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.
Performance
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) | 2019 | 2018 | Growth |
|---|---|---|---|
| Ukrainian Credit Union Limited | $820,624 | $753,068 | 9.00% |
| Buduchnist Credit Union Limited | $782,625 | $764,562 | 2.40% |
| Carpathia Credit Union Limited | $529,930 | $451,948 | 17.30% |
| Caisse populaire Desjardins Ukrainienne de Montréal | $171,052 | $152,635 | 12.10% |
| New Community Credit Union | $95,266 | $87,882 | 8.40% |
| Total | $2,399,496 | $2,210,095 | 8.60% |
| Residential Mortgages ($000's) | 2019 | 2018 | Growth |
|---|---|---|---|
| Ukrainian Credit Union Limited | $523,498 | $479,323 | 9.20% |
| Buduchnist Credit Union Limited | $534,884 | $511,773 | 4.50% |
| Carpathia Credit Union Limited | $353,307 | $272,251 | 29.80% |
| Caisse populaire Desjardins Ukrainienne de Montréal | $137,184 | $64,958 | 111.20% |
| New Community Credit Union | $76,602 | $70,827 | 8.20% |
| Total | $1,625,475 | $1,399,132 | 16.20% |
| Commercial Mortgages ($000's) | 2019 | 2018 | Growth |
|---|---|---|---|
| Ukrainian Credit Union Limited | $262,670 | $244,517 | 7.40% |
| 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 | $3,850 | 19.20% |
| Total | $685,505 | $704,014 | -2.60% |
| Consumer Mortgages ($000's) | 2019 | 2018 | Growth |
|---|---|---|---|
| Ukrainian Credit Union Limited | $36,088 | $30,871 | 16.9% |
| Buduchnist Credit Union Limited | $7,304 | $9,626 | -24.1% |
| Carpathia Credit Union Limited | $25,524 | $22,138 | 15.3% |
| Caisse populaire Desjardins Ukrainienne de Montréal | $3,957 | $24,427 | -83.8% |
| New Community Credit Union | $13,449 | $13,050 | 3.1% |
| Total | $86,322 | $100,112 | -13.8% |
Membership Growth
Membership has increased by 4.0% to 62,146. Carpathia Credit Union Limited saw their membership numbers increase by 17.1% due to the merger with North Winnipeg Credit Union. (See also Schedule 13).
| Members | 2019 | 2018 | Growth | Growth |
|---|---|---|---|---|
| Ukrainian Credit Union Limited | 24,697 | 23,925 | 3.2% | 772 |
| Buduchnist Credit Union Limited | 20,012 | 20,427 | -2.0% | -415 |
| Carpathia Credit Union Limited* | 10,136 | 8,656 | 17.1% | 1,480 |
| Caisse populaire Desjardins Ukrainienne de Montréal | 4,121 | 3,667 | 12.4% | 454 |
| New Community Credit Union | 2,280 | 2,221 | 2.7% | 59 |
| Total | 61,246 | 58,896 | 4.0% | 2,350 |
Asset Growth
Ukrainian-Canadian credit unions assets grew by 4.9% in 2019. The largest credit unions in Canada grew by 6.4% in 2019 compared to 8.5% in previous year. Carpathia Credit Union Limited had the largest asset growth of 23.7% due to the merger with North Winnipeg Credit Union, followed by Caisse Populaire Desjardins Ukrainienne de Montreal with growth of 12.6%.
