TORONTO, Jan. 11 /CNW/ - Despite the economic challenges that many financial institutions struggled with, 2009 has been another solid year for DUCA Financial Services Credit Union Limited. On the first day of the New Year, the company distributed $7 million to its members in Class "A" Bonus Shares. Since the company started its profit sharing program in 1999, it has distributed $55 million of its net earnings. "The Bonus Share program rewards our members for our success," said Jack Vanderkooy, President & CEO. How much each member receives, depends on interest earned or paid in 2009. Members received 12% of the interest paid or received to a maximum of $1,500 per member account. This reinforces the slogan that it pays to bank at DUCA. "DUCA's conservative business model shielded us from much of the risk to which other financial institutions were exposed," said Vanderkooy. "Due to our prudent lending practices and cost controls, we were able to move forward with a solid 9% growth and a business-as-usual approach."
The year began with the completion of the new head office and main branch at 5290 Yonge Street, an energy-efficient building that enhances the streetscape of North York. At the 55th Annual General Meeting in March, DUCA announced a partnership with Opportunity International Canada to help people in poverty in Valledupar, Colombia and showed its commitment to micro-credit initiatives with a $100,000 loan to the organization. In November, The DUCA Village Project was announced along with a commitment to raise $100,000 over the next three years to help bring new opportunities to a village in Colombia. To date $32,000 has been generated towards this goal.
"As a credit union, our members are considered owners, a unique feature when compared to banks. Since 1954, the company has grown into a full service financial institution. Our success is based on member-focused service and competitive interest rates," says Vanderkooy. Serving 35,000 members through 12 branches in the GTA and closing in on $1 billion in assets, the future looks bright.
More information on DUCA can be found on their website at www.duca.com.
SOURCE DUCA Financial Services Credit Union Ltd.
For further information: For further information: on this press release, please contact Jack Vanderkooy, President & CEO, at (416) 223-8838 x 253