Year in Review Vuosikatsaus

Transkriptio

1 2008 Year in Review Vuosikatsaus

2 Osuuspankki Meidän pankki We are proud once again to report that our financial institution has continued to prosper, even during difficult times with today s economy. We have continued to support our Osuuspankki community and our Finnish community. Most importantly, we have continued to grow our relationships with each and every Member, making sure that they and their families will not have to suffer with the changes happening in the economy today. Whether it is an individual, organization, business or family, being here for everyone is what we do best. We look forward to working with you in continuing to serve you with all of your financial needs. Serving our community for 50 years!

3 Report of the Board and General Manager Johtokunnan ja toimitusjohtajan raportti Marja-Liisa Konttinen Chair, Board of Directors Antero Elo General Manager The Directors and Management are pleased to report continuing good performance during 2008, which echoes the trend of the past two years, excluding special circumstances. The dedicated and professional staff in Osuuspankki and our on-going efforts in offering customer-focused and personalized banking services place us in a fair position to face the challenges anticipated with the more unfavourable 2009 economic outlook. In planning for the future, we aim for profitability, but we are always mindful of the sense of responsibility we have to our members in maintaining our Finnish heritage was a milestone year for Osuuspankki and its members, as we celebrated our 50th Anniversary in October at the On the Park Banquet Facility (formerly Inn on the Park Hotel). In the audience of over 300 people was Hannu Aalto, the first member of Osuuskassa, as Osuuspankki was initially called. He entertained the members with the story of how his $5 started what is now an over $30 million credit union. We were extremely honoured by the presence of Mr. and Mrs. Reijo Karhinen, from Finland s Pohjola Bank, who had celebrated the credit union s 40th anniversary 10 years ago and wanted to be a part of our 50th gala. The members were also introduced to His Excellency and Mrs. Risto Piipponen, the newly appointed Finnish Ambassador. Following the formal agenda, there was no better way to end the evening than with the music of the Black Tie, a Finnish-Canadian dance band. Members enjoyed themselves on the dance floor. Everyone left with their own customized photo as a memento of the event. The feed-back from our members has been unanimously positive and thanks are due to the organizing committee and staff for making this an evening to remember! Financially we had another successful year. Our loan and mortgage portfolio grew by 5.8% to $25.5 million continuing a strong demand for loans. In the past seven years this portfolio has grown by almost $9 million. While some of Johtokunta ja pankin johto ovat tyytyväisiä vuoden 2008 hyvään tulokseen, mikä on muutamaa poikkeusta lukuunottamatta jatkoa kahdelle edelliselle vuodelle. Osuuspankin työlleen omistautunut ja ammattitaitoinen henkilökunta ja pyrkimyksemme tarjota asiakaslähtöistä ja henkilökohtaista palvelua antavat hyvän lähtökohdan vuoden 2009 taloudellisille haasteille. Tulevaisuudessa tavoitteenamme on toiminnan kannattavuus, mutta otamme toiminnassamme aina huomioon suomalaisen perinteen säilyttämisen. Vuosi 2008 oli merkkivuosi Osuuspankille ja sen jäsenille viettäessämme 50-vuotisjuhlaamme On the Parkin juhlatiloissa (aiemmin Inn on the Park Hotel) lokakuussa. Osallistujia oli yli 300 ja mukana oli myös Hannu Aalto, Osuuskassan ensimmäinen jäsen. Osuuskassa oli Osuuspankin alkuperäinen nimi. Hannu Aalto viihdytti juhlayleisöä kertomalla kuinka hänen viisi dollariaan oli alku nykyiselle 30 miljoonan dollarin arvoiselle credit unionille. Meillä oli kunnia saada myös OP-Pohjola-ryhmän pääjohtaja Reijo Karhinen puolisoineen juhlaamme. Pääjohtaja Karhinen oli 10 vuotta aikaisemmin mukana Osuuspankin 40-vuotisjuhlissa ja halusi osallistua myös 50-vuotisjuhlaamme. Suomen uusi Kanadan-suurlähettiläs Risto Piipponen puolisoineen osallistui myös juhlaan. Virallisen osuuden jälkeen loppuillan juhlaväkeä viihdytti kanadansuomalainen Black Tie orkesteri tanssimusiikillaan. Jokainen sai lähtiessään mukaan valokuvan itsestään muistoksi juhlatapahtumasta. Jäsentemme antama palaute juhlasta on ollut erittäin positiivista ja kiitos siitä kuuluu järjestelytoimikunnalle ja henkilökunnalle, jotka tekivät illasta ikimuistettavan! Taloudellisesti vuosi 2008 oli menestyksekäs. Laina- ja asuntolainaportfoliomme kasvoi 5,8 % ja oli 25,5 miljoonaa dollaria lainojen kysynnän jatkuessa vahvana. Viimeisen seitsemän vuoden aikana portfolio on kasvanut melkein 9 miljoonalla dollarilla. Joitakin talletuksia on poistunut mm. kuolinpesien selvitysten myötä, mutta onnistuimme 1