| Assets ($Millions) | 2019 | 2018 | Growth | Growth |
|---|---|---|---|---|
| Ukrainian Credit Union Limited | $922.8 | $859.6 | 7.4% | $63.3 |
| Buduchnist Credit Union Limited | $885.0 | $855.4 | 3.4% | $29.5 |
| Carpathia Credit Union Limited | $619.3 | $500.8 | 23.7% | $118.5 |
| Caisse populaire Desjardins Ukrainienne de Montréal | $194.8 | $173.1 | 12.6% | $21.8 |
| New Community Credit Union | $115.7 | $105.9 | 9.3% | $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) | 2019 | 2018 | Growth | Growth |
|---|---|---|---|---|
| Ukrainian Credit Union Limited | $743.7 | $679.1 | 9.5% | $64.6 |
| Buduchnist Credit Union Limited | $699.3 | $675.6 | 3.5% | $23.8 |
| Carpathia Credit Union Limited | $581.1 | $471.4 | 23.3% | $109.7 |
| Caisse populaire Desjardins Ukrainienne de Montréal | $119.9 | $114.4 | 4.8% | $5.5 |
| New Community Credit Union | $105.0 | $96.3 | 8.9% | $8.6 |
| Total | $2,249.1 | $2,036.8 | 10.4% | $212.2 |
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 Margin | 2019 | 2018 | Growth |
|---|---|---|---|
| Ukrainian Credit Union Limited | 2.22% | 2.24% | -0.02% |
| Buduchnist Credit Union Limited | 1.97% | 1.91% | 0.06% |
| Carpathia Credit Union Limited | 1.95% | 1.68% | 0.28% |
| Caisse populaire Desjardins Ukrainienne de Montréal | 2.39% | 2.24% | 0.15% |
| New Community Credit Union | 2.37% | 2.55% | -0.18% |
| Total | 2.10% | 2.01% | 0.09% |
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 Ratio | 2019 | 2018 | Change |
|---|---|---|---|
| Ukrainian Credit Union Limited | 2.01% | 1.96% | 0.05% |
| Buduchnist Credit Union Limited | 1.61% | 1.50% | 0.11% |
| Carpathia Credit Union Limited | 1.99% | 1.58% | 0.41% |
| Caisse populaire Desjardins Ukrainienne de Montréal | 1.41% | 1.39% | 0.02% |
| New Community Credit Union | 1.61% | 1.62% | -0.01% |
| Total | 1.81% | 1.67% | 0.14% |
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 Ratio | 2019 | 2018 | Change |
|---|---|---|---|
| Ukrainian Credit Union Limited | 81.10% | 79.40% | 1.60% |
| Buduchnist Credit Union Limited | 73.20% | 69.70% | 3.50% |
| Carpathia Credit Union Limited | 85.30% | 78.70% | 6.60% |
| Caisse populaire Desjardins Ukrainienne de Montréal | 50.40% | 52.60% | -2.20% |
| New Community Credit Union | 55.30% | 51.20% | 4.00% |
| Total | 75.70% | 72.70% | 3.00% |
Capitalization
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 Assets | 2018 | % of Assets |
|---|---|---|---|---|
| Ukrainian Credit Union Limited | $52,609 | 5.70% | $51,267 | 5.69% |
| Buduchnist Credit Union Limited | $69,915 | 7.90% | $67,644 | 7.91% |
| Carpathia Credit Union Limited | $32,508 | 5.25% | $25,611 | 5.11% |
| Caisse populaire Desjardins Ukrainienne de Montréal | $25,173 | 12.92% | $23,373 | 13.51% |
| New Community Credit Union | $9,581 | 8.28% | $8,528 | 8.05% |
| Total | $189,787 | 6.93% | $183,016 | 7.34% |
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) | 2019 | 2019 Ratio | 2018 | 2018 Ratio |
|---|---|---|---|---|
| Ukrainian Credit Union Limited | $70,782 | 15.60% | $52,508 | 12.04% |
| Buduchnist Credit Union Limited | $53,988 | 11.39% | $68,713 | 15.20% |
| Carpathia Credit Union Limited | $32,791 | 11.80% | $25,792 | 9.80% |
| Caisse populaire Desjardins Ukrainienne de Montréal | $23,373 | 26.65% | $23,373 | 21.67% |
| New Community Credit Union | $9,631 | 14.19% | $8,574 | 1383.00% |
| Total | $190,566 | 14.00% | $178,960 | 13.83% |
Five Year Results of Ukrainian-Canadian Credit Unions in Canada
| 2019 | 2018 | 2017 | 2016 | 2015 | Avg. | |
|---|---|---|---|---|---|---|
| Credit Unions | 5 | 6 | 6 | 6 | 6 | |
