture towards meeting members' needs.

The Credit Union has entered a partnership with two service providers, the Credit Union Organizational Support in Regina and Calgary, and specialists from Financial Selling Systems in Nashville, Tenn.

"Over the past month and for the next three months, your entire staff and management will go through extensive training, learning more about themselves, more about the organization, and more on how to work with our members in listening, understanding and meeting the members' needs," said Messer, adding this will not mean more aggressive sales techniques, but will be geared more towards meeting needs.

"Our change in sales culture is to ensure that our staff and management are providing more products, more accounts, more loans and more services to build a better relationship with the members," said the CEO.

Messer also detailed the continuing plans this year to celebrate the 60th anniversary of the Credit Union, including the ongoing colouring contest, the cookbook for which over 900 recipes were received (the goal was to collect around 400), and the anniversary calendar/art contest, for which members will judge art entries and choose the 13 best entries which will comprise the calendar. The cookbook should be available at the barbecue and street celebration on June 30, and the calendar will be available by the end of November.

There will also be a parade float, a sweepstakes contest that will run from April to November, and cake and refreshments on the actual anniversary date of Dec. 14, 2004.

The Diamond Cavalcade will be an expanded and improved form of the Golden Cavalcade musical, which was performed to sold-out audiences in 1994, and involved some 45-50 local actors and singers. Scenes from the original production will be changed and enhanced, and another 10 years of history will be added to bring it up to date.

There will be three performances for the Diamond Cavalcade, on Oct. 30 by invitation only, including all former board directors, and for the public on Nov. 5 and 6.

The Weyburn and Lang branches of the Credit Union had a combined staff of 68 full and part-time employees as of Dec. 31, 2003, serving a customer base of 9,201 members and 387 non-members. The number of accounts grew in 2003 by 353 to 36,365.

In the election of officers, there were five candidates for three directors' positions whose terms had expired; Eliford Mott, president of the Credit Union, and Harry Plemel were re-elected, and Scott Benning was the new director elected. They join directors Larry Balog, Randy Vopni, Ron Milleker, Brent Allin, Gary Beck and Mel Eggum.

Veteran director Dick Michel retired from the board after 17 years, and was given a presentation by the board.

The new board will meet on Thursday, April 8 to reorganize, and will choose a new president and vice-president.