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Committed to you

2019 Annual Report

A Cambrian Credit Union membership means that you are a part of an institution that is committed to providing you value every single day. We strive to solve our members’ financial problems, simplify their lives, and save them time and money. Guided by our core values, we work together with our members to make their financial dreams come true.




Cambrian in the Community

  • Provided $263,610 in donations to 23 charities
  • Gave $149,031 in sponsorships to 33 organizations in our community
  • Provided 10 educational bursaries

Serving our Members

  • Unfee’d $6.242 million in service fees for a total of $42.539 million to date
  • 97.2% of members are satisfied or very satisfied with Cambrian
  • 94.4% would refer friends and family
  • Membership growth of 1,237
  • $8.308 million in surplus shares paid out

Innovative Spirit

  • 170,659 purchases made by Cambrian members using mobile devices
  • Launched Virtual Wealth, a digital investing service to better serve our members

Cambrian Financials

  • Net Income: $18.635 million
  • Asset Growth: 7.43%
  • Efficiency Ratio: 52.73%

Our Staff

  • 280 staff members work to serve our members everyday
  • A combined 448 years of service awarded at our Long Service Awards

Cambrian’s virtual division, Achieva Financial, is proud to have spent another year growing our customers’ savings with confidence. As a self-serve online institution, we are committed to providing innovative, secure and convenient ways to help our customers reach their savings goals. With this in mind, in 2019 we introduced Live Chat on the AchievaMobile app.

Consistently offering the best rates possible while providing a 100% deposit guarantee has strengthened and continued our success since 1998 as one of the longest serving virtual financial institutions in Canada.



to Members

From the Board and Management of Cambrian Credit Union

Net Income
$18.635 million
Asset Growth
Efficiency Ratio

Amidst a rapidly changing and competitive financial environment, we continue to be a value leader in banking. In 2019, we delivered on our commitment to providing our members exceptional value, innovative products and technology and in providing knowledgeable advice and financial guidance.



Our focus on high-quality growth and carefully managed exposure to risk has positioned Cambrian for continued success in maintaining a strong financial foundation.

View our full financials (PDF) at the link below.


Comparative 5-Year Chart

(THOUSANDS OF DOLLARS) 2019 2018 2017 2016 2015
Assets 3,971,441 3,696,794 3,599,082 3,468,031 3,287,985
% Growth 7.43% 2.71% 3.78% 5.48% 6.24%
Net Interest Income 49,966 50,516 45,578 40,235 40,012
Provision for Loan Loss 380 222 700 720 600
49,586 50,294 44,878 39,515 39,412
Other Income 21,599 21,168 20,811 19,712 19,561
71,185 71,462 65,689 59,227 58,973
Operating Expenses 37,739 35,732 35,147 33,020 31,923
Income from Operations 33,446 35,730 30,542 26,207 27,050
Refunded Service Fees 6,242 5,951 5,646 4,911 4,674
Income Tax 8,234 4,554 3,216 3,618 3,805
Net Income 18,635 25,225 21,680 17,678 18,571
Regulatory Share Capital 325 9,364 9,443 9,602 9,717
As a % of assets 0.00% 0.25% 0.26% 0.28% 0.30%
Retained Earnings 294,228 275,593 250,958 229,557 212,156
As a % of assets 7.41% 7.45% 6.97% 6.62% 6.45%
Regulatory Equity
as a % of assets
7.43% 7.71% 7.24% 6.90% 6.75%
Efficiency Ratio 52.73% 49.85% 52.94% 55.08% 53.59%


(in Millions)

Net Income

(in Millions)

Efficiency Ratio

(Operating Expenses as a % of Revenues)


(in Millions)


(in Millions)

Regulatory Equity

(in Millions)


of Directors

Our Board of Directors have optimized Cambrian Credit Union’s performance amongst our competition through strong, responsible, and ethical governance. As Cambrian members themselves and voted in by you, the Board’s invested interest has directed us to be the organization we are today.

Ken K. Lamoureux


Judy Mathieson


Alan Curd


Howard Falk


Cindy Genyk


Paul Holden


Jeffrey Morton


Valerie Romanow


Guy Whitehill



Annual Report

As part of our commitment to building relationships with our members, Cambrian provides an Annual Report for you to review our financial health and our operational achievements during the previous year. Our Board of Directors invites you to review our past Annual Report.

Our presence is strong and trusted throughout the marketplace as we continue to thrive, experiencing deposit growth of $265.589 million or 7.82 per cent, loan growth of $112.840 million or 3.51 per cent and increasing our assets by $274.617 million finishing the year with 7.43 per cent growth to $3.971 billion. Our focus on managing risk exposure and responsible growth strengthened Cambrian’s solid capital position, experiencing total regulatory equity growth reaching $9.596 million, 7.43 per cent of assets or 14.25 per cent of risk weighted assets.