| Members | 61,246 | 62,146 | 62,478 | 63,773 | 64,543 | |
| Members (Growth) | -1.4% | -0.5% | -2.0% | -1.2% | -0.5% | -1.2% |
| Assets ($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 | $11.0 | |
| Net Income (Growth) | 4.3% | 21.0% | -13.3% | -23.7% | 24.4% | 2.5% |
| Return on Assets | 0.4% | 0.3% | 0.3% | 0.4% | 0.5% | 0.4% |
| Return on Equity | 5.0% | 4.9% | 4.2% | 5.0% | 6.9% | 5.2% |
| Net Interest Margin | 2.1% | 2.0% | 1.9% | 1.9% | 2.0% | 2.0% |
| Other Income | 0.3% | 0.3% | 0.4% | 0.3% | 0.4% | 0.3% |
| Gross Income | 2.4% | 2.3% | 2.3% | 2.2% | 2.4% | 2.3% |
| Operating Expense | 1.8% | 1.7% | 1.7% | 1.7% | 1.8% | 1.7% |
| Loan Loss Ratio | 0.2% | 0.3% | 0.1% | 0.0% | 0.0% | 0.1% |
| Other Income (% of Total Income) | 12.3% | 12.3% | 16.0% | 15.1% | 15.6% | 14.3% |
| Employees | 311 | 312 | 355 | 345 | 301 | |
| Salary Expense ($Mils) | $24.00 | $22.50 | $21.30 | $20.30 | $19.70 | |
| Avg. Salary | $77,387 | $72,119 | $60,140 | $58,760 | $65,484 | |
| Productivity Ratio | 75.7% | 72.7% | 72.9% | 76.7% | 74.9% | 74.6% |
| Dividends ($000's) | $785 | $778 | $813 | $1,080 | $1,396 | |
| % Return to Members | 8.6% | 8.8% | 11.2% | 12.9% | 12.7% | 10.8% |
Schedules
Schedule 1: Asset Growth
| Members | Assets ($Mils) | Growth | Net Income* ($000's) | Return on Assets | Return on Equity | |
|---|---|---|---|---|---|---|
| Ukrainian Credit Union Limited | 24,697 | $923 | 7.4% | $1,105 | 0.12% | 2.1% |
| Buduchnist Credit Union Limited | 20,012 | $885 | 3.4% | $2,590 | 0.30% | 3.8% |
| Carpathia Credit Union Limited | 10,136 | $619 | 23.7% | $303 | 0.05% | 1.0% |
| Caisse populaire Desjardins Ukrainienne de Montréal | 4,121 | $195 | 6.3% | $2,101 | 1.14% | 8.7% |
| New Community Credit Union | 2,280 | $116 | 9.3% | $1,054 | 0.95% | 11.6% |
| Total 2019 | 61,246 | $2,738 | 4.3% | $7,153 | 0.27% | 3.9% |
| Total 2018 | 61,646 | $2,609 | 4.6% | $8,799 | 0.34% | 4.9% |
| Total 2017 | 62,978 | $2,495 | 5.5% | $8,810 | 0.36% | 5.1% |
| Total 2016 | 63,773 | $2,364 | 5.4% | $8,387 | 0.36% | 5.0% |
| Total 2015 | 64,543 | $2,242 | 6.3% | $10,996 | 0.51% | 6.9% |
| Total 2014 | 64,899 | $2,109 | 6.9% | $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 Capital | Dividends & Patronage ($000's) | Return to Members | |
|---|---|---|---|---|---|
| Ukrainian Credit Union Limited | $52,609 | 5.70% | 2.6% | $331 | 30.0% |
| Buduchnist Credit Union Limited | $69,915 | 7.90% | 3.4% | $197 | 7.6% |
| Carpathia Credit Union Limited | $32,508 | 5.25% | 26.9% | - | - |
| Caisse populaire Desjardins Ukrainienne de Montréal | $25,173 | 12.92% | 7.7% | $257 | 12.2% |
| New Community Credit Union | $9,581 | 8.28% | 12.4% | - | - |
| Total 2019 | $189,787 | 6.93% | 7.6% | $785 | 13.5% |
| Total 2018 | $183,016 | 7.01% | 3.5% | $778 | 9.5% |
| Total 2017 | $178,009 | 7.13% | 4.5% | $813 | 12.8% |
| 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 Ratio | Tier II Ratio | Total Ratio | |
|---|---|---|---|---|---|---|
| Ukrainian Credit Union Limited | $66,178 | $4,605 | $70,782 | 14.59% | 1.01% | 15.60% |
| Buduchnist Credit Union Limited | $51,777 | $2,211 | $53,988 | 10.92% | 0.47% | 11.39% |
| Carpathia Credit Union Limited | $32,791 | $0 | $32,791 | 11.80% | 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 | $9,631 | 14.08% | 0.11% | 14.19% |
| Total 2019 | $183,678 | $6,888 | $190,566 | 13.49% | 0.51% | 14.00% |
| Growth 2019 | 2.2% | 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 2019 | 17.4% | -0.3% | -7.6% | -38.5% | 10.1% | |
| Growth 2018 | 6.6% | 4.4% | 12.4% | -26.7% | 5.8% | |
| Growth 2017 | 11.8% | 4.7% | 5.4% | -6.1% | 9.0% | |
