2019 Credit Unions Report

2019 Credit Unions Report

July 7, 2020 | Bohdan Leshchyshen, MBA, CFA

This report was commissioned and funded by the Council of Ukrainian Credit Unions of Canada (CUCUC), a not-for-profit trade association formed and managed by its Canadian provincial credit union members to promote the collective interests of ethno-Ukrainian Canadian credit unions operating in Canada. CUCUC’s members currently have operations in Ontario, Quebec, Manitoba, and Saskatchewan.

CUCUC thanks Mr. Bohdan Leshchyshen, MBA, CFA, for his work in compiling the 2019 Credit Unions Report.

Analysis of Financial Results

The financial results of Ukrainian-Canadian credit unions over the last five years has shown consistent profitability, but at a lower level of profitability in 2018 and 2019 primarily due to significantly higher level of allowance for loan losses. The net income before loan losses remained stable in excess of $15.0 million (See Schedule 6).

Asset quality as measured by allowance as a percent of loans and loan loss provision has increased again to 0.56% of total loans in 2019 compared to 0.43% in the previous year. Generally, Ukrainian-Canadian credit unions have endeavoured to provide loans using a lower loan to value ratio than the maximum of 80% and have issued more insured mortgages, which have helped to keep the loan loss ratio low. BCU Financial (Buduchnist) and Carpathia Credit Union Limited (Carpathia) have disclosed their insured mortgage lending amounts. Their combined exposure to insured mortgages represents 33.0% of their residential mortgage portfolio in 2019 compared to 28.3% in the previous year.

Capital to assets ratio has been declining for the last 5 years from a high of 7.26% and is now at 6.93%. The return on assets and the return of equity decreased in 2019 compared to 2018. The membership has continued to decrease over the last 5 years and now totalled 65,426 and is far from the record level of 72,280, which was achieved in 2007. Declines in membership numbers experienced by some of the credit unions was due to the closing of dormant accounts of members who had passed away in previous years.

The members of the Ukrainian-Canadian credit unions have continued to financially benefit by receiving significant dividends and patronage payments, which totalled $785,000 in 2019 compared to $778,000 in 2018. Although, the amount each has decreased, over the last five years a total of $4.8 million has been provided by way of dividends and patronage dividends to the members of the Ukrainian-Canadian credit unions in Canada.

The Ukrainian-Canadian credit unions have continued to support the Ukrainian community in Canada by providing donations, sponsorship and promotions funds to non-profit and charitable organizations for their deserving projects. The support for the Ukrainian community has average about $2.2 million in the last 3 years compared over $3.3 million in the previous three years.

In 2019, the five Ukrainian-Canadian credit unions have provided $2.0 million in donations, sponsorship and promotion support for many charitable and non-profit organizations in the Ukrainian community in Canada. This represents an increase of 7.5% from the previous year.

Contributions by Credit Unions to the Community and Members

Over the last eleven years, a total of $29.0 million has been provided by way of donations, sponsorship and promotion funds to the Ukrainian community in Canada. This represents 7.2% of the operating expenses of those credit unions. By comparison, the domestic chartered banks in Canada provided by way of advertising, public relations and business development expenses approximately 3.7% of their operating expenses.

The Ukrainian-Canadian credit unions returned $16.4 million to its members over the last eleven years by way of dividends and patronage payments; this represents 15.9% of their net income.

Carpathia Credit Union Limited and North Winnipeg Credit Union Merged

Carpathia Credit Union Limited members voted on April 19, 2019 and joined North Winnipeg Credit Union members in approving the proposal to amalgamate the two credit unions. The amalgamation took effect on July 1, 2019 and created a credit union with $620 million in assets, six branches, 11,450 members and 87 employees.


Return on equity was 3.9% compared to 4.9% in 2018. Ukrainian-Canadian credit unions assets grew by 4.3% in 2018 compare to record growth of 4.6% in 2018. In 2019, the largest credit unions in Canada saw their assets grow by 6.4% compared to 8.5% in 2018. Ukrainian-Canadian credit unions’ total deposits grew by 5.0% compared to a growth of 3.3% in the previous year. In this low interest rate environment, Registered Plans (RRSP and RRIF deposits) increased the most by 8.2% compared to 5.2% in the previous year, while term deposits increased by 4.6% and demand deposits increased by 3.5%.

The Ukrainian-Canadian credit unions’ net comprehensive income before dividend and patronage payments decreased by 18.7% to $7.2 million from $8.8 million, primarily due to a change in the comprehensive income adjustment. (See Schedule 6). The net income before this adjustment was $9.2 million compared to 7.6 million and increase of 20.2%.

The operating expense ratio increased to 1.81% compared to 1.67% in the previous year. Ukrainian-Canadian credit unions’ operating ratio is much lower than the operating expense ratio of the largest credit unions in Canada, which had a ratio of 1.93%. This means that the Ukrainian-Canadian credit unions are low cost providers of financial services. The Ukrainian-Canadian credit unions paid 13.5% of their net income to their members by way of a dividend or a patronage refund totalling $785,000 compared to $778,000 in the previous year. These patronage dividends helped to increase the capital of the credit unions by 7.6% to $189.8 million representing 6.93% of the assets. The ratio of capital to assets has been decreasing over the last six years.

The return on assets (ROA) increased to 0.27% compared to 0.34% in 2018, which was below the largest credit unions in Canada average ROA of 0.49%.

Ukrainian-Canadian credit unions continue to largely rely on the traditional intermediary function or the net interest margin for their revenue source. Expansion into other sources of income is slowly progressing and represented 12.3% of total net operating revenue. Other income represented 23.6% of the total revenue for the largest Canadian credit unions. The higher ratio of other income total revenue experienced by largest credit unions in Canada was due to the significant fee income generated from their lending activities, mutual funds and investment management activities.

Asset Quality

Asset quality has begun to deteriorate in 2018, but improved in 2019. The loan loss provision as a % of average assets was at 0.16% of loans compared to 0.26% in 2018. However, the allowance for loan losses increased to 0.54% of total loans compared to 0.43% in the previous year.

Loan Portfolio

The Ukrainian-Canadian credit unions have a larger concentration in lower risk residential mortgage lending which represents 67.4% of the loan portfolio. The residential loan portfolio grew by 17.4% in 2019 compared to 6.6% in the previous year. Residential mortgage portfolio of the largest credit unions in Canada represented 59.6% of the total loan portfolio and saw their residential mortgages grow by 4.6%.

The commercial mortgage loans represented 28.4% of the total loan portfolio. The commercial mortgage loans declined by 0.3% compared to 4.4% growth in the previous year. Providing secured commercial mortgage loans to small businesses and self-employed individuals will ensure the future of Ukrainian-Canadian credit unions, because these two groups of members have generally been ignored by and not well serviced by the chartered bank system in Canada. Commercial loan portfolio of the largest credit unions in Canada represented 28.5% of the total loan portfolio and saw their commercial loans grow by 10.0%.