4 our deposits have been withdrawn for reasons such as the settlement of estates, we managed to attract sufficient new deposits to increase our total deposits by about $600,000 to over $31 million. As a condition of membership in the Credit Union Central of Ontario, all Ontario credit unions had to take on their books their proportionate share of Central s ABCP investments. By the end of the fiscal year their value had diminished as described in detail by our external auditor in the notes to the Financial Statements. It is unfortunate that actions by Central and totally out of our control resulted in us having to write down almost $70,000 with the resulting impact directly on our profitability. We can only hope that over the next eight years, the term of most of these notes, we will be able to recover most of these write downs or perhaps even make some income. Operationally 2008 was a successful year. Even with the write downs, our banking operations showed a profit and the income from our building operations brought the total to a point where the board was able to again declare a dividend. At a time when most credit unions, banks and companies are either canceling or seriously reducing their dividends, we are pleased to declare a dividend in the same amount as last year. For the eighth consecutive year the Directors are pleased to declare a dividend to our members, following our practice of returning to the members all funds deemed to be surplus to the requirements for prudent financial management. As in 2007, the dividend consists of two parts: a 6% bonus interest on total interest paid in 2008 on most term and demand deposits and a general 20% dividend on their shares, to members in good standing as at December 31, The share dividend is equivalent to $10 per member share. Beyond the member dividend, we believe in supporting those Finnish organizations that are important to our members - whether in pursuit of cultural, educational, health or societal matters. For the first time in our history, Osuuspankki has adopted a position on how the member share dividend could be spent. In the spirit of the credit union movement, where the members use their group resources for the common good, Osuuspankki is inviting each of our members, acting individually, to consider donating their $10 dividend to their preferred Finnish community group. On its own the $10 member dividend is a small amount. But grouped together, it can amount to $20,000 and if placed in the hands of the Finnish community organizations, it can be put to good use in these economically challenging times. Further, to encourage donations, the credit union will match the member donation with funds from our 2009 donations budget thus making a total of $40,000 available. During the past year we continued our support of various Finnish organizations and events. We also continued the support of our younger members by providing scholarships to assist in their post-secondary school studies. Since 1967 the credit union has granted 167 scholarships and just in the last five years approximately $23,000 has been distributed to deserving students. We see these initiatives as a very important part of our support of our members and of the Finnish community as a whole. We are continuing our marketing efforts to expand our membership base within the Finnish community, with a special attention to the younger generation. Redesign of our website to attract more of the next generation of members is a priority marketing project that was started in 2008 and will continue into this year. In 2008, we redesigned our printed materials which not only promote our services, but proudly link us to our culture and heritage, the Finnishness. The fresh look they convey has been very well received by our member community. The Osuuspankki history book is almost complete and is presently receiving its final touches. Our marketing manager has been busy organizing the Business Club meetings which are targeted for Finnish Canadian business owners to share and exchange business ideas. This was also the second year to recognize the Finnish-Canadian Entrepreneur of the Year, a partnership project with the Canada Finland Chamber of Commerce. This year s recipient was Esko Mattila of Flint Packaging. Last fall we hosted the second Kids Day, or Hippo-kisat, with competitions, gifts, entertainment and snacks for all. We hope to make this an annual event. A year ago the government amended the Credit Unions and Caisses Populaires Act which governs all credit unions. Recently the Regulations to the Act have been circulated for comment and we expect the new Act and Regulations to come into full force during These changes will require us to make some amendments to our by-laws although they will not have any significant impact on our operations. Any required amendments will be presented to the membership at an appropriate time. The operations of the credit union are reviewed not only by our external auditor but also various regulatory bodies. Although all of these indicate that we are well managed and that we have appropriate risk management procedures in place, the board and management carefully review each report in order to improve our operations and the impact of identified risks. We wish to congratulate Airi Broughton and Arja Valicek on having reached a milestone 20 years with the Credit Union. As we celebrated 50 years of credit union history in 2008 we wish to acknowledge their contribution and thank our staff for their dedication to make Osuuspankki our bank. April 2009 Marja-Liisa Konttinen Chair, Board of Directors Antero Elo General Manager 2