| Growth 2016 | 3.8% | 10.0% | 7.1% | -33.8% | 5.0% | |
| Growth 2015 | 5.4% | 2.8% | -1.9% | 36.7% | 4.7% | |
| Growth 2014 | 7.2% | 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 2019 | 18% | 3.5% | 4.6% | 8.2% | 5.0% |
| Mix 2019 | 37.6% | 40.5% | 21.9% | 100.0% | |
| Total 2018 | $224,982 | $816,700 | $871,439 | $454,791 | $2,142,930 |
| Growth 2018 | 3% | 5.5% | 0.3% | 5.2% | 3.3% |
| Mix 2018 | 37.3% | 41.9% | 20.8% | 100.0% | |
| Total 2017 | $217,794 | $774,051 | $868,770 | $432,268 | $2,075,090 |
| Growth 2017 | 16% | 8.2% | 2.7% | 2.8% | 4.7% |
| Mix 2017 | 37.3% | 41.9% | 20.8% | 100.0% | |
| Total 2016 | $187,075 | $715,653 | $846,338 | $420,686 | $1,982,677 |
| Growth 2016 | 25% | 7.7% | -0.6% | 7.7% | 4.0% |
| Mix 2016 | 33.2% | 46.9% | 20.0% | 100.0% | |
| Total 2015 | $150,242 | $664,447 | $851,602 | $390,579 | $1,906,628 |
| Growth 2015 | 21% | 10.8% | 0.4% | 8.2% | 5.4% |
| Mix 2015 | 33.2% | 46.9% | 20.0% | 100.0% | |
| Total 2014 | $124,075 | $599,665 | $848,060 | $361,031 | $1,808,755 |
| Growth 2014 | 147% | 9.0% | -2.5% | 7.7% | 3.1% |
| Mix 2014 | 33.2% | 46.9% | 20.0% | 100.0% |
Schedule 5: Operating Results
| Net Interest Margin | Other Income | Operating Income | Operating Expenses | |
|---|---|---|---|---|
| Ukrainian Credit Union Limited | 2.22% | 0.25% | 2.48% | 2.01% |
| Buduchnist Credit Union Limited | 1.97% | 0.22% | 2.19% | 1.61% |
| Carpathia Credit Union Limited | 1.95% | 0.38% | 2.33% | 1.99% |
| Caisse populaire Desjardins Ukrainienne de Montréal | 2.39% | 0.40% | 2.79% | 1.41% |
| New Community Credit Union | 2.37% | 0.55% | 2.92% | 1.61% |
| Total 2019 | 2.10% | 0.29% | 2.39% | 1.81% |
| Total 2018 | 2.01% | 0.28% | 2.29% | 1.67% |
| Total 2017 | 1.88% | 0.34% | 2.22% | 1.57% |
| Total 2016 | 1.89% | 0.34% | 2.23% | 1.71% |
| Total 2015 | 1.99% | 0.37% | 2.36% | 1.77% |
| Total 2014 | 2.06% | 0.31% | 2.37% | 1.76% |
| Net Interest Margin | Other Income | Operating Income | Operating 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 Year | 7.1% | 6.3% | 7.0% | 11.4% |
| Total 2018 | $51,266 | $7,222 | $58,488 | $42,528 |
| Growth % Year over Year | 9.1% | -19.2% | 4.6% | 4.3% |
| Total 2017 | $46,973 | $8,934 | $55,907 | $40,779 |
| Growth % Year over Year | 7.8% | 15.4% | 8.9% | 3.6% |
| Total 2016 | $43,589 | $7,744 | $51,333 | $39,376 |
| Growth % Year over Year | 0.5% | -3.2% | 0.0% | 2.4% |
| Total 2015 | $43,352 | $7,998 | $51,350 | $38,447 |
| Growth % Year over Year | 3.0% | 25.8% | 6.0% | 6.8% |
| Total 2014 | $42,088 | $6,358 | $48,446 | $35,993 |
| Growth % Year over Year | 8.0% | 3.5% | 7.4% | 6.5% |
Schedule 6: Operating Results
| Net Income before loan losses | Provision for Loan Losses | Income Taxes | Comprehensive Adjustment | Net Income* | |
|---|---|---|---|---|---|
| Ukrainian Credit Union Limited | 0.47% | 0.04% | 0.08% | -0.23% | 0.12% |
| Buduchnist Credit Union Limited | 0.59% | 0.21% | 0.08% | 0.00% | 0.30% |
| Carpathia Credit Union Limited | 0.34% | 0.30% | -0.01% | 0.00% | 0.05% |
| Caisse populaire Desjardins Ukrainienne de Montréal | 1.38% | 0.03% | 0.20% | 0.00% | 1.14% |
| New Community Credit Union | 1.30% | 0.13% | 0.23% | 0.00% | 0.95% |
| Total 2019 | 0.58% | 0.16% | 0.07% | -0.08% | 0.27% |
| Total 2018 | 0.63% | 0.26% | 0.06% | 0.05% | 0.34% |
| Total 2017 | 0.62% | 0.03% | 0.09% | -0.14% | 0.36% |
| Total 2016 | 0.52% | 0.03% | 0.09% | 0.00% | 0.40% |
| Total 2015 | 0.59% | 0.01% | 0.09% | 0.02% | 0.51% |
| Total 2014 | 0.61% | 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 Adjustment | Net 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 Year | 5.5% | 202.1% | -28.0% | 21.0% | |