Consumer (personal) loans only represented 3.6% of the total loan portfolio and saw an increase of 3.6% in 2019 compared to an increase of 12.4% in the previous year. Consumer loan portfolio of the largest credit unions in Canada represented 6.6% of the total loan portfolio and saw their personal loans decline by 3.0%.

Business loans and leases only represented 0.7% of the total loan portfolio and saw a decrease of 38.5% in 2019 compared to a decrease of 26.7% in the previous year. Business loans and leases loan portfolio of the largest credit unions in Canada represented 2.2% of the total loan portfolio and saw their business loans decline by 2.1%.

Comparison of 2019 and 2018 Loan Portfolios

Net Loans ($000's)20192018Growth
Ukrainian Credit Union Limited$820,624$753,0689.00%
Buduchnist Credit Union Limited$782,625$764,5622.40%
Carpathia Credit Union Limited$529,930$451,94817.30%
Caisse populaire Desjardins Ukrainienne de Montréal$171,052$152,63512.10%
New Community Credit Union$95,266$87,8828.40%
Residential Mortgages ($000's)20192018Growth
Ukrainian Credit Union Limited$523,498$479,3239.20%
Buduchnist Credit Union Limited$534,884$511,7734.50%
Carpathia Credit Union Limited$353,307$272,25129.80%
Caisse populaire Desjardins Ukrainienne de Montréal$137,184$64,958111.20%
New Community Credit Union$76,602$70,8278.20%
Commercial Mortgages ($000's)20192018Growth
Ukrainian Credit Union Limited$262,670$244,5177.40%
Buduchnist Credit Union Limited$247,859$248,796-0.40%
Carpathia Credit Union Limited$140,353$143,498-2.20%
Caisse populaire Desjardins Ukrainienne de Montréal$30,032$63,353-52.60%
New Community Credit Union$4,591$3,85019.20%
Consumer Mortgages ($000's)20192018Growth
Ukrainian Credit Union Limited$36,088$30,87116.9%
Buduchnist Credit Union Limited$7,304$9,626-24.1%
Carpathia Credit Union Limited$25,524$22,13815.3%
Caisse populaire Desjardins Ukrainienne de Montréal$3,957$24,427-83.8%
New Community Credit Union$13,449$13,0503.1%

Membership Growth

Membership has increased by 4.0% to 62,146. Carpathia Credit Union Limited saw their membership numbers increase by 17.1% due to the merger with North Winnipeg Credit Union. (See also Schedule 13).

Ukrainian Credit Union Limited24,69723,9253.2%772
Buduchnist Credit Union Limited20,01220,427-2.0%-415
Carpathia Credit Union Limited*10,1368,65617.1%1,480
Caisse populaire Desjardins Ukrainienne de Montréal4,1213,66712.4%454
New Community Credit Union2,2802,2212.7%59

Asset Growth

Ukrainian-Canadian credit unions assets grew by 4.9% in 2019. The largest credit unions in Canada grew by 6.4% in 2019 compared to 8.5% in previous year. Carpathia Credit Union Limited had the largest asset growth of 23.7% due to the merger with North Winnipeg Credit Union, followed by Caisse Populaire Desjardins Ukrainienne de Montreal with growth of 12.6%.

Assets ($Millions)20192018GrowthGrowth
Ukrainian Credit Union Limited$922.8$859.67.4%$63.3
Buduchnist Credit Union Limited$885.0$855.43.4%$29.5
Carpathia Credit Union Limited$619.3$500.823.7%$118.5
Caisse populaire Desjardins Ukrainienne de Montréal$194.8$173.112.6%$21.8
New Community Credit Union$115.7$105.99.3%$9.8
Total$2,737.6 $2,609.2 4.9%$128.5

Deposit Growth

Credit union members have been seeking higher interest rates outside of their credit union and using excess funds on deposit to reduce their outstanding debts. This has resulted in a very difficult and competitive deposit taking environment. However, deposits increased by 10.4% in 2019 compared to growth of 3.3% in previous year. The largest credit unions in Canada grew 5.5% in 2019 compared to 5.1% in previous year. Ukrainian Credit Union Limited had the largest deposit growth of 9.5%, followed by New Community Credit Union with a growth rate of 8.9%. Due the merger with North Winnipeg Credit Union, Carpathia Credit Union Limited saw growth of 23.3%.

Deposits ($Millions)20192018GrowthGrowth
Ukrainian Credit Union Limited$743.7$679.19.5%$64.6
Buduchnist Credit Union Limited$699.3$675.63.5%$23.8
Carpathia Credit Union Limited$581.1$471.423.3%$109.7
Caisse populaire Desjardins Ukrainienne de Montréal$119.9$114.44.8%$5.5
New Community Credit Union$105.0$96.38.9%$8.6

Net Interest Margin

Net interest margin increased to 2.10% compared to 2.01% in the previous year. New Community Credit Union had the highest net interest margin of 2.55%. The largest credit unions in Canada had a net interest margin of 2.12% in 2019 compared to 2.09% in the previous year.

Net Interest Margin20192018Growth
Ukrainian Credit Union Limited2.22%2.24%-0.02%
Buduchnist Credit Union Limited1.97%1.91%0.06%
Carpathia Credit Union Limited1.95%1.68%0.28%
Caisse populaire Desjardins Ukrainienne de Montréal2.39%2.24%0.15%
New Community Credit Union2.37%2.55%-0.18%

Operating Costs

Ukrainian-Canadian credit unions have an operating cost structure that is quite competitive. The operating expense ratio decreased slightly to 1.67% in 2018 compared to 1.68% in the previous year, which is quite favourable compared to the largest credit unions in Canada. The largest credit unions in Canada increased their operating expense ratio to 2.08% from 2.01% in the previous year.

Operating Expense Ratio20192018Change
Ukrainian Credit Union Limited2.01%1.96%0.05%
Buduchnist Credit Union Limited1.61%1.50%0.11%
Carpathia Credit Union Limited1.99%1.58%0.41%
Caisse populaire Desjardins Ukrainienne de Montréal1.41%1.39%0.02%
New Community Credit Union1.61%1.62%-0.01%

The operating expense to revenue (productivity ratio) increased to 75.7% in 2019 from 72.7% in the previous year. The productivity ratio of the Ukrainian-Canadian credit unions still remains below the largest Canadian credit unions ratio, which had a productivity ratio of 74.8% in 2019 compared to 73.9% in the previous year.

Productivity Expense Ratio20192018Change
Ukrainian Credit Union Limited81.10%79.40%1.60%
Buduchnist Credit Union Limited73.20%69.70%3.50%
Carpathia Credit Union Limited85.30%78.70%6.60%
Caisse populaire Desjardins Ukrainienne de Montréal50.40%52.60%-2.20%
New Community Credit Union55.30%51.20%4.00%


The average capital ratio decreased to 6.93% from 7.34% in the previous year. This compares very favourably to the largest credit unions in Canada which had a capital ratio of 7.10% in 2019 compared to 7.03% in the previous year.

