Libro Credit Union announces B Corp Certification and $10.4 million in profits at Annual General Meeting
April 19 2018 - 8:48AM
Libro Credit Union made a major announcement at its Annual General
Meeting (AGM) on Saturday, April 14, revealing accreditation as
part of the Certified B Corporations® movement. “We’ve joined a
global movement that pledges to
use business as a force for
good, reinforcing what we have always done,” said Stephen
Bolton, President and CEO of Libro Credit Union.“By becoming a
Certified B Corporation®, we’re not just telling southwestern
Ontario, we’re telling the world that we care about how we do
business. We’re now able to benchmark and further guide how we put
our Be Libro statement to work.”The announcement is a major step
for the credit union, continuing a process that began in 2014 with
a new statement of purpose – to grow prosperity in southwestern
Ontario by transforming banking. Becoming a B Corp adds measurable,
accountable standards of social and environmental responsibility
and accountability.The performance standards through B Corp are
comprehensive, transparent and verified. Liz Arkinstall, Corporate
Social Responsibility Manager of Libro Credit Union explains: “By
using this certification, Libro Credit Union will be able to
tangibly show how our performance standards and impact on social
and environmental factors for our staff, our Owners, and
communities measure up. We feel good about where we are, and are
excited to use this certification to help guide us in the future.”
Libro Credit Union also announced fiscal 2017 results at AGM. The
credit union distributed $10.4 million to its Owners –because all
our customers are also shareholders – in dividends and profit
shares. This is the highest payout Libro has ever made.Total assets
under administration at Libro grew by 7.7% to a total of $4.4
billion. Libro had an operational net income of $15.5 million, up
$6.8 million the previous year, an improvement of about 80%. Full
information on Libro’s 2017 financial results is available at
libro.ca, and we would be happy to provide leaders and subject
experts for media interviews.
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About Libro Credit Union
Libro is southwestern Ontario’s largest credit union with more
than 103,000 Owners across southwestern Ontario. As a co-operative
financial institution with more than 70 years of history, Libro
supports the well-being of people, businesses and communities by
providing high-quality financial coaching and profit sharing.
Recognized as a 2016, 2017 and 2018 Platinum Level Aon Best
Employer in Canada, Libro offers a full range of financial products
and services for consumers, businesses and farms, including savings
and chequing, investing, and borrowing. Great service can be
experienced through 31 branches, online, telephone, mobile devices
and a network of 4,000 ATMs across Canada. For more information,
visit libro.ca/media.
- 2018.04.19 Media Release - Libro Credit Union announces B Corp
Certification and $10.4 million in profits at AGM
Mike Donachie, Communications Manager
Libro Credit Union
519-672-0130 x4344
mike.donachie@libro.ca