Message from the board and management

2020 is a year we will never forget. It began with the usual post-holiday calm and we all looked forward to getting through the last weeks of winter and welcoming spring. Then suddenly, everything changed.

At Kootenay Savings, we talk about being agile,
responsive and innovative. COVID-19 proved
just how nimbly we could react and adapt.

At the onset of the pandemic, a response team was established to make rapid alterations to the way employees worked and members were served. First and foremost, the ongoing safety of employees and members was top of mind.

The resilience of our employees was nothing short of remarkable. Many were relocated to work from home and required the help of our Technology Solutions Team. As an essential service, most of our member facing employees continued to work from branch locations and quickly adapted to the new safety protocols, as did employees supporting branch operations.

Members, too, adjusted swiftly to the reality of the situation. We soon saw drastic changes in the way the majority of members were banking. While the past few years have seen a steady upward trend in the use of our self-serve channels, the pandemic brought everyone to the table.

For our wealth management arm, Kootenay Savings MoneyWorks, market volatility and COVID-19’s effect on the overall economy were the daily news. Markets experienced sharp declines, but by year-end they had made substantial recoveries. Our advisors provided clients with knowledgeable, independent advice during a difficult time and investors who remained committed to their long-term planning successfully weathered the storm.

The year also required our insurance partner to conduct business in new ways. Kootenay Insurance Services Ltd. continued to contribute to the success of our organization and ended the year with a strong positive result.

Many local businesses were forced to restructure service levels and pivot their operating models. Our Commercial Services Team helped business owners survive this tumultuous time by providing sound advice and much needed financial relief. In total, our commercial loan portfolio grew by $55.6 million. These loans included new programs through the Government of Canada as well as our own unique products.

On the financial side, our assets grew to $1.35 billion over the year while dollars under management increased 7.69% to $2.67 billion. Despite the pandemic, we were pleased to declare a 1.25% profit sharing dividend, which paid almost $350,000 to member-owners.

Throughout the year, we continued to work on enhancing technologies and improving processes with the end goal of providing members seamless service across all channels. In the spring, we introduced our Virtual Advisor, another convenient way to access banking information 24/7. We also began work on an exciting project – a new online experience for Kootenay Savings members featuring a new website, online banking program and mobile app. Watch for these new products to be unveiled later in 2021.

As much as the pandemic darkened our personal and work lives, there now appears to be light at the end of the tunnel. This will undoubtedly bring another “new normal” for Kootenay Savings.

While we will continue to evolve, you can be confident some things will never change. Our members and employees will always be our first priority. We thank you all sincerely for so gracefully accepting and adapting to the changes and the reality of the past year. A brighter future will be your reward.