5 silti saamaan riittävästi uusia talletuksia kasvattaen kokonaistalletussummaa noin dollarilla yli 31 miljoonaan dollariin. Credit Union Central of Ontarion jäsenyyden ehtona kaikkien Ontarion credit unioneiden oli otettava osuus Centralin ABCP-investoinneista. Tilivuoden loppuun mennessä investointien arvo oli pienentynyt, kuten tilintarkastajamme taseita koskevissa selityksissä on mainittu. Valitettavasti Centralin meistä riippumattoman toiminnan vuoksi meidän osuutemme arvo aleni lähes dollaria, mikä vaikutti suoraan kannattavuuteemme. Toivomme, että seuraavan kahdeksan vuoden aikana investointien erääntyessä niiden arvo palautuu tai jopa tuottaa tuloa. Toiminnallisesti vuosi 2008 oli menestyksekäs. Centralin toiminnan aiheuttamista vaikeuksista huolimatta pankkitoimintamme tuotti voittoa, mikä yhdessä Osuuspankin kiinteistön vuokratulojen kanssa mahdollistaa jälleen osinkojen maksamisen jäsenillemme. Nykytilanteessa useimmat credit unionit, pankit ja yritykset joko peruuttavat tai huomattavasti pienentävät osinkojen määrää, mutta Osuuspankki on tyytyväinen voidessaan maksaa osinkoja saman verran kuin edellisenä vuonna. Jo kahdeksantena vuonna peräkkäin johtokunta voi ilmoittaa jäsenille maksettavista osingoista, palauttaen jäsenille totuttuun tapaan osan ylijäämästä. Samoin kuin edellisenä vuonna, osingot on jaettu kahteen osaan: kuuden prosentin bonuskorko useimmista vuonna 2008 maksetuista käteis- ja määräaikaistalletusten koroista ja yleinen 20 prosentin osinko jokaisesta tilistä, jossa oli jäsenosuus Osinko on $10 jokaista jäsenosuutta kohden. Osinkojen lisäksi haluamme tukea suomalaisia organisaatioita, jotka ovat tärkeitä jäsenillemme olipa kyseessä kulttuuri, kasvatus, hyvinvointi tai yhteiskunnalliset asiat. Ensimmäistä kertaa historiassamme Osuuspankki esittää jäsenilleen vaihtoehtoisia tapoja käyttää osinko. Credit union hengen mukaisesti jäsenet käyttävät ryhmävoimavarojaan yhteisen menestyksen hyväksi, joten Osuuspankki kehottaa jokaista jäsentään henkilökohtaisesti harkitsemaan 10 dollarin osinkonsa lahjoittamista valitsemalleen suomalaiselle toimintaryhmälle tai järjestölle. 10 dollarin osinko on yksinään pieni summa, mutta jos me kaikki lahjoitamme sen suomalaisille järjestöille, voi kokonaissummaksi kertyä dollaria. Lahjoituksesta voi olla suuri apu tänä taloudellisesti haasteellisena aikana. Sen lisäksi Osuuspankki on lupautunut kaksinkertaistamaan jäsentensä antamat lahjoitukset käyttämällä vuoden 2009 lahjoitusbudjettiaan, minkä ansiosta kokonaissumma nousee dollariin. Vuoden aikana jatkoimme useiden suomalaisten organisaatioiden ja tapahtumien tukemista. Jatkoimme edelleen myös nuorten jäsentemme tukemista heidän high schoolin jälkeisissä opinnoissaan opiskelijastipendeillä. Vuodesta 1967 alkaen Osuuspankki on myöntänyt 167 stipendiä ja viimeisen viiden vuoden aikana noin dollaria on jaettu ansioituneille opiskelijoille. Nämä ovat mielestämme erittäin tärkeitä keinoja tukea jäseniämme ja koko suomalaista yhteisöä. Markkinoinnissa jatkamme edelleen uusien jäsenten tavoittamista suomalaisen yhteisön sisällä ja keskitymme erityisesti nuorempaan sukupolveen. Osuuspankin nettisivujen uudistaminen on yksi tärkeimmistä markkinointiprojekteistamme, jonka toivotaan houkuttelevan uusia seuraavan sukupolven jäseniä. Projekti alkoi vuonna 2008 ja jatkuu tämän vuoden puolella. Vuonna 2008 uudistimme jäsenmateriaalimme, joka esittelee palvelujamme sekä sitoo meidät kulttuuriimme ja perinteeseemme, suomalaisuuteen. Jäsenmateriaalimme uusi ulkonäkö on otettu hyvin vastaan jäsentemme keskuudessa. Osuuspankin historiateos on valmistumassa, ja se on viimeistelyvaiheessa. Markkinointipäällikkömme on aktiivisesti järjestänyt Business Club tapaamisia, joissa kanadansuomalaiset yrittäjät voivat tavata ja vaihtaa liikeideoita. Vuonna 2008 Osuuspankki myönsi toista kertaa vuosittaisen kanadansuomalaisen yrittäjäpalkinnon yhdessä Kanada-Suomi-kauppakamarin kanssa. Tällä kertaa palkinto myönnettiin Flint Packagingin Esko Mattilalle. Viime syksynä järjestimme toista kertaa myös Hippokisat kilpailuineen, lahjoineen ja tarjoiluineen. Toivomme tapahtuman jatkuvan vuosittain. Vuoden 2007 alussa hallitus muutti Credit Unions and Caisses Populaires Actia, mikä säätelee kaikkia credit unioneja. Ohjesääntömuutokset tulevat todennäköisesti voimaan vuoden 2009 aikana. Muutokset vaativat meitä tekemään joitakin muutoksia sääntöihimme, vaikka ne eivät todennäköisesti vaikuta toimintaamme merkittävästi. Tarvittavat muutokset tullaan esittämään jäsenillemme sopivana ajankohtana. Osuuspankin toimintaa valvotaan ulkoisten tilintarkastusten ja muiden lakisääteisten tarkastusten kautta. Vaikka kaikki nämä tarkastukset ovat osoittaneet, että toimintamme ja riskienhallintamme on hyvin järjestettyä, johtokunta ja pankin johto tarkastavat silti huolellisesti kaikki raportit, jotta voisimme parantaa toimintaamme ja vähentää riskien mahdollista vaikutusta. Haluamme tässä yhteydessä onnitella Airi Broughtonia ja Arja Valicekia 20 vuoden työpanoksesta Osuuspankissa. Juhliessamme 50-vuotista Osuuspankkia haluamme samalla huomioida heidän työpanoksensa ja kiittää Osuuspankin henkilökuntaa heidän työstään, jonka ansiosta Osuuspankki on meidän pankki. Huhtikuussa 2009 Marja-Liisa Konttinen Johtokunnan puheenjohtaja Antero Elo Toimitusjohtaja 3

