Monday, May 16, 2016

Northern Savings Annual Report highlights year of change for financial insititution

The full overview of a challenging year for the Prince Rupert based Northern Savings has been posted to the financial organizations website, outlining some of the major steps that Northern Savings has taken as it restructured and refocused its attention towards more northern and traditional credit union organization.

The key element the financial data for the year just completed was the reported loss of 2.5 million dollars, as well as the announcement that there would be no dividend declared for 2015.

With the tough decisions of 2015 now behind them, Northern Savings Board of Directors is looking towards its revised vision of "neighbours helping neighbours to build sustainable communities" to be its guide mark for the year ahead.

As we've noted on the blog last October, towards that goal Northern Savings conducted a Strategic Review and made a number of structural changes, selling their technology subsidiary, exiting the southern BC wholesale lending and deposit business and restructuring the staffing of the Prince Rupert head office.

As a result of those changes, Operating expenses for Northern Savings were higher than 2014 owing to a number of one-time restructuring expenses to close down those operations and provide for severance payments for employees that were impacted by them.

The year also featured a number of interim CEO's to guide the company through the challenges, while Northern Savings conducted an extensive search for a new President to chart the future for the financial institution and implement the Board's vision planning.

At the Northern Savings Annual General Meeting on May 4th, North Coast residents had the opportunity to meet the newest CEO to lead the way ahead, as Goeff Grodecki provided his first thoughts on the plans ahead for the long time Prince Rupert institution.

The Annual Report delivers a wide range of background information related to the financial operations of Northern Savings, as well as a focus on the services and contributions that financial institution makes across the Northwest and on Haida Gwaii.
Northern Savings reported an increase
of its Operating Income for 2015
compared to 2014
Community involvement remains
a key commitment for
Northern Savings

You can review the full Annual Report here while the 2015 Consolidated Financial Statements for Northern Savings can be reviewed here.

More background on the operation of Northern Savings can be found from the Governance Accountability Report from 2015, which outlines the corporate infrastructure for the North Coast financial service.

More items related to the Commercial sector in the Northwest can be found on our archive page.

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