The best capitalized credit union was Caisse Populaire Desjardins Ukrainienne de Montreal with a capital ratio of 12.92%, the next best capitalized credit union was New Community Credit Union with a capital ratio 8.28% followed by Buduchnist Credit Union Limited (BCU Financial) with 7.90% capital ratio.

Capitalization ($000's)2019% of Assets2018% of Assets
Ukrainian Credit Union Limited$52,6095.70%$51,2675.69%
Buduchnist Credit Union Limited$69,9157.90%$67,6447.91%
Carpathia Credit Union Limited$32,5085.25%$25,6115.11%
Caisse populaire Desjardins Ukrainienne de Montréal$25,17312.92%$23,37313.51%
New Community Credit Union$9,5818.28%$8,5288.05%

Canadian credit unions have had to comply with the Risk Adjusted Capital rules (Basel accord) over the last few years, which the chartered banks have been using for many years. The average Ukrainian-Canadian credit unions’ total risk adjusted capital ratio increased to 14.00% compared to 13.83% in the previous year. The Ukrainian-Canadian credit unions’ risk adjusted capital ratio now is less than the largest credit unions in Canada’s ratio of 14.07% compared to 14.00% in the previous year.

Risk Adjusted Capital ($000's)20192019 Ratio20182018 Ratio
Ukrainian Credit Union Limited$70,78215.60%$52,50812.04%
Buduchnist Credit Union Limited$53,98811.39%$68,71315.20%
Carpathia Credit Union Limited$32,79111.80%$25,7929.80%
Caisse populaire Desjardins Ukrainienne de Montréal$23,37326.65%$23,37321.67%
New Community Credit Union$9,63114.19%$8,5741383.00%

Five Year Results of Ukrainian-Canadian Credit Unions in Canada

Credit Unions56666
Members (Growth)-1.4%-0.5%-2.0%-1.2%-0.5%-1.2%
Assets ($Mils)$2,738 $2,609 $2,495 $2,364 $2,242
Assets (Growth)4.9%4.6%5.5%5.4%6.3%5.4%
Assets/member$44,699 $41,984 $39,933 $37,066 $34,736
Assets/member (Growth)6.5%5.1%7.7%6.7%6.9%6.6%
Loans (millions)$2,399 $2,307 $2,188 $2,011 $1,914
Loans (Growth)4.0%5.4%8.8%5.0%4.8%5.6%
Loans (Allowance)0.6%0.4%0.1%0.1%0.1%0.3%
Residential Mortgages ($Mils)$1,625 $1,475 $1,384 $1,238 $1,194
Residential Mortgages (Growth)10.2%6.5%11.8%3.8%5.4%7.5%
Commercial Mortgages ($Mils)$686$718$687$656$596
Commercial Mortgages (Growth)-4.5%4.4%4.7%10.0%2.8%3.5%
Personal Loans ($Mils)$86$105$93$89$83
Personal Loans (Growth)-17.9%12.4%5.4%7.1%-1.9%1.0%
Total Deposits ($Mils)$2,249 $2,143 $2,075 $1,983 $1,907
Total Deposits (Growth)5.0%3.3%4.7%4.0%5.4%4.5%
Demand Deposits ($Mils)$845$817$774$716$664
Demand Deposits (Growth)3.5%5.5%8.2%7.7%10.8%7.1%
Term Deposits ($Mils)$912$871$869$846$852
Term Deposits (Growth)4.6%0.3%2.7%-0.6%0.4%1.5%
Registered Deposits ($Mils)$492$455$432$421$391
Registered Deposits (Growth)8.2%5.2%2.8%7.7%8.2%6.4%
Equity and Shares ($Mils)$189.80$184.00$179.60$170.30$162.70
Equity and Shares (Growth)3.1%2.5%5.4%4.7%5.7%4.3%
Captial (% of Assets)6.9%7.1%7.2%7.2%7.3%7.1%
Promotions, Donations, Advertising ($000's)$1,941 $1,835 $2,627 $3,084 $3,238
Promotions, Donations, Advertising (Growth)5.80%-30.20%-14.80%-4.80%9.20%-6.90%
Promotions, Donations, Advertising (% of Operating Expenses)4.10%4.31%6.44%7.83%8.42%6.22%
Net Income ($Mils)$9.2$8.8$7.3$8.4$11.0
Net Income (Growth)4.3%21.0%-13.3%-23.7%24.4%2.5%
Return on Assets0.4%0.3%0.3%0.4%0.5%0.4%
Return on Equity5.0%4.9%4.2%5.0%6.9%5.2%
Net Interest Margin2.1%2.0%1.9%1.9%2.0%2.0%
Other Income0.3%0.3%0.4%0.3%0.4%0.3%
Gross Income2.4%2.3%2.3%2.2%2.4%2.3%
Operating Expense1.8%1.7%1.7%1.7%1.8%1.7%
Loan Loss Ratio0.2%0.3%0.1%0.0%0.0%0.1%
Other Income (% of Total Income)12.3%12.3%16.0%15.1%15.6%14.3%
Salary Expense ($Mils)$24.00$22.50$21.30$20.30$19.70
Avg. Salary$77,387 $72,119 $60,140 $58,760 $65,484
Productivity Ratio75.7%72.7%72.9%76.7%74.9%74.6%
Dividends ($000's)$785$778$813$1,080 $1,396
% Return to Members8.6%8.8%11.2%12.9%12.7%10.8%


Schedule 1: Asset Growth

MembersAssets ($Mils)GrowthNet Income* ($000's)Return on AssetsReturn on Equity
Ukrainian Credit Union Limited24,697 $9237.4%$1,105 0.12%2.1%
Buduchnist Credit Union Limited20,012 $8853.4%$2,590 0.30%3.8%
Carpathia Credit Union Limited10,136 $61923.7%$3030.05%1.0%
Caisse populaire Desjardins Ukrainienne de Montréal4,121 $1956.3%$2,101 1.14%8.7%
New Community Credit Union2,280 $1169.3%$1,054 0.95%11.6%
Total 201961,246 $2,7384.3%$7,153 0.27%3.9%
Total 201861,646 $2,6094.6%$8,799 0.34%4.9%
Total 201762,978 $2,4955.5%$8,810 0.36%5.1%
Total 201663,773 $2,3645.4%$8,387 0.36%5.0%
Total 201564,543 $2,2426.3%$10,996 0.51%6.9%
Total 201464,899 $2,1096.9%$8,842 0.45%6.0%

*Net income is defined as comprehensive net income before dividends and patronage payments.

