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DUCA shares $7 million in 2009 profit with members
Columbia micro-credit initiative growing
Tags: Excerpts from the Windmill
TORONTO, Ontario – The year 2009 has been another solid one for DUCA, the financial institution that was founded by newly-arrived Dutch immigrants 55 years ago. On the first day of the New Year, DUCA Financial Services Credit Union Limited distributed $7 million to its members in Class “A” Bonus Shares. Since DUCA started this profit sharing program in 1999, it has distributed $55 million of its net earnings.
DUCA President and CEO Jack Vanderkooy says that his organization’s Bonus Share program “rewards our members for our success. How much each member receives, depends on interest earned or paid in 2009. Members received 12 % of the interest paid or received to a maximum of $1,500 per member account. This reinforces the slogan that it pays to bank at DUCA.
Vanderkooy said that DUCA’s conservative business model shielded it from much of the risk to which other financial institutions were exposed. He noted that it was due to DUCA’s prudent lending practices and cost controls, that it was able to “move forward with a solid 9 % growth and a business-as-usual approach.”
The year 2009 began with the completion of the new head office and main branch at 5290 Yonge Street, an energy-efficient building that enhances the streetscape of North York. At the 55th Annual General Meeting in March 2009, DUCA announced a partnership with Opportunity International Canada to help people in poverty in Valledupar, Colombia. DUCA showed its commitment to micro-credit initiatives there with a $100,000 loan to the organization. In November, The DUCA Village Project was announced, along with a commitment to raise $100,000 over the next three years to help bring new opportunities to a village in Colombia. As of January 1, 2010, $32,000 has been generated towards this goal.
DUCA’s CEO emphasized that as a credit union, it considers its members owners, calling it a unique feature when compared to banks. Since 1954, DUCA has grown into a full service financial institution and bases its success on member-focused service and competitive interest rates. DUCA serves 35,000 members through 12 branches in the Greater Toronto Area and is closing in on $1 billion in assets, a future which looks bright to its top man.
More information on DUCA can be found on their website at www.duca.com.