Innovation Federal Credit Union held its Annual General Meeting on Thursday, April 25^th. Attendees learned how 2023 was another historical year for the Credit Union, with Innovation becoming the first federal credit union located in Saskatchewan in June 2023.

“It’s been such a tremendous honor watching the hard work and preparation to become a credit union with national reach pay off,” said Innovation Board Chair Russ Siemens. “We came together as a Board, staff, and members to make history—not only for Innovation but within our credit union system. In all our travels and discussions with credit union leaders across Canada this past year, they were amazed by what Innovation has accomplished and the direction our credit union is heading. Thank you for making Innovation the Saskatchewan credit union with national reach.”

Expanding Innovation’s reach, however, did not impact on the organization’s co-operative values. In fact, the Credit Union’s Responsible Banking™ philosophy is stronger than ever. “In 2023, we introduced a $5 million community grant reserved for Saskatchewan people with Saskatchewan projects,” says Innovation CEO Daniel Johnson. “We introduced two $10,000 scholarships for Innovation student members, and we explored ways to bring financial services to northern communities that currently have none. We’re truly committed to a different approach to banking and look forward to finding more opportunities to contribute to our communities in 2024.” Innovation also distributed over $4.2 million in profit sharing dollars back to its members in 2023.

Also noteworthy, Innovation increased its assets under administration by over 13.7%, ending the year with total assets under administration of $4.93 billion.

Innovation shared its Board of Directors election results as well. The five successful candidates were Daniel Johnson, Innovation CEO; Lisa Arora; Liam Choo-Foo, incumbent; Ian Hamilton, incumbent; and Marty Meloche. Innovation wishes to thank Board members Meagan Cockrill and Dayna Whitney for their dedicated service. Their terms will end effective April 26, 2024.

Lastly, Innovation, as part of their $5 million community grant program, donated $25,000 to the Jackfish Breakwater Project at the Annual Meeting. The project works to save and refurbish the breakwater control structure in Cochin, SK, which is key to the ongoing flow of water, fish and marine activity between Murray Lake and Jackfish Lake.