Despite a challenging economic climate in 2010, the Mountain View Credit Union was able to return $1.5 million to members last year.The financial results from last year were shared with members at the organization's annual general meeting on March 15 in Crossfield.Members received their portion of the funds through loan interest rebates, investment interest bonuses and dividends on shares, which were set at three per cent.Profit sharing was paid into members' accounts in November.One of the ways the MVCU was able to maintain such a good financial standing ñ aside from controlling expenses ñ was to institute a floor on the prime rate, explained Tracy Kelly, from the institution's marketing department.ìWe took the measure of introducing a floor on our prime rate. And so, what that did is it allowed us (to maintain profitability). And so our members have been really understanding of that. In the long run that can benefit them,î she said.MVCU has set a prime rate, for the time being, of no lower than 3.5 per cent.The profit-sharing program increased nine per cent over 2009. Kelly said while that might seem impressive, 2009 was a historic low for the institution. A profit of more than $3 million was realized in 2010, a 36 per cent increase over 2009.ìIt's still not back to the levels it was, pre-recession. We saw an improvement last year over 2009, but we're still Ö obviously not going to be back to the levels we were before 2008,î Kelly qualified.Unlike other banking institutions that have much more resources and are able to withstand the downturns in the economy, Kelly said because MVCU is local it's more affected by downturns in the economy.MVCU operates 11 branches around Central Alberta from Sundre in the west to Carbon in the east and from Olds south to Crossfield. It has 17,000 members.
