Windsor Family Credit Union — 2011/2012 Annual Report
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Message To Our Members
Martin J. Komsa

In 2011 we presented to you a stone sculpture known as an Inukshuk holding the traditional meaning “you are on the right path”; and indicated how strongly Windsor Family Credit Union (WFCU) believes we are on the right path to providing services and a full range of financial products to make our community the best place to live and work; and how we intend to stay on the right path.

The strength of the stones represent the financial strength of the credit union, and the strong commitment of our Staff, Management, Board and Members to WFCU. The balancing of the stones represents the balance WFCU strategically and skillfully preserves as WFCU builds relationships with our members and our community; consistently builds reserves above legislated levels; invests in corporate infrastructure to ensure long-term sustainability; remains profitable all while giving back to our community and striving to make our region the best place to live and work.

We spoke of the International Year of the Co-operatives declared by the United Nations General Assembly that would be celebrated in 2012 under the theme, ‘Credit Unions Build a Better World’ and how co-operatives have achieved growth through the toughest economic times.

Providing our members with the accessibility and convenience of quality products and services, while supporting the growth and economic health of our communities, drives WFCU. It is what sets WFCU apart from other financial institutions. It is our focus.

During 2011-2012 we did not stray from our path and we stayed on focus. WFCU continued to operate in an environment with challenges and opportunities interest rates remained at historic lows, competition continued to be fierce in particular with aggressive mortgage pricing implemented by the chartered banks and increasing credit union regulatory requirements. While the Windsor-Essex economy continued to transition with high unemployment, there was optimism about future opportunities. Opportunities to invest in our region.

We focused on a strategy to increase market share and increase member product and service usage. This was achieved as we saw over 6,400 new Personal, Business, Organization and Institutional members join WFCU last year raising WFCU membership to over 31,000. WFCU now has Member Service Totals of $2.0 billion.

We achieved record financial growth. Loans to Members increased $111.3 million or 17% growing from $671.9 million to $783.2 million. Members’ Deposits increased $77.8 million or 11% growing from $708.6 million to $786.4 million.

Total Assets increased $134.9 million or 18% growing from $773.1 million to $908.0 million. Managed Assets increased $314 million or 33% from $961 million to $1.3 billion.

For the 15th consecutive year, WFCU has planned and paid an annual dividend on its Investment Shares. A 3.08% Annual Dividend was paid this year. Investment Shares are part of WFCU’s strong capital base and ensures WFCU continues to expand and offer competitively priced products and services.

Our plan to surpass regulatory capital levels remained strong,with total regulatory capital of $68.1 million or 12.72% of risk weighted assets. Net Income of over $3.8 million was transferred to Retained Earnings, enhancing the financial strength of the credit union.

New services including agriculture, enhanced online banking services and Sunday operating hours were introduced, enabling members to look to WFCU for all their financial services. Every quarter, nearly 2 million transactions are processed by and for our members through all the service delivery channels provided to access their funds, at their convenience, including six retail locations, ATMS around the world, INTERAC Direct Payments, pre-authorized payments, MasterCard services, chequing, online and telephone banking.

With our commercial members’ support, this is our fastest growing member segment, attaining record growth of $75 million in loans and $30 million in deposits. WFCU’s Commercial Services Team has 283 years of combined financial experience, providing personalized professional service to meet the business and personal needs of our commercial members.

WFCU was proud to open our newest retail location in the Municipality of Leamington in December 2011. Planning is underway for our seventh retail location in the Town of Amherstburg opening in Spring 2013.

We continued to enhance technology with redesigned infrastructure and upgraded equipment to better meet member and staff needs. A variety of software enhancements will improve the assessment of member needs as well as expand communication options.

Through participation, donations, scholarships, multi-year capital giving, volunteerism, investment bonus interest, community donations fund, The Community 1 Free Chequing Account, free community rooms, goods-in-kind and more, WFCU was proud to invest $830,973 in our community this past year, bringing total community investment to over $2.4 million in the past three years.

This year, WFCU welcomed over 30 new employees. Continuing with our overall philosophy of hiring the best, treating them well and seeing them stay, our staff is empowered to learn, grow and lead. They are trained to deliver the highest level of quality and personal service. WFCU’s leading edge human resource practices continue to receive accolades in the industry.

WFCU’s commitment to corporate governance remained strong. Always forward thinking the Board confirmed that action plans were initiated to ensure new regulations were reviewed and required policies were put in place. Our Board of Directors listened to our Member Advisory Teams and took their comments to heart.

Our members continued to support our strategic direction by looking to us for more of their financial business, resulting in another successful year.

WFCU is a member owned, member driven, and member-centric financial organization that has based our business model on the needs of our members and the experience and dedication of our employees.

Our results prove there is strength in being local and that investing in our region and the people of our region makes a difference. Together we make our community the best place to live and work.

Martin D. Gillis
Chair, Board of Directors

Martin J. Komsa
President and
Chief Executive Officer

We are so very proud of the success of Windsor Family Credit Union (WFCU). On behalf of our Members, Board, Management and Staff we present this ‘Year in Review’ to the communities we serve.

Our Business Model is built on the fundamental principles and philosophies of the co-operative system and those of WFCU. Our dedication is focused on the achievement of established goals.

Over the years we have listened to our members and our communities to ensure that we provide innovative and convenient products and services that meet their needs. We have invested in our region, nurtured the relationships we have developed and guided members through many life stages no matter their member segment personal, business, organization or institutional. As a result our members continue to entrust their financial, insurance, investment and trust services to WFCU. For this, we are thankful.