Schedule 2: Capitalization

Capital ($000's)Assets (%)Growth in CapitalDividends & Patronage ($000's)Return to Members
Ukrainian Credit Union Limited$52,609 5.70%2.6%$33130.0%
Buduchnist Credit Union Limited$69,915 7.90%3.4%$1977.6%
Carpathia Credit Union Limited$32,508 5.25%26.9%--
Caisse populaire Desjardins Ukrainienne de Montréal$25,173 12.92%7.7%$25712.2%
New Community Credit Union$9,581 8.28%12.4%--
Total 2019$189,787 6.93%7.6%$78513.5%
Total 2018$183,016 7.01%3.5%$7789.5%
Total 2017$178,009 7.13%4.5%$81312.8%
Total 2016$170,314 7.21%4.5%$1,080 13.9%
Total 2015$162,702 7.26%5.7%$1,396 13.3%
Total 2014$153,946 7.30%4.9%$1,825 21.8%
Tier I ($000's)Tier II ($000's)Total ($000's)Tier I RatioTier II RatioTotal Ratio
Ukrainian Credit Union Limited$66,178$4,605$70,78214.59%1.01%15.60%
Buduchnist Credit Union Limited$51,777$2,211$53,98810.92%0.47%11.39%
Carpathia Credit Union Limited$32,791$0$32,79111.80%0.00%11.80%
Caisse populaire Desjardins Ukrainienne de Montréal$23,373 $0$23,373 26.65%0.00%26.65%
New Community Credit Union$9,559$72$9,63114.08%0.11%14.19%
Total 2019$183,678 $6,888 $190,566 13.49%0.51%14.00%
Growth 20192.2%19.0%2.7%

Schedule 3: Loan Portfolio

Residential Mortgage Loans ($000's)Commercial Mortgage Loans ($000's)Consumer Loans ($000's)Agriculture & Business Loans ($000's)Total Gross Loans ($000's)Allowance/Loans
Ukrainian Credit Union Limited$523,498 $262,670 $36,088 $0$822,256 0.20%
Buduchnist Credit Union Limited$534,884 $247,859 $7,304 $0$790,047 0.94%
Carpathia Credit Union Limited$353,307 $140,353 $25,524 $15,023 $534,206 0.80%
Caisse populaire Desjardins Ukrainienne de Montréal$137,184 $30,032 $3,957 $0$171,173 0.07%
New Community Credit Union$76,602 $4,591 $13,449 $729$95,372 0.11%
Total 2019$1,625,475 $685,505 $86,322 $15,752 $2,413,054 0.56%
Total 2018$1,475,243 $717,778 $105,097 $18,782 $2,316,900 0.43%
Total 2017$1,384,460 $687,237 $93,463 $25,614 $2,190,774 0.09%
Total 2016$1,238,489 $656,157 $88,711 $27,279 $2,010,636 0.12%
Total 2015$1,193,572 $596,457 $82,830 $41,223 $1,914,082 0.12%
Total 2014$1,132,805 $580,372 $84,443 $30,145 $1,827,765 0.12%
Growth 201917.4%-0.3%-7.6%-38.5%10.1%
Growth 20186.6%4.4%12.4%-26.7%5.8%
Growth 201711.8%4.7%5.4%-6.1%9.0%
Growth 20163.8%10.0%7.1%-33.8%5.0%
Growth 20155.4%2.8%-1.9%36.7%4.7%
Growth 20147.2%11.9%-1.3%12.8%8.3%

Schedule 4: Deposit Portfolio

Borrowings ($000's)Demand Deposits ($000's)Term Deposits ($000's)Registered Savings ($000's)Total Deposits ($000's)
Ukrainian Credit Union Limited$112,455 $258,845 $337,152 $147,749 $743,746
Buduchnist Credit Union Limited$106,091 $251,131 $315,242 $132,965 $699,339
Carpathia Credit Union Limited-$249,939 $162,179 $169,000 $581,118
Caisse populaire Desjardins Ukrainienne de Montréal$46,949 $54,964 $37,347 $27,573 $119,884
New Community Credit Union-$30,430 $59,732 $14,802 $104,964
Total 2019$265,495 $845,310 $911,653 $492,090 $2,249,052
Growth 201918%3.5%4.6%8.2%5.0%
Mix 201937.6%40.5%21.9%100.0%
Total 2018$224,982 $816,700 $871,439 $454,791 $2,142,930
Growth 20183%5.5%0.3%5.2%3.3%
Mix 201837.3%41.9%20.8%100.0%
Total 2017$217,794 $774,051 $868,770 $432,268 $2,075,090
Growth 201716%8.2%2.7%2.8%4.7%
Mix 201737.3%41.9%20.8%100.0%
Total 2016$187,075 $715,653 $846,338 $420,686 $1,982,677
Growth 201625%7.7%-0.6%7.7%4.0%
Mix 201633.2%46.9%20.0%100.0%
Total 2015$150,242 $664,447 $851,602 $390,579 $1,906,628
Growth 201521%10.8%0.4%8.2%5.4%
Mix 201533.2%46.9%20.0%100.0%
Total 2014$124,075 $599,665 $848,060 $361,031 $1,808,755
Growth 2014147%9.0%-2.5%7.7%3.1%
Mix 201433.2%46.9%20.0%100.0%

Schedule 5: Operating Results

Net Interest MarginOther IncomeOperating IncomeOperating Expenses
Ukrainian Credit Union Limited2.22%0.25%2.48%2.01%
Buduchnist Credit Union Limited1.97%0.22%2.19%1.61%
Carpathia Credit Union Limited1.95%0.38%2.33%1.99%
Caisse populaire Desjardins Ukrainienne de Montréal2.39%0.40%2.79%1.41%
New Community Credit Union2.37%0.55%2.92%1.61%
Total 20192.10%0.29%2.39%1.81%
Total 20182.01%0.28%2.29%1.67%
Total 20171.88%0.34%2.22%1.57%
Total 20161.89%0.34%2.23%1.71%
Total 20151.99%0.37%2.36%1.77%
Total 20142.06%0.31%2.37%1.76%
Net Interest MarginOther IncomeOperating IncomeOperating Expenses
Ukrainian Credit Union Limited$19,826 $2,271 $22,097 $17,912
Buduchnist Credit Union Limited$17,148 $1,940 $19,088 $13,969
Carpathia Credit Union Limited$10,934 $2,126 $13,061 $11,137
Caisse populaire Desjardins Ukrainienne de Montréal$4,398 $731$5,129 $2,587
New Community Credit Union$2,621 $609$3,231 $1,785
Total 2019$54,927 $7,678 $62,605 $47,390
Growth % Year over Year7.1%6.3%7.0%11.4%
Total 2018$51,266 $7,222 $58,488 $42,528
Growth % Year over Year9.1%-19.2%4.6%4.3%
Total 2017$46,973 $8,934 $55,907 $40,779
Growth % Year over Year7.8%15.4%8.9%3.6%
Total 2016$43,589 $7,744 $51,333 $39,376
Growth % Year over Year0.5%-3.2%0.0%2.4%
Total 2015$43,352 $7,998 $51,350 $38,447
Growth % Year over Year3.0%25.8%6.0%6.8%
Total 2014$42,088 $6,358 $48,446 $35,993
Growth % Year over Year8.0%3.5%7.4%6.5%