| Total 2017 | $15,128 | $2,226 | $2,223 | ($3,410) | $7,269 |
| Growth % Year over Year | 26.5% | 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 Year | 3.6% | -49.8% | 7.2% | 24.4% | |
| Total 2014 | $12,452 | $561 | $1,915 | ($1,134) | $8,842 |
| Growth % Year over Year | 9.9% | 45.2% | 24.9% | -20.5% |
*Comprehensive net income
Schedule 7: Operating Results
| Net Income* | Net Dividends & Patronage | Net Income | |
|---|---|---|---|
| Ukrainian Credit Union Limited | 0.12% | 0.04% | 0.09% |
| Buduchnist Credit Union Limited | 0.30% | 0.02% | 0.27% |
| Carpathia Credit Union Limited | 0.05% | 0.00% | 0.05% |
| Caisse populaire Desjardins Ukrainienne de Montréal | 1.14% | 0.14% | 1.00% |
| New Community Credit Union | 0.95% | 0.00% | 0.95% |
| Total 2019 | 0.27% | 0.03% | 0.24% |
| Total 2018 | 0.34% | 0.03% | 0.31% |
| Total 2017 | 0.47% | 0.03% | 0.44% |
| Total 2016 | 0.36% | 0.05% | 0.32% |
| Total 2015 | 0.49% | 0.06% | 0.43% |
| Total 2014 | 0.43% | 0.09% | 0.34% |
| Net Income* ($000's) | Net Dividends & Patronage ($000's) | Net Income ($000's) | |
|---|---|---|---|
| Ukrainian Credit Union Limited | 1,105 | 331 | 774 |
| Buduchnist Credit Union Limited | 2,590 | 197 | 2,393 |
| Carpathia Credit Union Limited | 303 | 0 | 303 |
| Caisse populaire Desjardins Ukrainienne de Montréal | 2,101 | 257 | 1,844 |
| New Community Credit Union | 1,054 | 0 | 1,054 |
| Total 2019 | 7,153 | 785 | 6,368 |
| 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 Year | 5.0% | -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 Year | 20.7% | -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 Expense | Occupancy Expense | Other Expenses | Total Operating Expenses | Productivity Expense Ratio | |
|---|---|---|---|---|---|
| Ukrainian Credit Union Limited | 1.17% | 0.21% | 0.63% | 2.01% | 81.1% |
| Buduchnist Credit Union Limited | 0.72% | 0.11% | 0.58% | 1.61% | 73.2% |
| Carpathia Credit Union Limited | 0.92% | 0.31% | 0.76% | 1.99% | 85.3% |
| Caisse populaire Desjardins Ukrainienne de Montréal | 0.62% | 0.00% | 0.79% | 1.41% | 50.4% |
| New Community Credit Union | 0.95% | 0.07% | 0.60% | 1.61% | 55.3% |
| Total 2019 | 0.92% | 0.18% | 0.65% | 1.81% | 75.7% |
| Total 2018 | 0.88% | 0.17% | 0.61% | 1.67% | 72.7% |
| Total 2017 | 0.79% | 0.15% | 0.62% | 1.57% | 70.5% |
| Total 2016 | 0.88% | 0.17% | 0.66% | 1.71% | 76.7% |
| Total 2015 | 0.91% | 0.18% | 0.68% | 1.77% | 74.9% |
| Total 2014 | 0.90% | 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 Limited | 820,624 | 2,540 | 0.31% |
| Buduchnist Credit Union Limited | 782,625 | 4,545 | 0.58% |
| Carpathia Credit Union Limited | 529,930 | 3,793 | 0.72% |
| Caisse populaire Desjardins Ukrainienne de Montréal | 171,052 | 773 | 0.45% |
| New Community Credit Union | 95,266 | 806 | 0.85% |
| Total 2019 | 2,399,496 | 12,457 | 0.52% |
| Growth % Year over Year | 4.0% | -24.6% | |
| Total 2018 | 2,306,934 | 16,527 | 0.72% |
| Growth % Year over Year | 5.4% | 14.5% | |
| Total 2017 | 2,187,975 | 14,431 | 0.66% |
| Growth % Year over Year | 8.9% | -18.4% | |
| Total 2016 | 2,008,299 | 17,676 | 0.88% |
| Growth % Year over Year | 5.0% | 39.9% | |
| Total 2015 | 1,911,843 | 12,631 | 0.66% |
| Growth % Year over Year | 4.7% | -3.8% | |
| Total 2014 | 1,825,603 | 13,134 | 0.72% |
| Growth % Year over Year | 8.3% | -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 & Costs | Directors fees & costs/ Operating Expenses % | Number of Directors | Avg. 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 | $0 | 0.00% | 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 Year | 11.4% | 6.2% | 38.9% | ||
