April 2, 2008 - News

Another good year for PCU
Yesterday was April Fool’s Day, but there was no fooling around at the Portage Credit Union’s 64th annual general meeting, which was held last night at the William Glesby Centre. PCU board president Joe Masi read the 2007 year-end report to the 82 members who attended the meeting, and the report was filled with good news. “I think (the report) clearly shows that the Portage Credit Union continues to grow and be the financial choice for this area,” said Masi. The PCU reported a net income from January to Decem-ber 2007 of $476,164, which increased its total equity by $924,000, bringing the total equity to more $9.0 million. The credit union’s successful year was driven in part by strong asset growth which rose 10.79 per cent to $163.2 million, up $15.9 million from 2006. Loans also increased by $7.5 million in 2007, bringing their total to $135.3 million, while deposits were at $152.7 million by the year end, up $14.6 million from 2006.