For Immediate Release
April 16, 2018
Libro Credit Union sharing $10.4 million in profits to grow prosperity across southwestern Ontario
SOUTHWESTERN ONTARIO – Libro Credit Union announced fiscal 2017 results at its Annual General Meeting (AGM) on Saturday, April 14. The credit union distributed $10.4 million to its Owners –because all our customers are also shareholders – in dividends and profit shares. This is the highest payout Libro has ever made.
Total assets under administration at Libro grew by 7.7% to a total of $4.4 billion. Libro had an operational net income of $15.5 million, up $6.8 million from the previous year, an improvement of about 80%.
“Libro is looking to the future, even as we consider the year we have enjoyed,” said Stephen Bolton, President and CEO of Libro Credit Union. “Everything we do is about growing prosperity and becoming better off, together. People who do business with Libro experience a different type of banking, where shareholder value and customer value are the same.”
Here are some highlights from the AGM, which took place at the London Convention Centre:
- Libro has become a Certified B Corporation®! This announcement, made by Stephen Bolton at the AGM, continues a process begun in 2014, when Libro established its strong and clear statement of purpose – to grow prosperity in southwestern Ontario by transforming banking. We shifted from thinking that we’d earn profits and do good things with it, to thinking we’ll earn profits by doing good things. Now we’re officially a part of a global movement we will show how our performance standards, and social and environmental impact measures up.
- A reaffirmed commitment to making positive social and environmental impacts by becoming an associate member of the Responsible Investment Association, which promotes good practice in selecting investments for the right reasons.
- A celebration of forming key partnerships that are helping create jobs, support self-employment and entrepreneurship and building money smarts. We’re calling it the Libro Cluster – a series of programs with similar aims in southwestern Ontario. They are: the WEtech Alliance in Windsor, St. Paul’s University College at the University of Waterloo and the Western University Accelerator in London.
- We reiterated the announcement of our first impact investing opportunity. We committed an investment of $265,000 – the remaining amount needed to reach the goal of $2 million – in the VERGE Breakthrough Fund, which provides loans to social enterprises, and for affordable housing and community real estate.
- Libro also announced the annual Growing Prosperity Awards, recognizing outstanding achievements at Libro and in the community.
- Owner representatives, a key part of Libro’s democratic structure, elected Janet Boot and Marycatharine Kusch as new members of the Board of Directors for a three-year term, also re-electing Bryan Aitken for a new term. All at Libro also extended heartfelt thanks to retiring Board members Harry Mezenberg and Todd White.
Libro’s 2017 Annual Report Can Be Viewed Here
More information on Libro’s 2017 financial results is available at libro.ca, and we would be happy to provide leaders and subject experts for media interviews.
# # #
About Libro Credit Union
Libro is southwestern Ontario’s largest credit union with more than 103,000 Owners across southwestern Ontario. As a co-operative financial institution with more than 70 years of history, Libro supports the well-being of people, businesses and communities by providing high-quality financial coaching and profit sharing. Recognized as a 2016, 2017 and 2018 Platinum Level Aon Best Employer in Canada, Libro offers a full range of financial products and services for consumers, businesses and farms, including savings and chequing, investing, and borrowing. Great service can be experienced through 31 branches, online, telephone, mobile devices and a network of 4,000 ATMs across Canada. For more information, visit our Media Centre.
For further information, please contact:
Mike Donachie, Communications Manager, Libro Credit Union
P: 519-672-0130 ext. 4344, C: 226-926-4068, mike.donachie@libro.ca