Toronto-region cooperative bank surpasses $500 million asset bar

DUCA increases volume by 25 percent

WILLOWDALE, Ontario - Members of DUCA Financial Services Credit Union Ltd. can look forward to solid and upbeat reports at the cooperative bank’s March 26 Annual General Meeting, if the February 2003 membership bulletin DUCA Post is any indication. Nearly all the line items of the unaudited report in the Post increased by double digit percentages. The 12-branch Toronto-region organization started by Dutch immigrants in the early 1950s now manages slightly over $500 million in asset, up nearly $100 million or 25 percent from a year ago.

Among the other statistics are those on ‘shares and deposits from members’ (the number now is above 30,000), up by 26 percent to $460 million while the bank’s loan portfolio increased by 23 percent to $370 million. Also increasing but more modestly is DUCA’s ‘capital and reserves’, mostly by way of its Class ‘A’ Bonus Shares, for a total of $37.5 million. The rise in operating revenue has dropped to five percent for a new high of $23.6 million. Operating expense now is $9.7 million, 2.2 percent ‘as a percentage of average assets’.

DUCA which issues its bonus shares to members based on interest paid or received, now employs a full time staff of 81 and part time 21. The full time number increased by nine, the part time group decreased by 2 over the previous year. The bank’s most northern branch, located in Orangeville, is the latest one to be upgraded. The branch was scheduled to move into a new location where it will have a drive-thru ATM, a night depository and safety deposit boxes.

At its year end dinner for staff and board, three members from the board were singled out for special attention. The three each completed their 25 years of service with DUCA: Past Chairman and current Director and Vice Chairman, Marten Mol; Director John Oostrom, a former Member of Parliament for Toronto-Willowdale; and Recording Secretary for the Board, Tine Stewart.