At Cambrian, we deliver on providing value to our members with our great price and hassle-free service. In 2019, we Unfee’d $6.242 million back to our members and rewarded over $463,000 with Cambrian’s Green for Green program. Our unique value added approach is something that our members have come to expect and has significantly influenced the overall growth of our membership. In 2019, we welcomed over 5,000 new members to Cambrian as a result.

The greatest benefit of membership is sharing our success. Based on our commitment to providing our members exceptional value, in 2019 we released equity back to our members, and not just the annual dividends payment. Because of our exceptional financial strength, Cambrian was able to pay out $8.308 million in member surplus shares in their entirety last year.

Another one of our measures of success is our efficiency ratio, a percentage demonstrating how much it costs Cambrian Credit Union to earn revenue. We strive to be operationally excellent and this year with our focus on increasing productivity, lowering costs, minimizing waste and leveraging technology we were able to achieve an efficiency ratio of 52.73 per cent. We are extremely proud of this achievement that not only makes us one of the most efficient credit unions, but one of the most efficient institutions in the Canadian financial services industry.

We continue to reinvest in our business, focusing on accelerating the innovations that help us transform and achieve our vision as an industry leader in the financial sector. In 2019, we launched Samsung Pay and Google Pay, providing our members a fast, secure and easy way to make everyday purchases using their smartphone or device. Now offering mobile payment options for all device types, over 6,000 members have set up their mobile wallets, completing 170,659 transactions using their smartphone or device throughout the year. We also launched Live Chat within CambrianOnline, providing members a simple and convenient way to connect with us in real time.

In 2019, we launched Samsung Pay and Google Pay, providing our members a fast, secure and easy way to make everyday purchases using their smartphone or device.

This year we developed and delivered two new online tools, the PayOff Debt Calculator, an online tool to help our members understand the benefits of paying off their debt and the Home Affordability Calculator, which helps our members understand how much home they can afford and what their mortgage payments would be. Both tools provide results within minutes and deliver valuable information to our members helping them make informed financial decisions.

Our virtual division, Achieva Financial, continues to provide our customers with simple and self-serving ways to achieve their savings goals. This year, we introduced Live Chat for the Achieva Mobile App, making communication convenient and allowing us to engage with customers in a new way.

Cambrian’s Wealth Management Team is committed to the financial well-being of our members, providing personalized wealth building and investment strategies. Our members seek choice in how they do business with us, so this year we introduced a new digital advice solution through Aviso’s VirtualWealth, a self-service option for members looking for a professionally managed, digital investing solution.

At Cambrian, one of our five core values is community involvement. As a financial co-operative, we believe it’s important to support activities and events that strengthen our local community and we’re committed to donating a percentage of our pre-tax profit to community charities, agencies, not-for-profits and sponsorships. In 2019, Cambrian gave back $412,642 in support of 56 local organizations and countless volunteer hours within our community.

We are proud to attract and retain talented, passionate and dedicated employees. With a staff complement of 280, our front line staff, management and Board of Directors work together to drive results and deliver exceptional value to our members. Our management team leads our employees to reach our strategic vision while encouraging and empowering them to reach their full potential. Our Board of Directors are Cambrian Credit Union members themselves with invested interests and the greatest understanding of our member and credit union needs. They are committed to achieving high levels of success and continue to lead us by setting policy and directing our corporate strategy.

Managing change is a primary responsibility of your Board. Our President and CEO, Tom Bryk, will be retiring on May 1, 2020 after leading our organization for 21 years. During his tenure, our assets have increased tenfold, and our financial strength has increased at an even faster pace. This has allowed us to bring exceptional value to our members, and in turn enables us to invest in innovative solutions to improve member experiences, and facilitates our strong support of the community. Thank you Tom for your many contributions to Cambrian’s successes. In managing Tom’s departure, the Board has been involved in a selection process, with the assistance of an independent recruitment firm, and we are delighted that our Chief Operating Officer, David Mortimer will succeed Tom as our next President and CEO.

To our members, thank you for your continuing commitment to Cambrian Credit Union. Your trust and confidence has allowed us to become the successful organization we are today and allows us to continue moving forward in offering innovative ways to meet the needs of our members. As we look to the years ahead, we remain committed to you, and look forward to working together to make your financial dreams come true.

On behalf of the board,

Ken K. Lamoureux, ACCUD, CGEIT, ICD.D

Board Chair

On behalf of management,

Tom Bryk, FCPA, FCA, ICD.D

President & Chief Executive Officer