On Monday, August 17, 2020 at 7:00 p.m. CDT we held our first AGM via live webinar. Board Chair Ingrid Loewen and the executive team shared their reports on 2019's accomplishments, progress, and financials.
Ingrid highlighted the challenges we have faced with increasing costs in technology, security, and regulatory compliance, as well as with heightened federal and provincial taxation. Despite these challenges, she noted the several initiatives undertaken in 2019 to ensure the future sustainability of the organization. In particular, the banking system conversion project, the expansion of service delivery options and digital presence, and the investment in technologies that support growth, efficiencies, and data protection.
Amongst these initiatives, Crosstown Civic implemented a new governance structure, improved our capital position, enhanced our liquidity, and continued the annual patronage allocation. We capped off the year with the announcement of our intentions to merge with Access Credit Union, which became a reality in June of 2020 when both memberships voted in favour of the amalgamation.
In past years, the AGM would include the vote results of the Board of Directors elections. This year, there were no Director positions on the Board to fill as a result of the merger. The current board member terms that were expiring were put before the members for acclamation, and those directors will continue in their positions through the end of 2020, when the new board of directors under the new Access Credit Union will come into effect. Ingrid Loewen will remain in her position as board chair for the new Access Credit Union effective January 1, 2021. Joining Ingrid, and continuing strong representation for our members on the inaugural board, are Catherine Burns, Ken Braun, Donovan Toews, and Randy Schartner.
At the close of the meeting, on behalf of the Board, staff and management of Crosstown Civic Credit Union, heartfelt appreciation was shared to all our members. Thank you for your business, your patronage, and your friendship. We look forward to serving you now, and in the future.