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MEDIA RELEASE
FOR IMMEDIATE RELEASE
5th AGM: Caisse Alliance Continues to Contribute to Building a Strong and Healthy Future for Northern Ontario Communities
NORTH BAY, April 26, 2023 – As part of its 5th Annual General Meeting (AGM), held yesterday, April 25th, in person at Kapuskasing’s Centre régional de Loisirs culturels and virtually via simultaneous broadcast, Caisse Alliance’s management team presented a solid financial outcome for the period ending December 31, 2022. It was an opportunity for members to learn about the financial results, as well as their financial cooperative’s many successes, accomplishments, and a modernization project currently underway.
Financial Results
The Chair of Caisse Alliance’s Board of Directors, Mr. Grégoire Lefebvre, announced that 2022 was a strong year financially for the Caisse with assets in excess of $2.3 billion. This represents an unprecedented growth of 52% since January 1st of 2018. Before taxes and dividends, the profit was $3,530,000 despite rising interest rates. Loans to members exceeded $2 billion, and while member deposits grew at a slower pace due to the inflation rate, the year-end number was just shy of $2 billon. Mr. Lefebvre states that “we had a successful year despite the current economic climate and the Caisse’s team ensured that precautionary and cost-effective measures were implemented to manage liquidity and provide for this growth”.
Dividends and Community Contributions
As a result of this year’s profits, the Caisse returned more than $3 million to its members and communities in addition to donations and sponsorships totalling $1,093,547. Caisse Alliance continues to make significant contributions to ensure that the Northern communities remain healthy and strong. It also provides support to many organizations for projects across the region. “Our cooperative spirit ensures that our prosperity is shared. Our commitment to the well-being of our members and to the vitality of our communities is at the very core of our values and objectives, affirms Pierre Dorval, President & Chief Executive Officer of Caisse Alliance. We are people of the North working for the people of the North.”
Annual Report
Caisse Alliance’s annual report is available online at caissealliance.com and in branch. A video recording of the AGM will also be broadcast on our website. Our management team remains available to answer questions from our members.
Board of Directors and Governance
“The members who make up the Board of Directors come from six Northern and Nipissing regions, and this ensures that our mission, our vision and our values are consistently adhered to”, states Mr. Lefebvre. During the AGM, two directors representing two regions were elected. They are Diane Macameau-Plourde (North West Region) and Martin Rancourt (North Central Region). “We wish to congratulate them and thank those who submitted their candidacies.”
“Holding an election in two regions is a first since Caisse Alliance was founded five years ago, mentions Mr. Dorval. There has been a renewed interest with people taking an active role in the governance and the democratic process of our cooperative as evidenced in our regional cooperative committees and communities. We have noticed a greater participation and a desire to voice opinions. Fortunately, the decision-making ability remains here in Northern Ontario.”
As a forward-thinking financial cooperative looking to ensure its long-term success, a full range of online products and servicesaligned with current and future realities must be offered. The President & Chief Executive Officer is announcing that change is on the horizon. “Innovation, autonomy, and flexibility require that we invest in our tools and practices to be more responsive and relevant with the services we offer. Our members have specific needs, and our developing project will provide us with the ability to better meet those needs. The Caisse is comprised of an avidly dedicated team of approximately 350 employees who value quality service and the success of our cooperative. We are eager to share more details at an opportune moment and explain how you can also contribute to its success.” The Caisse wishes to thank all of its personal and business members for their trust. “Thanks to your loyalty, the Caisse attains strong growth year after year,” concludes Mr. Lefebvre.
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Media Contact
Emilie Deschênes
Communications Advisor, Caisse Alliance
Email: emilie.deschenes@caisse.coop
Telephone: 705 465-3913