| Total 2018 | $42,528 | $367,330 | 0.86% | 66 | $7,203 |
| Growth % Year over Year | 4.3% | 19.8% | 8.0% | ||
| Total 2017 | $40,779 | $306,668 | 0.75% | 61 | $6,667 |
| Growth % Year over Year | 3.6% | 9.0% | -7.6% | ||
| Total 2016 | $39,376 | $281,312 | 0.71% | 61 | $7,213 |
| Growth % Year over Year | 2.4% | -9.3% | -9.3% | ||
| Total 2015 | $38,447 | $310,187 | 0.81% | 61 | $7,954 |
| Growth % Year over Year | 6.8% | 4.7% | 4.7% | ||
| Total 2014 | $35,993 | $296,291 | 0.82% | 61 | $7,597 |
| Growth % Year over Year | 6.5% | 6.1% | 6.1% |
Schedule 11: Branch, Member, and Employee Averages
| Branches | Deposits/ Branch ($Mils) | Members | Assets/ Member | Number of Employees | Averge Compensation /Employee | |
|---|---|---|---|---|---|---|
| Ukrainian Credit Union Limited | 18 | $41.3 | 24,697 | $37,365 | 124 | $84,282 |
| Buduchnist Credit Union Limited | 9 | $77.7 | 20,012 | $44,221 | 87 | $71,938 |
| Carpathia Credit Union Limited | 6 | $96.9 | 10,136 | $61,099 | 72 | $71,833 |
| Caisse populaire Desjardins Ukrainienne de Montréal | 1 | $119.9 | 4,121 | $47,274 | 14 | $81,071 |
| New Community Credit Union | 1 | $105.0 | 2,280 | $50,757 | 14 | $74,887 |
| Total 2019 | 35 | $64.3 | 61,246 | $44,699 | 311 | $77,387 |
| Growth % Year over Year | 2.9% | 2.0% | -0.6% | 5.6% | -0.5% | 9.1% |
| Total 2018 | 34 | $63.0 | 61,646 | $42,325 | 312 | $70,942 |
| Growth % Year over Year | 0.0% | 3.3% | -2.1% | 6.8% | -12.1% | 17.7% |
| Total 2017 | 34 | $61.0 | 62,978 | $39,616 | 355 | $60,259 |
| Growth % Year over Year | 3.0% | 1.6% | -1.2% | 6.9% | 2.9% | 2.6% |
| Total 2016 | 33 | $60.1 | 63,773 | $37,066 | 345 | $58,760 |
| Growth % Year over Year | 0.0% | 4.0% | -1.2% | 6.7% | 14.6% | -10.3% |
| Total 2015 | 33 | $57.8 | 64,543 | $34,736 | 301 | $65,484 |
| Growth % Year over Year | 0.0% | 5.4% | -0.5% | 6.9% | -2.0% | 9.6% |
| Total 2014 | 33 | $54.8 | 64,899 | $32,503 | 307 | $59,774 |
| Growth % Year over Year | 6.5% | -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 | $881 | 93.9% |
| 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 Expenses | Net 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% | $219 | 29.66% |
| 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
| 2015 | 2016 | 2017 | 2018 | 2019 | '18-'19 Growth | |
|---|---|---|---|---|---|---|
| Ukrainian Credit Union Limited | 24,222 | 23,960 | 24,425 | 23,925 | 24,697 | 3.2% |
| Buduchnist Credit Union Limited | 22,377 | 21,940 | 20,655 | 20,427 | 20,012 | -2.0% |
| Carpathia Credit Union Limited | 8,820 | 8,729 | 8,774 | 8,656 | 10,136 | 17.1% |
| Caisse populaire Desjardins Ukrainienne de Montréal | 3,457 | 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 Union | 2,292 | 2,277 | 2,257 | 2,221 | 2,280 | 2.7% |
| Total | 64,543 | 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
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
| Elected | Years on Board | Position | |
|---|---|---|---|
| Slawko Borys | 2013 | 7 | Chair |
| Dr. Natalia Lishchyna | 2017 | 3 | 1st Vice-Chair |
| Peter Malajczuk | 2015 | 5 | 2nd Vice-Chair |
| Irena Fedchun | 2003 | 17 | Audit Committee Chair |
| Jerry Pryshlak | 1992 | 28 | Secretary |
| Natalie Werhun-Popowicz | 2019 | 1 | |
| Borden Osmak | 2006 | 14 | |
| Michael Mychailyshyn | 2019 | 1 | |
| Myron Oleksyshyn | 2019 | 1 | |
| Peter Szlichta | 2013 | 7 | |
| Robert Diakow | 2015 | 5 | |
| Taras Rohatyn | 2017 | 3 | |
| Avg: 7.7 |
Director Profiles
| Profession | Education | |
|---|---|---|
