Pat Giles elected to NLCU board

News Release
NLCU

Northern Lights Credit Union held its annual general meeting with its membership shareholders on April 18th, 2007 at the Victoria Inn, in Thunder Bay.
Doug Robinson, President & Chief Executive Officer, announced dividends of 10% on all of the Membership Shares and Investment Shares for the 2006 year along with an interest rebate of 5% on all Consumer Mortgages. In total, $400,308 was returned to the members.
A very successful and profitable year allowed for the substantial dividends and rebates. The dividends and rebates received by the Northern Lights Credit Union membership equaled 47% of the taxable income generated by the credit union during the fiscal year. Doug stated that 41% of the taxable income was transferred to reserves to create additional financial stability for the Credit Union and its members.
Doug also reported at the membership meeting that asset growth in 2006 was approximately $5.8 million.
Elected to the board of directors were Patrick Giles (Rainy River), Carlene Steiner (Dryden), Eileen Jeffery (Sioux Lookout) and Steven Harasen (Thunder Bay). They will serve with Rose Blair (Dryden), Barbara Bond (Thunder Bay), Gordon Dingman (Vermilion Bay), Michal Eliuk (Sioux Lookout), Ken Hampton (Fort Frances), Robert Ivanowich (Dryden), William Otway (Thunder Bay) and Carole Wilde (Fort Frances).

The members of Northern Lights Credit Union approved amendments to the By-laws to create a Term Limit of 4 consecutive terms for Directors.