BUSINESS VANCITY Credit union grows |; Ny, August 10, 1988 Castlégar News a7 = g ay raeattty jee rah ct Tersee [Cera i ee TT; eit Ji i ae a He ae ada HERB HT ii Sum, RESORT MOTEL © 1&2 bedroom units —- queen-size beds © Luxury kitchens, cable TV & direct dial phones © Over-sized par king - = beats ramp if ae mn era Ta ‘a is! amet ga oH hl Hath THE He gine ai t eau Hh Wit ql Ha a wah si = A= includes free cheques and no charge for paying bills or o’Ave., #.0. Box 370, Rorrison Het Springs, 8.C. 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Regional Tourist Associa- tions. Charlie Cohoe, president of the Kootenay Country Tourist Association, and Roy Shields, KCTA regional manager, are on the council executive and one of the two will be attending council meetings. The council was formed to act as the voice of the tourism industry in B.C. In a prepared release Shields says the council’s mandate is to “advance the concerns of the nine regional tourist ‘Canadian VANCOUVER (CP) — Martha Mackie In it to services, Vancity also the day when one of Vancity’s first members walked in off the street 42 years ago and plunked down $300 to invest in the tiny credit union. “Thad never even seen a $100 bill before, let alone three of them,"’ said Mackie, now happily retired at 75. Mackie said she and the 13 others who started Vancity never dreamed it would grow to its present size. Now it is one of the giants in Canada's credit union movement, second in size only to Quebec’s gargantuan Caisses Populaire, which has about six million members and $21 billion in assets. Membership in Vancity, whose original motto was “not for profit, not for charity but for service,”’ has grown to more than 170,000 while assets have reached $1.6 billion. Vancity, short for Vancouver City Savings Credit Union, has 23 branches and ranks third among B.C. financial institutions, behind the Belzberg family’s First City Financial Corp. and the HongKong Bank of Canada, which bought up the troubled Bank of British Columbia two years ago. While many credit unions were formed to serve offers a telephone banking system, a trust division to handle real estate transactions, insurance services and income tax preparation. In 1986 alone, it added 23 new services, including its well-touted Ethical Growth Fund, a socially-aware mutual fund which uses ehtical standards as a criterion for investment. GOOD RETURN The fund, despite restrictions which say invest- BUDGET 6 HOTEL PATRICIA * Renovated in ‘86 * Parking/non-smoking rooms * Gateway to Chinatown and Historical Gas Town * Showers/TV/Phones * Community Pub/Homestyle Food * Compact, Clean & Affordable trom $29 Per Night Reservations 1-255-430 403 Eost Hastings Street ments must be in Canadian ies, with p labor relations, racial equality and no ongoing military projects, has an average eight per cent annual return, putting it among the top five funds in Canada. But its most surprising move was its audacious bid to take over the flagging Bank of British Columbia in 1986. While some say it was too ambitious a move, Williams was disappointed Vancity lost out to the HongKong and Shanghai Bank. Unfazed, Vancity has continued to innovate and last May become the first financial institution in Canada to offer a registered education savings plan. The plan, pioneered by non-; profit societies, allows savings for at one p' or of one nationality, the only common thread running through 'thad never seen a $100 bill before, let alone three of them’ Vancity’s membership appears to be a common dislike of banks. “A lot of People. don’t care for banks and the idea to government or any other body involved in the interests of the provincial tourism industry.’’ Cohoe applauded the forma- tion of the council, noting that it has already met with the Social Credit caucus. “The meeting was successful in securing an additional $2.5 million from the Treasury Board to increase provincial tourism marketing,” said the release. As well, the council has had individual meetings with various provincial MLAs and with Tour- ism Minister Bill Reid. “The purpose of these meet- ings was for on-going discus- sions on the highly successful Partners in Tourism Program,”’ the release added. Cohoe called the program the ‘single largest success story in tourism promotion for the West Kootenay region. It has provided our members with a vehicle by which they can take a ‘hard sell’ message to our ‘short haul’ markets in a collective format. It has been the key to increased tourism revenue in the West Kootenay region and we plan on doing everything possible to ensure its survival.’’ Li isnBny ‘Aopseupeyy 04 yBnosys || isMBMy ‘Aopsuny) — a 997L-S9C edmays seqqny SMa] Ie B.C. to get federal contracts VANCOUVER (CP) — The federal government will open a Pacific region office in Vancouver to give British Columbia businesses the ability to win more federal contracts. Supply Minister Otto Jelinek made the announcement during a cam- paign-style speech to business lead- ers. British Columbia has suffered for the last 20 years when it came to winning government contracts, he said. Although the problem can’t be cor- rected immediately, he said, the government is moving in the right direction because federal procure- ofa ion appeals to them,”’ says Bob Williams, Vancity’s chairman. West Coasters had plenty of reasons to dislike Canada’s eastern-based banks back in Vancity’s forma- tive days. NO MORTGAGES Up until the late 1950s, people on Vancouver's blue collar East side, more than half the city’s population, couldn’t get bank mortgages to buy homes because they were considered too great a risk, said Williams, best known in British Columbia as a member of the provincial legislature and former NDP cabinet minister. If Vancity started the race, the banks and trust companies have been running to catch up ever since, says Wayne McKay, Vancity’s senior president of marketing and member services. It was first major institution in Canada to offer open mortgages in 1959, daily interest savings accounts in Canada in 1967, the first no-fee RRSP in 1975, the first multi-branch banking system in 1977 and the first term deposits for $100, MacKay says proudly. At a time when Canadians are angry about bank service charges, Vancity ranks second lowest among the country’s eight largest banks and trust companies. For example, children under the age of 19 can bank for free at Vancity. The credit union offers adults a popular service package that, for $6.50, a month, to tax free until the child, whose taxable income is still low as a student, uses the money for school. Chosen by The Financial Post as one of the top 100 firms in Canada to work for, Vancity — whose advertising slogan is You Belong With Us — commands surprising loyalty among its 700 employees. “*Ethink the management really cares about staff,’’ says Judy White, a 38-year-old mother of two. White has worked for almost all the chartered banks, but says Vancity offers the best benefits even though she has worked there part time since being hired five years ago. MORE FREEDOM “We have departmental meetings where we discuss problems,’’ she said. ‘‘I never 7 B.C. V6A 1P6 | Travelodge | VANCOUVER COQUITLAM EASY OFF/EASY ON Brunette North at TRANS.CAN/ 9A IWY. 725 Brunette Ave., Coquitlam, BC, V3K 1C3 Call Toll Free (604) 525-7777 FAX 604-525-7777 1-800- * Quality accommodation at reasonable rates * Plenty of Free oversized | parking * Minutes to Lougheed, New Westminster, Coquit'am & Guilford Shop. ng Centres * Direct bus to Skytrain GROUND FLOOR OPPORTUNITY Business is booming. Full or Part-Time Distributors Needed Immediately! ALL NEW BACTERIOSTATIC FILTER My Unique Marketing Plan Can Make You Very Wealthy! DON'T DELAY, CALL TODAY MAX MITSCHELE (604) 689-9830 (Your Collect Call Accepted After 6 P.M.) Suite 702-1165 Burnaby St., Vancouver, B.C. V6E 1P3 meetings like that at the banks, except to tell staff about the latest sales promotions.”’ But dedication to serving members has come at a cost. Williams, whose commitment to social causes once prompted a Social Credit opponent to call him ‘‘the architect of socialism,’’ would like to see the credit union get more involved in helping those with modest incomes, by using its financial clout to finance small job-creating projects or apartment blocks in which tenants become owners. For now, he sees improving Vancity’s bottom line as top priority after a dissapointing showing last year. In 1987, Vancity has net earnings of $1.2 million, down 57 per cent from the year before — partly due to a more conservative accounting approach. “‘Our return has to be increased,”’ says Williams. “We've probably focused too much on innovation and social programs. That, says financial analyst Alix Grainger of the -based could mean higher service charges as credit unions such as Vancity move to bolster their earnings. UtiliCorp issues stocks The U.S.-based company which net income of $10.4 million or 56 The company is based in Kansas owns West Kootenay Power and cents a share. City and provides electric and gas Light has recently offered for sale Richard C. Green Jr., vice presi- service to seven states and to the two-million common shares in its dent and chief executive officer, said West Kootenay. public stock. UtiliCorp United Inc. this year’s second-quarter - results There were 17.9-million common announced the share offering just continue a strong financial perfor- shares outstanding at the end of after the second-quarter results came mance that began with a record first June. The closing price was 17 7/8 in onsthe company’s stock issues. quarter this year. July 25. UtiliCorp is listed on the “We're seeing a more diversified New York, Pacific and Toronto stock The company reported net income earnings base,”’ he said. ‘“‘We think exchanges. of $19.8 million and primary earnings that’s a very healthy sign.”” of $1.04 per common share for the six Green also said quarterly results so months ended June 30. Revenues far this year have benefitted from the were up $57 million to $352 million. contributions of West Kootenay Last year’s revenues for the same Power, UtiliCorp’s Canadian subsi- period were $295 million showing a diary. Ofreat Yourselves =} \ 2 OS) TRESS % a pine: Gttnanay Port O’Call Inn - Calgary’s Romantic Hotel just $4 °°, night with this Special pelea nalts, 11, 1988 1. Scoreboa rs lounge and dining room Manv ation five minutes from Inter ort. Village Square Lelaure Centre ng, malls ort limousine, park-and-fly ting, FOOMS, eX mecut ive suite Ask about our hone cui ps ages. 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