Schedule 6: Operating Results

Net Income before loan lossesProvision for Loan LossesIncome TaxesComprehensive AdjustmentNet Income*
Ukrainian Credit Union Limited0.47%0.04%0.08%-0.23%0.12%
Buduchnist Credit Union Limited0.59%0.21%0.08%0.00%0.30%
Carpathia Credit Union Limited0.34%0.30%-0.01%0.00%0.05%
Caisse populaire Desjardins Ukrainienne de Montréal1.38%0.03%0.20%0.00%1.14%
New Community Credit Union1.30%0.13%0.23%0.00%0.95%
Total 20190.58%0.16%0.07%-0.08%0.27%
Total 20180.63%0.26%0.06%0.05%0.34%
Total 20170.62%0.03%0.09%-0.14%0.36%
Total 20160.52%0.03%0.09%0.00%0.40%
Total 20150.59%0.01%0.09%0.02%0.51%
Total 20140.61%0.03%0.05%-0.09%0.43%

*Comprehensive net income

Net Income before loan losses ($000's)Provision for Loan Losses ($000's)Income Taxes ($000's)Comprehensive AdjustmentNet Income* ($000's)
Ukrainian Credit Union Limited$4,185 $356$709($2,015)$1,105
Buduchnist Credit Union Limited$5,119 $1,842 $681($5)$2,590
Carpathia Credit Union Limited$1,924 $1,704 -$84$0$303
Caisse populaire Desjardins Ukrainienne de Montréal$2,542 $64$377$0$2,101
New Community Credit Union$1,445 $139$253$0$1,054
Total$15,215 $4,106 $1,936($2,020)$7,153
Growth % Year over Year-4.7%-39.0%21.0%-18.7%
Total 2018$15,960 $6,725 $1,600 $1,164 $8,799
Growth % Year over Year5.5%202.1%-28.0%21.0%
Total 2017$15,128 $2,226 $2,223 ($3,410)$7,269
Growth % Year over Year26.5%196.8%9.6%-13.3%
Total 2016$11,957 $750$2,028 ($792)$8,387
Growth % Year over Year-7.3%166.2%-1.2%-23.7%
Total 2015$12,903 $282$2,052 $427$10,996
Growth % Year over Year3.6%-49.8%7.2%24.4%
Total 2014$12,452 $561$1,915 ($1,134)$8,842
Growth % Year over Year9.9%45.2%24.9%-20.5%

*Comprehensive net income

Schedule 7: Operating Results

Net Income*Net Dividends & PatronageNet Income
Ukrainian Credit Union Limited0.12%0.04%0.09%
Buduchnist Credit Union Limited0.30%0.02%0.27%
Carpathia Credit Union Limited0.05%0.00%0.05%
Caisse populaire Desjardins Ukrainienne de Montréal1.14%0.14%1.00%
New Community Credit Union0.95%0.00%0.95%
Total 20190.27%0.03%0.24%
Total 20180.34%0.03%0.31%
Total 20170.47%0.03%0.44%
Total 20160.36%0.05%0.32%
Total 20150.49%0.06%0.43%
Total 20140.43%0.09%0.34%
Net Income* ($000's)Net Dividends & Patronage ($000's)Net Income ($000's)
Ukrainian Credit Union Limited1,105 331774
Buduchnist Credit Union Limited2,590 1972,393
Carpathia Credit Union Limited3030303
Caisse populaire Desjardins Ukrainienne de Montréal2,101 2571,844
New Community Credit Union1,054 01,054
Total 20197,153 7856,368
Growth % Year over Year-18.8%-3.4%-20.4%
Total 2018$8,799 $778$8,021
Growth % Year over Year-0.1%-4.3%0.3%
Total 2017$8,810 $813$7,997
Growth % Year over Year5.0%-24.7%9.4%
Total 2016$8,387 $1,080 $7,307
Growth % Year over Year-21.4%-22.6%-21.2%
Total 2015$10,673 $1,396 $9,277
Growth % Year over Year20.7%-23.5%32.2%
Total 2014$8,842 $1,825 $7,017
Growth % Year over Year-20.5%-6.8%-23.4%

*Comprehensive net income before distributions to members

Schedule 8: Expense Analysis

Personnel ExpenseOccupancy ExpenseOther ExpensesTotal Operating ExpensesProductivity Expense Ratio
Ukrainian Credit Union Limited1.17%0.21%0.63%2.01%81.1%
Buduchnist Credit Union Limited0.72%0.11%0.58%1.61%73.2%
Carpathia Credit Union Limited0.92%0.31%0.76%1.99%85.3%
Caisse populaire Desjardins Ukrainienne de Montréal0.62%0.00%0.79%1.41%50.4%
New Community Credit Union0.95%0.07%0.60%1.61%55.3%
Total 20190.92%0.18%0.65%1.81%75.7%
Total 20180.88%0.17%0.61%1.67%72.7%
Total 20170.79%0.15%0.62%1.57%70.5%
Total 20160.88%0.17%0.66%1.71%76.7%
Total 20150.91%0.18%0.68%1.77%74.9%
Total 20140.90%0.18%0.68%1.76%74.3%

Schedule 9: Restricted Party Transactions

Ontario credit unions are required to disclose the total amount loans made to restricted parties. Under section 82 of Ontario Regulation 76/95 of the Credit Unions and Caisses Populaires Act (Ontario), restricted party is defined as follows:

“A restricted party includes a person who is, or has been within the preceding twelve months, a director, officer, committee member, or any corporation in which the person owns more than 10% of the voting shares, his or her spouse, their dependent relatives who live in the same household as the person, and any corporation controlled by such spouse or dependent relative.”

The restricted party loans to total loans ratio ranged from 0.31% (Ukrainian Credit Union Limited) to a high of 0.72% (Carpathia Credit Union Limited).

The average ratio for the 5 credit unions which disclosed the loans held by restricted parties was 0.52% of the total loans outstanding compare to 0.72% in the previous year. (See table below).

