Wellington Holbrook is chief executive officer of connectFirst Credit Union.
ConnectFirst Credit Union had a record-breaking year in 2021 as it reported its strongest financial performance in its 83-year history.
After closing the year on Oct. 31, connectFirst saw $25.2-million in net income.
“A lot of leaders talk about pride when releasing year-end results,” chief executive officer Wellington Holbrook said. “I’m no different: I am proud of the unprecedented growth we saw last year.”
“However, I take more pride in the stories and the people behind those phenomenal numbers, in the growth and success of our members.”
The following are connectFirst’s top five performance indicators):
- Net income was $25.2-million.
- Assets grew by $332-million, or 5.6 per cent, to $6.3-billion.
- Deposits increased by $357-million, or 7.2 per cent, to $5.3-billion.
- Loans expanded by $459-million, or 9.2 per cent, to $5.5-billion.
- Member equity grew by 11 per cent to $585-million.
ConnectFirst’s recent evolution has been innovating all areas of the business; most notably core and digital banking transformation; a new brand launch; a more competitive product shelf with active management principles around product pricing; and standing up four lines of business to expand and customize member capabilities that meet the unique needs of all Albertans.
“As our new CEO, my vision is to build a beautiful company that is rooted in creating remarkable member experiences, supporting local businesses and driving economic development,” Holbrook added. “In order to accomplish these things and benefit as many Albertans as possible, growth is not an option — it’s a necessity. So, we’ll continue to invest in our members and their future.”
In 2021 connectFirst welcomed more than 3,800 new members.
The credit union paid members $11.6-million in dividends, and invested almost $540,000 in more than 100 non-profit organizations across Alberta.
“Those are numbers that everyone at connectFirst takes great pride in sharing,” Holbrook said.
Building on the formidable performance of 2021, connectFirst realized one its strongest-ever quarterly results in the first quarter of 2022.
Profitability was up notably to $11.7-million in the quarter, the strongest quarterly profit ever.
Membership continued to grow at a brisk pace and significant growth was achieved in consumer loans and independent business loan portfolios.
