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DUCA starts fifty-fifth anniversary year in new head office
Over $6 million paid out in Bonus Shares
Tags: Excerpts from the Windmill
TORONTO - Milestones can take years to reach. This truism certainly is applicable to DUCA Financial’s effort at modernizing its head office in North York, a Toronto suburb. Actively debated and promoted since the beginning of this century, the new head office concept was realized last month when staff was transferred from its old location to the new one next door. The new structure has a ‘postmodern’ look, according to one source. In an earlier annual report DUCA described its proposed building as one with environmental initiatives such as a green roof, efficient heating and air conditioning systems to enhance its comfort, appearance and usability. The many windows promise employees and members a bright and pleasant place.
The official opening is scheduled for next month in this 55th anniversary year of an organization that literally blossomed from day one in circumstances which will always remain a sharp contrast: counting coins and bills on kitchen tables in poorly lit rooms, money transfers in employee-owned cars from town to town, with the first million dollars of the current $855 millions in deposits and loans the hardest initial milestone to reach.
DUCA has entered its anniversary year on a high note and can look back on a very good year in 2008. It reports asset growth of a healthy 5 percent, reaching $885 million through increased deposits and loans. Net income in 2008 before taxes, distributions and market value adjustments, with 9.3 million is just slightly down compared to the $10 million in 2007. As it has since 1999, DUCA this year again distributed a significant part of its net profit in Bonus Shares and cash back to its members, two-thirds of the total.
DUCA calls its Bonus Shares a unique profit sharing vehicle for its members, paid based on the amount of interest a member paid or received during the past year. Since 1999 almost $48 million in profits have been shared with DUCA members in this fashion, “Giving back to the community in both financial and non-financial ways is what DUCA is all about,” stated Jack Vanderkooy, President and CEO.
One of the main reasons for DUCA’s continued success is found in the roots of the organization, recalling that it was started by a group of Dutch Canadian immigrants who envisioned providing financial services to ordinary people regardless of their circumstances. Over 35,000 members reap the benefits of that early commitment to exist for the members’ benefit, as they enjoy a range of products and services through DUCA’s network of 12 branches in the Greater Toronto region, via Internet, ATMs and telephone banking access.