Net Loans (000's)Director & Employee Loans (000's)As a % of Net Loans
Ukrainian Credit Union Limited820,624 2,540 0.31%
Buduchnist Credit Union Limited782,625 4,545 0.58%
Carpathia Credit Union Limited529,930 3,793 0.72%
Caisse populaire Desjardins Ukrainienne de Montréal171,052 7730.45%
New Community Credit Union95,266 8060.85%
Total 20192,399,496 12,457 0.52%
Growth % Year over Year4.0%-24.6%
Total 20182,306,934 16,527 0.72%
Growth % Year over Year5.4%14.5%
Total 20172,187,975 14,431 0.66%
Growth % Year over Year8.9%-18.4%
Total 20162,008,299 17,676 0.88%
Growth % Year over Year5.0%39.9%
Total 20151,911,843 12,631 0.66%
Growth % Year over Year4.7%-3.8%
Total 20141,825,603 13,134 0.72%
Growth % Year over Year8.3%-9.7%

Schedule 10: Expenses Related to Board of Directors

Generally, member of the board of directors are remunerated for their work and may be entitled to be paid their traveling expenses and other expenses properly incurred by them in connection with activities they undertake on behalf of the their credit union.

Total remuneration (fees & costs) paid to members of the board of directors ranged from $12,325 to $139,459.

The average remuneration per director was $10,001 per director in 2019 compared to $7,203 per director in the previous year.

Operating Expenses (000's)Directors Fees & CostsDirectors fees & costs/ Operating Expenses %Number of DirectorsAvg. Director fees & costs/ Director
Ukrainian Credit Union Limited$17,912 $135,000 0.75%12$11,250
Buduchnist Credit Union Limited$13,969 $103,248 0.74%9$11,472
Carpathia Credit Union Limited$11,137 $139,459 1.25%9$15,495
Caisse populaire Desjardins Ukrainienne de Montréal$2,587 $00.00%15$0
New Community Credit Union$1,785 $12,325 0.69%9$1,369
Total 2019$47,390 $390,032 0.82%54$10,001
Growth % Year over Year11.4%6.2%38.9%
Total 2018$42,528 $367,330 0.86%66$7,203
Growth % Year over Year4.3%19.8%8.0%
Total 2017$40,779 $306,668 0.75%61$6,667
Growth % Year over Year3.6%9.0%-7.6%
Total 2016$39,376 $281,312 0.71%61$7,213
Growth % Year over Year2.4%-9.3%-9.3%
Total 2015$38,447 $310,187 0.81%61$7,954
Growth % Year over Year6.8%4.7%4.7%
Total 2014$35,993 $296,291 0.82%61$7,597
Growth % Year over Year6.5%6.1%6.1%

Schedule 11: Branch, Member, and Employee Averages

BranchesDeposits/ Branch ($Mils)MembersAssets/ MemberNumber of EmployeesAverge Compensation /Employee
Ukrainian Credit Union Limited18$41.324,697 $37,365 124$84,282
Buduchnist Credit Union Limited9$77.720,012 $44,221 87$71,938
Carpathia Credit Union Limited6$96.910,136 $61,099 72$71,833
Caisse populaire Desjardins Ukrainienne de Montréal1$119.94,121 $47,274 14$81,071
New Community Credit Union1$105.02,280 $50,757 14$74,887
Total 201935$64.361,246 $44,699 311$77,387
Growth % Year over Year2.9%2.0%-0.6%5.6%-0.5%9.1%
Total 201834$63.061,646 $42,325 312$70,942
Growth % Year over Year0.0%3.3%-2.1%6.8%-12.1%17.7%
Total 201734$61.062,978 $39,616 355$60,259
Growth % Year over Year3.0%1.6%-1.2%6.9%2.9%2.6%
Total 201633$60.163,773 $37,066 345$58,760
Growth % Year over Year0.0%4.0%-1.2%6.7%14.6%-10.3%
Total 201533$57.864,543 $34,736 301$65,484
Growth % Year over Year0.0%5.4%-0.5%6.9%-2.0%9.6%
Total 201433$54.864,899 $32,503 307$59,774
Growth % Year over Year6.5%-3.2%0.6%13.3%8.4%-3.8%

Schedule 12: Promotions, Donations, and Advertising (PDA)

2015 Total ($000)2016 Total ($000)2017 Total ($000)2018 Total ($000)2019 Total ($000)19/18 Growth %
Ukrainian Credit Union Limited$806$793$984$1,257 $988-21.4%
Buduchnist Credit Union Limited$2,353 $1,731 $1,249 $454$88193.9%
Carpathia Credit Union Limited$422$472$340$75$65-13.3%
Caisse populaire Desjardins Ukrainienne de Montréal$65$71$36$48$48-1.7%
New Community Credit Union--$36$32$24-22.3%
Total$3,646 $3,067 $2,645 $1,866 $2,006 7.5%
PDA Total ($000)Operating Expenses ($000)PDA/ Operating ExpensesNet Income* ($000)PDA/ Net Income*
Ukrainian Credit Union Limited$988$17,912 5.52%$3,829 25.80%
Buduchnist Credit Union Limited$881$13,969 6.31%$3,277 26.88%
Carpathia Credit Union Limited$65$11,137 0.58%$21929.66%
Caisse populaire Desjardins Ukrainienne de Montréal$48$2,587 1.84%$2,478 1.92%
New Community Credit Union$24$1,785 1.37%$1,306 1.87%
Total$2,006 $47,390 5.82%$11,109 20.93%

*Net income before taxes

Schedule 13: Membership

20152016201720182019'18-'19 Growth
Ukrainian Credit Union Limited24,222 23,960 24,425 23,925 24,697 3.2%
Buduchnist Credit Union Limited22,377 21,940 20,655 20,427 20,012 -2.0%
Carpathia Credit Union Limited8,820 8,729 8,774 8,656 10,136 17.1%
Caisse populaire Desjardins Ukrainienne de Montréal3,457 3,492 3,492 3,667 4,121 12.4%
North Winnipeg Credit Union*3,375 3,375 3,375 2,750 Merged*-
New Community Credit Union2,292 2,277 2,257 2,221 2,280 2.7%
Total64,543 63,773 62,978 61,646 61,246 -0.6%

*Effective July 1, 2019, North Winnipeg Credit Union merged with Carpathia Credit Union Limited.

Overview of the Ukrainian-Canadian Credit Unions

Ukrainian Credit Union Limited

Ukrainian Credit Union Limited was founded in 1944 and is now the largest Ukrainian credit union in Canada, 14th largest credit union in Ontario and 47th largest in Canada based on asset size.

