PETERBOROUGH, ON [April 5, 2024] — Kawartha Credit Union’s 72^nd Annual General Meeting was held virtually on Wednesday March 27^th. Kawartha’s members received the Board of Directors Annual Report for 2023.

“Thanks to the loyalty of our membership, Kawartha Credit Union continues to be a top 10 credit union in Ontario with $2.2 billion in assets,” commented Norah McCarthy, President & CEO. “In 2023, we grew term deposits, progressed in growing consumer lending, and continued our momentum in growing commercial lending, despite the challenges of inflation, high interest rates and a weaker economic climate. Against these headwinds, our wealth management business assets grew 11.8% by helping our members with expert financial planning and advice. We have a proven track record of sustainable profitability, and we ended the year with comprehensive income of $3.1 million; results that are reflective of the economic climate,” McCarthy added.

Kawartha’s key highlights and accomplishments in 2023:

• Improved accessibility with new branch hours introduced in May
• Moved our Kinmount branch to a larger, more convenient location
• Introduced a new US$ Business checking account and point of sale partnership
• Offered a CEBA Loan Refinance Program to support our business members
• Refreshed our public website and online/mobile banking sites
• Introduced two factor authentication to enhance the security of online and mobile banking
• Enhanced our anti-money laundering, fraud, audit, and cyber capabilities to protect our members
• Secured our certification as a Living Wage Employer
• Introduced a wellness program to help our employees at work and at home
• Leveraged business intelligence systems to improve member service and to grow our business
• And our Community Involvement Program donated $200,000 to more than 80 charitable organizations and social initiatives in our communities.

Nancy Herr, Chair of the Board of Directors added, “On behalf of the Board, we thank our members for their trust in us, and for the privilege of helping them achieve their financial goals. We are also grateful to our employees for their commitment to our members’ financial success and well-being. We are pleased to provide a 5.75% cash dividend on Class A Investment Shares and a 3.00% share dividend on Class B Affinity Shares.”

Crystal Dayman, Executive Vice President, Marketing & Corporate Communications added, “Kawartha was pleased to give back to our communities again in 2023, contributing $200,000 to local charitable and social support organizations through our Community Involvement Program. In addition, our Kawartha Cares fundraising program donated $9,000 to soup kitchens in our communities, and our employees volunteered their time and talents during the year, raising $24,000 for almost 80 organizations and initiatives. Members can feel good about banking at Kawartha because we strive to make a positive difference in their lives and in the communities we serve.”

An online election was conducted from January 26 to February 9, 2024, to elect three members to Kawartha’s Board of Directors. The successful candidates were Judy Cameron, Adam Harvey, and incumbent Robert Lake. The Board thanked retiring Directors Paul Ayotte and Harvey Spry for their contributions to our credit union.

About Kawartha Credit Union

Headquartered in Peterborough, Ontario, Kawartha Credit Union’s purpose is to improve the financial success and well-being of our members and the communities we serve. We provide values-based expert advice, a full range of competitive and easy-to-understand financial solutions, and convenient service channels (including a network of 22 branches, and online and mobile banking), and access to thousands of surcharge free ATMs across Canada and the U.S. Our 58,000 members consistently rate us extremely high for overall service, knowledgeable staff, and for the caring and respectful way we help our members achieve financial success. Kawartha Credit Union is open to anyone looking for a financial services provider they can trust. We call it “banking in your best interest” and we invite you to experience our difference.