| Slawko Borys | Director of Safety, Security & Regulatory Affairs, Air Canada Rouge | Aviation Management (Georgian College) |
| Dr. Natalia Lishchyna | Chiropractor; Politician; Assistant Professor, Canadian Memorial Chiropractic College | B.A. (McMaster), ICD.D |
| Peter Malajczuk | Finance Executive, Telecommunications Industry, Bell Canada | B.Comm (Toronto) |
| Irena Fedchun | Director of Finance & Admin, Community & Home Assistance to Seniors (CHATS) | M.S., MBA, CPA, CUDA |
| Jerry Pryshlak | Retired - Entrepreneur; Retail Business & Business Manager, YMCA | B.A. (Brock), C.Dir |
| Natalie Werhun-Popowicz | Lawyer, Werhun Law | B.A. (McMaster), J.D. (Ottawa) |
| Borden Osmak | Retired - Sr. Vice President, ScotiaBank | B.Comm (Windsor), CUDA |
| Michael P. Mychailyshyn | Lawyer, Office of Michael P. Mychailyshyn | B.A. (McMaster), J.D. (MSU) |
| Myron Oleksyshyn | Retired - Managing Director, MNO Procurement Solutions | B.Comm (Windsor), CUDA |
| Peter Szlichta | Vice President High Rise Construction, Empire Communities Corp. | |
| Robert Diakow | I.T. Consultant; Former Director IT Solutions, Niagara Region | B.A. Computer Science (Waterloo), B.Sc (Brock) |
| Taras Rohatyn | Retired - Small Business Consultant | B.A. (Laurentian) |
Buduchnist Credit Union Limited
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
| Elected | Years on Board | Position | |
|---|---|---|---|
| Michael Szepetyk | 1990 | 30 | Chair Human Resources Chair |
| Andrew Tarapacky | 1996 | 24 | 1st Vice-Chair Audit Committee Chair Nominating Committee Chair |
| Oleh Romanyschyn | 1985 | 35 | 2nd Vice-Chair |
| Bohdan Leshchyshen | 1993 | 27 | Investment Committee Chair |
| Ihor Kozak | 2015 | 5 | Secretary Governance Committee Chair |
| Stefan Steciw | 2017 | 3 | |
| Irene Hryniuk | 2009 | 11 | |
| Roman Kulyk | 2018 | 2 | |
| Nadia Kuz | 2018 | 2 | |
| Avg.: 15.4 |
Director Profiles
| Profession | Education | |
|---|---|---|
| Michael Szepetyk | Retired - Entrepreneur; Office furniture business | |
| Andrew Tarapacky | I.T. Consultant (30 yrs.); Telecommunications Industry | BA, Economics (Toronto); PMP |
| Oleh Romanyschyn | Retired - Newspaper Editor; Ukrainian Echo | PhD (Toronto) |
| Bohdan Leshchyshen | Financial Service Executive; Former CEO of Old Mill Toronto | MBA (Toronto); CFA; FICB |
| Ihor Kozak | Entrepreneur & Consultant; Former member of the Canadian Armed Forces | MBA (Royal Military College) |
| Stefan Steciw | Sr. Vice President, Guy Carpenter Re-Insurance | H.BSc Actuarial (Western); MBA (Toronto) |
| Irene Hryniuk | CEO, Old Mill Toronto | BA (York) |
| Roman Kulyk | Mortgage Broker (18 yrs.), Blurock Capital | B.Comm (Toronto) |
| Nadia Kuz | Accountant; Controller, Old Mill Toronto | CPA |
Carpathia Credit Union Limited
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
| Elected | Years on Board | Position | |
|---|---|---|---|
| Roman Zubach | 2007 | 13 | Chair |
| Noella Pylypowich | 2007 | 13 | Secretary |
| Dr. Taras Babick | 2007 | 13 | Vice-Chair |
| Sophia Kachor | 2019 | 1 | |
| Demyan Hyworon | 2017 | 13 | |
| Don Cilinsky | 2012 | 8 | |
| Irka Semaniuk | 2015 | 5 | |
| Nick Chubenko | 2019 | 1 | |
| Susan Zuk | 2014 | 6 | |
| Avg.: 8.1 |
Director Profiles
| Profession | Education | |
|---|---|---|
| Roman Zubach | V.P. Human Resources, Manitoba Liquor Control Commission | |
| Noella Pylypowich | Boutique and Spa Consultant, Spa Lifestyle Fashion Boutique Inc. | |
| Dr. Taras Babick | Deputy Registrar, College of Physicians & Surgeons | MD (Manitoba) |
| Sophia Kachor | Retired - Executive Director, Oseredok Ukrainian Cultural & Educational Centre | |