Board of Directors

ElectedYears on BoardPosition
Slawko Borys20137Chair
Dr. Natalia Lishchyna201731st Vice-Chair
Peter Malajczuk201552nd Vice-Chair
Irena Fedchun200317Audit Committee Chair
Jerry Pryshlak199228Secretary
Natalie Werhun-Popowicz20191
Borden Osmak200614
Michael Mychailyshyn20191
Myron Oleksyshyn20191
Peter Szlichta20137
Robert Diakow20155
Taras Rohatyn20173
Avg: 7.7

Director Profiles

Slawko BorysDirector of Safety, Security & Regulatory Affairs, Air Canada RougeAviation Management (Georgian College)
Dr. Natalia LishchynaChiropractor;
Assistant Professor, Canadian Memorial Chiropractic College
B.A. (McMaster), ICD.D
Peter MalajczukFinance Executive, Telecommunications Industry, Bell CanadaB.Comm (Toronto)
Irena FedchunDirector of Finance & Admin, Community & Home Assistance to Seniors (CHATS)M.S., MBA, CPA, CUDA
Jerry PryshlakRetired - Entrepreneur; Retail Business & Business Manager, YMCAB.A. (Brock), C.Dir
Natalie Werhun-PopowiczLawyer, Werhun LawB.A. (McMaster), J.D. (Ottawa)
Borden OsmakRetired - Sr. Vice President, ScotiaBankB.Comm (Windsor), CUDA
Michael P. MychailyshynLawyer, Office of Michael P. MychailyshynB.A. (McMaster), J.D. (MSU)
Myron OleksyshynRetired - Managing Director, MNO Procurement SolutionsB.Comm (Windsor), CUDA
Peter SzlichtaVice President High Rise Construction, Empire Communities Corp.
Robert DiakowI.T. Consultant;
Former Director IT Solutions, Niagara Region
B.A. Computer Science (Waterloo), B.Sc (Brock)
Taras RohatynRetired - Small Business ConsultantB.A. (Laurentian)

Buduchnist Credit Union Limited

Buduchnist Credit Union Limited opened its doors on May 29, 1952, with 162 members and over $22,000 in assets. It was founded by 25 forward-thinking Ukrainians who immigrated to Canada after WWII. Their mission was to create a financial cooperative whose combined assets would benefit both its members and the larger Ukrainian community in Canada. Buduchnist Credit Union Limited is the second largest Ukrainian credit union in Canada, 15th largest credit union in Ontario and 48th largest in Canada based on asset size.

Board of Directors

ElectedYears on BoardPosition
Michael Szepetyk199030Chair
Human Resources Chair
Andrew Tarapacky1996241st Vice-Chair
Audit Committee Chair
Nominating Committee Chair
Oleh Romanyschyn1985352nd Vice-Chair
Bohdan Leshchyshen199327Investment Committee Chair
Ihor Kozak20155Secretary
Governance Committee Chair
Stefan Steciw20173
Irene Hryniuk200911
Roman Kulyk20182
Nadia Kuz20182
Avg.: 15.4

Director Profiles

Michael SzepetykRetired - Entrepreneur;
Office furniture business
Andrew TarapackyI.T. Consultant (30 yrs.);
Telecommunications Industry
BA, Economics (Toronto); PMP
Oleh RomanyschynRetired - Newspaper Editor;
Ukrainian Echo
PhD (Toronto)
Bohdan LeshchyshenFinancial Service Executive;
Former CEO of Old Mill Toronto
MBA (Toronto); CFA; FICB
Ihor KozakEntrepreneur & Consultant;
Former member of the Canadian Armed Forces
MBA (Royal Military College)
Stefan SteciwSr. Vice President, Guy Carpenter Re-InsuranceH.BSc Actuarial (Western); MBA (Toronto)
Irene HryniukCEO, Old Mill TorontoBA (York)
Roman KulykMortgage Broker (18 yrs.), Blurock CapitalB.Comm (Toronto)
Nadia KuzAccountant;
Controller, Old Mill Toronto

Carpathia Credit Union Limited

In 1940, Wasyl Topolnicky, the driving force behind the Ukrainian credit union movement in Canada and the free world, founded the Savings-Credit Union “Karpatiia” (Carpathia Credit Union) in Winnipeg, Manitoba. There were 24 founding members who each paid $0.25 for a membership. Carpathia began serving members in the facilities of the book cooperative “Kalyna”, on the corner of Main Street and Euclid Avenue. People came to bank at Carpathia and shop at Kalyna. Carpathia Credit Union Limited is Western Canada’s largest Ukrainian Financial Institution and one of the oldest Ukrainian credit unions in Canada. The credit union is the 3rd largest Ukrainian credit union in Canada, 13th largest credit union in Manitoba and the 64th largest credit union in Canada.

Board of Directors

ElectedYears on BoardPosition
Roman Zubach200713Chair
Noella Pylypowich200713Secretary
Dr. Taras Babick200713Vice-Chair
Sophia Kachor20191
Demyan Hyworon201713
Don Cilinsky20128
Irka Semaniuk20155
Nick Chubenko20191
Susan Zuk20146
Avg.: 8.1

Director Profiles

Roman ZubachV.P. Human Resources, Manitoba Liquor Control Commission
Noella PylypowichBoutique and Spa Consultant, Spa Lifestyle Fashion Boutique Inc.
Dr. Taras BabickDeputy Registrar, College of Physicians & SurgeonsMD (Manitoba)
Sophia KachorRetired - Executive Director, Oseredok Ukrainian Cultural & Educational Centre
Demyan HyworonV.P. Information Technology & Product Support, InfoTech Inc.BA (Manitoba)
Don CilinskyRetired - Independent Research ConsultantBA, BEd
Irka SemaniukSecretary, Oseredok Ukrainian Cultural & Educational CentreBA (Manitoba)
Nick ChubenkoRetired - Geriatric Clinician, Seven Oaks HospitalBA, B Social Work (Manitoba)
Susan ZukAssociate V.P. & Sr. Consultant, Paradigm Consulting GroupBA (Manitoba)

Caisse populaire Desjardins Ukrainienne de Montréal

Caisse populaire Desjardins Ukrainienne de Montréal was founded in 2004 and is the 4th largest Ukrainian credit union in Canada.

Caisse Financials

  • Assets of $194,818K, up 12.6%
  • Liabilities of $169,645K, an increase of 13.3%
  • Equity of $25,173K, up 7.7%
  • Capital stock: $96K
  • Distributable surplus earnings: $1,330K
  • Accumulated other comprehensive income: $315K
  • Reserves: $23,432K
  • Stabilization reserve: $119K
  • Reserve for future member dividends: $701K
  • Community Development Fund: $15K
  • Operating surplus earnings of $1,586K, up 27.4%
  • Interest income totalling $5,727K, an increase of 21.9%
  • Interest expenses of $2,221K, up 24.0%
  • Other income totalling $731K, up 7.2%
  • Non-interest expenses of $2,587K, an increase of 10.7%

All loans to restricted parties* were granted in accordance with the caisse's applicable rules of professional conduct. Loans granted to restricted parties totalled $773K.

