Our 35th Annual Report is now available for downloading. I am pleased to report that, despite a decrease in overall profitability Companion Credit Union weathered the storm of 2008/2009 incredibly well, and the results shown in the annual report are testimony to this

The main highlights for the year are as follows:
- Total Assets increased by $8.8M to $268.2M as at 30 June 2009. Loan balances outstanding increased $6.1M (or 3%) to total $215.3M at the end of the financial year.
- Loans funded during the year totalled $51.4M, down slightly from the previous year, with home mortgage lending accounting for the bulk of new loans.
- The balance of Members Funds on deposit increased by 6% year on year with Term deposits making up the majority of the $13M in member deposit growth.

Important Dates:
- By 30th October registered members will receive a copy of the Annual Report in the mail
- 23rd November 6.30pm deadline for Proxy forms to be lodged
- 25th November 6pm, Annual General Meeting (Maitland City Bowling Club, Rutherford)

To RSVP for the Annual General Meeting phone 49911744 or email agm@companion.com.au  

Ray

October 26th, 2009 | Leave a Comment »

This week shareholding members should start receiving their Member Information Document’s (MID) in the mail. While these documents appear lengthy they are actually very easy to read, and the table of contents makes it easy for you to find the information that is of specific interest to you. E.g. interest rates, constitution, Board of Directors etc.

The MID pack includes;

-          Notice of Annual General Meeting
-          Merger Information Sheet
-          Proxy Form
-          Reply Paid Envelope

You can read the MID in full at our Merger web page.

The aim of the MID is to enable you to make an informed decision when voting on the proposed merger. The Board of Directors and management are unanimous in their support for the merger, and recommend you vote for the resolution relating to the merger.

We urge you to read the information and vote using the enclosed proxy form or in person at the AGM. The AGM is being held at:

25 November 2009
Maitland City Bowling Club, Rutherford
6pm start
RSVP before the 16th November on 49911 744 or agm@companion.com.au

If at any stage you have queries regarding the proposed merger feel free to contact your local branch or myself directly robrien@companion.com.au

Ray

October 19th, 2009 | Leave a Comment »

For all prospective first home owners, there have been a few changes this month to the NSW and Federal Governments First Home Owners GRant (FHOG).

The total First Home Owners Grant for established homes is now $10,500, while for new homes the total is now $17,000. These amounts are due to reduce further after the 31st December 2009, which you can refer to by visiting the NSW Governments webpage. Commentators are speculating with the reductions in the FHOG, property in the lower end of the market should reduce slightly in price, which is great news for prospective buyers!

If you are interested in how much can you borrow, what sort of deposit is required or what will my repayments be check out the range of calculators available to you. Or if you are ready to purchase you can also apply online through our webloans.

October 12th, 2009 | Leave a Comment »

It’s been a while since I first announced the proposed merger with Community CPS, while we have been working furiously behind the scenes I now have some great news to share with you all.

Just this week we reached a significant milestone- APRA signed off on our proposal to merge with Community CPS. This is good news for us as the merger is proceeding as planned. Later this month eligible shareholding members will receive a Member Information pack which outlines the details of the merger. Keep an eye on our websites as we will start updating this with new information over the coming weeks to keep you informed.

If at any stage you have questions regarding the merger feel free to contact your local branch, or myself at robrien@companion.com.au

Ray O’Brien
Chief Executive

October 6th, 2009 | Leave a Comment »