Meridian Credit Union celebrated a “solid year of financial performance” at its annual general meeting held earlier this week.
The credit union’s total assets under management– which includes both its on-balance sheet assets as well as its wealth portfolio – grew by 11% in 2020 to $26.5 billion, an increase of $2.5 billion over 2019.
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Additionally, its consolidated pre-tax earnings were $67.2 million in 2020, with year-over-year improvements in both revenue and expense performance, while its balance sheet assets grew by 10% to $23.1 billion, an increase of $2.1 billion over 2019 – an achievement Meridian said reflects “growth in retail mortgages and commercial lending, and increased liquidity arising from member deposit growth.”
“Meridian’s ability to adapt quickly allowed us to find new ways to connect with our members, while continuing to safeguard their financial security and well-being,” said Bill Maurin, president and chief executive officer of Meridian Credit Union. “The commitment and resilience of our employees has been nothing short of extraordinary, and, on behalf of myself, the executive team and the communities they serve, thank you for your service and dedication. Your passion and commitment kept our business moving forward during this unprecedented challenge to our society.”
The credit union also announced that Ian Cunningham, Karen Farbridge, Bruce West, and new director Suanne Nielsen will be taking up positions on its board for 2021.
“Meridian embraces the benefits of diversity in the board room and we are very pleased to have achieved the important milestone of gender parity with the addition of Suanne Nielsen,” said Farbridge, board chair at Meridian. “[The] current directors reflect gender and racial diversity, as well as a wide range of expertise and experience. We continue our journey to build a diverse board – one that aligns with the makeup and needs of our communities for today and tomorrow.”