| Demyan Hyworon | V.P. Information Technology & Product Support, InfoTech Inc. | BA (Manitoba) |
| Don Cilinsky | Retired - Independent Research Consultant | BA, BEd |
| Irka Semaniuk | Secretary, Oseredok Ukrainian Cultural & Educational Centre | BA (Manitoba) |
| Nick Chubenko | Retired - Geriatric Clinician, Seven Oaks Hospital | BA, B Social Work (Manitoba) |
| Susan Zuk | Associate V.P. & Sr. Consultant, Paradigm Consulting Group | BA (Manitoba) |
Caisse populaire Desjardins Ukrainienne de Montréal
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
| Elected | Years on Board | Position | |
|---|---|---|---|
| Anastasia Kyva | 2012 | 8 | Chair |
| Eugene Czolij | 2004 | 16 | Vice Chair |
| Georges Sztyk | 2012 | 8 | Secretary |
| Garry W. Grosko | 2004 | 16 | |
| Gregory Kowryha | 2004 | 16 | |
| Helen Holowka | 2010 | 10 | |
| Igor Pryszlak | 2004 | 16 | |
| Mariya Netak | 2018 | 2 | |
| Myroslaw Balycky | 2009 | 11 | |
| Nicholas Hladky | 2019 | 1 | |
| Orest Humenny | 2008 | 12 | |
| Orest Mystko | 2010 | 10 | |
| Stephen Spilkin | 2004 | 16 | |
| Volodymyr Zhovtulya | 2004 | 16 | |
| Yury Monczak | 2015 | 5 | |
| Avg.: 10.9 |
Director Profiles
| Profession | Education | |
|---|---|---|
| Anastasia Kyva | Title & Estate Attorney, Anastasia Kyva Notary Inc. | LL.B. (Montreal) |
| Eugene Czolij | Partner, Lavery Lawyers | LL.B. (Montreal) |
| Georges Sztyk | CFO, Stateside Energy LLC | B.A. (Concordia) |
| Garry W. Grosko | Entrepreneur - Logistics Specialist | MBA (Concordia) |
| Gregory Kowryha | Retired - Federal Government | B.A. Political Science (Concordia) |
| Helen Holowka | Accountant (32 yrs.), Tretiak Holowka Inc. | CPA |
| Igor Pryszlak | Notary, Pryszlak & Tran | LL.B. |
| Mariya Netak | Credit Manager, B Terfloth + CIE (Canada) | CPA, B.A., Graduate Certificate in Accounting Practice, Accounting Diploma (McGill) |
| Myroslaw Balycky | Real Estate Broker, Group Sutton Synergie Inc. | Dawson College |
| Nicholas Hladky | President, Wilton-Panorama Group | B.Com (Concordia), CPA |
| Orest Humenny | Architect | B.Arch (McGill), M.Arch (Yale) |
| Orest Mystko | Retired - Business Consultant | B.Com (Sir George Williams) |
| Stephen Spilkin | Retired - Financial Controller | B.Com (Sir George Williams) |
| Volodymyr Zhovtulya | Technician - Manufacturing | Lviv Polytechnic Institute |
| Yury Monczak | Assistant Professor of Medicine, McGill University | M.Sc (Montreal), Ph.D. (Montreal) |
New Community Credit Union
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
| Elected | Years on Board | Position | |
|---|---|---|---|
| Roman Sywanyk | 2014 | 6 | Chair |
| Rosanne Alain | 2017 | 3 | Secretary |
| Morris Bodnar | 2010 | 10 | Vice-Chair |
| Barry Slowski | 2011 | 8 | |
| George Zerebecky | 2012 | 8 | |
| Gwen Klypak | 2015 | 5 | |
| Ivan Besermenji | 2019 | 1 | |
| Angela Wojcichowsky | 2012 | 8 | |
| Delva Rebin | 2011 | 9 | |
| Avg.: 6.4 |
Director Profiles
| Profession | Education | |
|---|---|---|
| Roman Sywanyk | Retired | |
| Rosanne Alain | Retired | |
| Morris Bodnar | Retired - Former Partner, Bodnar & Campbell | LL.B. |
| Barry Slowski | CFO, Bulter Byers Insurance | B.Com (Saskatchewan) |
| George Zerebecky | Retired | B.A. (Saskatchewan), B.Ed. (Saskatchewan) |
| Gwen Klypak | Independent Artist, Gwen Klypak Design | Diploma Applied Arts (SIAST) |
| Ivan Besermenji | Entrepreneur | |
| Angela Wojcichowsky | Director International Projects, Saskatchewan Polytecnic (SIAST) | B.A. (Saskatchewan), MPA (Regina) |
| Delva Rebin | Retired | B.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.