Business

Fielding named to credit union board

Carol Fielding has been named to replace Frieda Dams on the Northern Savings Credit Union board. Dams resigned last November and Fielding’s appointment is meant to fill out the remainder of her term.

There are three Terrace board members on the credit union’s board with the other two being Anne Peltier and Nirmal Parmar.

Parmar is also the board chair, an appointment that concludes next year.

The credit union reported assets of $903.860 million in 2013, an increase over $821.54 million in 2012.

Net earnings also increased, from $1.95 million in 2012 to $2.583 million in 2013.

The dollar value of loans grew from 2012 to 2013 as well.

But credit union president Den Doleman reported that “prolonged low interest rates offset some of the short term positive effects of the loan growth noted, with financial income off budget by $1 million or 3.4 per cent.”

Yet the credit union was able to cut its credit loss provision from $1 million to $500,000, he added.

 

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