*Restricted parties include: a) Caisse directors and the caisse general manager, including their relatives b) Federation directors, including their relatives

Board of Directors

ElectedYears on BoardPosition
Anastasia Kyva20128Chair
Eugene Czolij200416Vice Chair
Georges Sztyk20128Secretary
Garry W. Grosko200416
Gregory Kowryha200416
Helen Holowka201010
Igor Pryszlak200416
Mariya Netak20182
Myroslaw Balycky200911
Nicholas Hladky20191
Orest Humenny200812
Orest Mystko201010
Stephen Spilkin200416
Volodymyr Zhovtulya200416
Yury Monczak20155
Avg.: 10.9

Director Profiles

Anastasia KyvaTitle & Estate Attorney, Anastasia Kyva Notary Inc.LL.B. (Montreal)
Eugene CzolijPartner, Lavery LawyersLL.B. (Montreal)
Georges SztykCFO, Stateside Energy LLCB.A. (Concordia)
Garry W. GroskoEntrepreneur - Logistics SpecialistMBA (Concordia)
Gregory KowryhaRetired - Federal GovernmentB.A. Political Science (Concordia)
Helen HolowkaAccountant (32 yrs.), Tretiak Holowka Inc.CPA
Igor PryszlakNotary, Pryszlak & TranLL.B.
Mariya NetakCredit Manager, B Terfloth + CIE (Canada)CPA, B.A., Graduate Certificate in Accounting Practice, Accounting Diploma (McGill)
Myroslaw BalyckyReal Estate Broker, Group Sutton Synergie Inc.Dawson College
Nicholas HladkyPresident, Wilton-Panorama GroupB.Com (Concordia), CPA
Orest HumennyArchitectB.Arch (McGill), M.Arch (Yale)
Orest MystkoRetired - Business ConsultantB.Com (Sir George Williams)
Stephen SpilkinRetired - Financial ControllerB.Com (Sir George Williams)
Volodymyr ZhovtulyaTechnician - ManufacturingLviv Polytechnic Institute
Yury MonczakAssistant Professor of Medicine, McGill UniversityM.Sc (Montreal), Ph.D. (Montreal)

New Community Credit Union

New Community Credit Union is the oldest Ukrainian credit union in Canada and was incorporated on January 26, 1939, which has been serving the Ukrainian Community in Saskatoon for over seventy six years. New Community is the fifth largest Ukrainian credit union in Canada.

Board of Directors

ElectedYears on BoardPosition
Roman Sywanyk20146Chair
Rosanne Alain20173Secretary
Morris Bodnar201010Vice-Chair
Barry Slowski20118
George Zerebecky20128
Gwen Klypak20155
Ivan Besermenji20191
Angela Wojcichowsky20128
Delva Rebin20119
Avg.: 6.4

Director Profiles

Roman SywanykRetired
Rosanne AlainRetired
Morris BodnarRetired - Former Partner, Bodnar & CampbellLL.B.
Barry SlowskiCFO, Bulter Byers InsuranceB.Com (Saskatchewan)
George ZerebeckyRetiredB.A. (Saskatchewan), B.Ed. (Saskatchewan)
Gwen KlypakIndependent Artist, Gwen Klypak DesignDiploma Applied Arts (SIAST)
Ivan BesermenjiEntrepreneur
Angela WojcichowskyDirector International Projects, Saskatchewan Polytecnic (SIAST)B.A. (Saskatchewan), MPA (Regina)
Delva RebinRetiredB.A. (Saskatchewan)

About the Author

Bohdan Leshchyshen has been a member of Buduchnist Credit Union Limited (BCU Financial) for over 60 years and was first elected to the Board of Directors in 1993. He presently serves as a Director and sits on the following committees: Audit Committee and Investment Committee (Chairman).

In addition to his board work at Buduchnist Credit Union Limited, Mr. Leshchyshen has the following community service experience: He was the Executive Producer of Forum TV Omni Community TV program from August 2012 to April 2017 and Chairman of BCU Foundation from July 2010 to April 2017. He has been member of the Ukrainian Youth Association of Canada and League of Ukrainian Canadians for over 50 years. He sits on the Board of Directors of the National Executive of the League of Ukrainian Canadians, Desna Foundation, Ucrainica Research Institute, and Ukrainian Youth Association Charitable Trust.

Bohdan Leshchyshen’s business career has spanned more than 40 years with particular emphasis on the financial services sector.

His chartered bank and credit union regulatory experience includes senior positions with the Deposit Insurance Corporation of Ontario (DICO) and the Office of the Superintendent of Financial Institutions (OSFI) (federal regulator) and credit lending positions with the Canadian Imperial Bank of Commerce.

He has had extensive research and analytical experience with several prominent equity research and credit-rating organizations, including Independent Equity Research (eResearch), Northern Securities, St. James Securities, Dominion Bond Rating Service, PPM Fund Managers (Canada), a unit of Prudential Life Insurance Company, and McNeil Mantha.

In December 2007 he was appointed Director of Corporate Development with CHF Investor Relations and in April 2011, he was appointed Vice President, Corporate Development & Investor Relations for Century Iron Mines Corporation. He served as President and CEO of Old Mill Toronto for a one year term ending July 2016. Old Mill Toronto has a 250 seat restaurant, 16 banquet halls that host wedding receptions and corporate events and 57 room hotel with a spa.

Most recently, he came out of semi-retirement and was appointed in March of 2018 as the Canadian Project Director of Canada-Ukraine Trade and Investment Support Project (CUTIS). The CUTIS Project is a 5-year (2016-2021) Canadian development assistance initiative designed to help Ukraine through increasing exports from Ukraine to Canada and investment from Canada to Ukraine.

Bohdan Leshchyshen’s credit union related public and private directorships included the following: Director of Selient Inc., a public company providing lending software to credit unions in Canada (2003-2007); Director of Northwest & Ethical Investments LLP (formerly The Ethical Funds Inc.), a mutual fund company owned by the Credit Union Centrals in Canada and the Desjardins Movement in Quebec (2006-2009).

He has a Bachelor of Arts Degree from the University of Toronto and a Master of Business Administration from the University of Toronto – Faculty of Management Studies (Rotman School of Management) and holds a CFA designation (Chartered Financial Analyst) from the CFA Institute.

For further information and past reports, please visit www.canadiancreditunion.ca.

About the Council of Ukrainian Credit Unions of Canada

The Council of Ukrainian Credit Unions of Canada (CUCUC) is a not-for-profit trade association formed and managed by its Canadian provincial credit union members to promote the collective interests of ethno-Ukrainian Canadian credit unions operating in Canada. CUCUC’s members currently have operations in Ontario, Quebec, Manitoba, and Saskatchewan and provide a full array of financial services, business banking, and wealth management solutions to their members of both Ukrainian and non-Ukrainian heritage.

CUCUC’s members are Ukrainian Credit Union Limited (Ontario), BCU Financial (Buduchnist Credit Union Limited) (Ontario), Caisse Populaire Desjardins Ukrainienne de Montréal (Quebec), New Community Credit Union (Saskatchewan), and Carpathia Credit Union Limited (Manitoba).

For more information about the Council of Ukrainian Credit Unions of Canada, visit www.cucuc.ca.

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