6 2008 Board of Directors Johtokunta John Majanlahti Executive Committee / Työvaliokunta Marketing Committee / Markkinointitoimikunta Risk Management Committee / Riskienhallintatoimikunta Gala Committee / Gaalatoimikunta Karen Kelar Vice-Chair of the Board / Varapuheenjohtaja Marketing Committee / Markkinointitoimikunta Gala Committee / Gaalatoimikunta Pirjo Ojanen Audit Committee / Tilintarkastustoimikunta Marketing Committee / Markkinointitoimikunta Human Resources Committee / Henkilöstötoimikunta Risk Management Committee / Riskienhallintatoimikunta Gala Committee / Gaalatoimikunta Petri Hasanen Audit Committee / Tilintarkastustoimikunta Executive Committee / Työvaliokinta Marketing Committee / Markkinointitoimikunta Markus Räty Marketing Committee / Markkinointitoimikunta Human Resources Committee / Henkilöstötoimikunta Investment Advisory Committee / Sijoitustoimikunta Gala Committee / Gaalatoimikunta 4

7 Personnel Toimihenkilöt Airi Assistant Branch Manager Liisa Marketing Manager Bawani Financial Services Manager Ulla Loan Officer Katri Arja Elke Raija Loan Clerk Member Service Representative Member Service Representative Member Service Representative 5

8 50th Anniversary 50th Anniversary Book We will soon have our 50th Anniversary Book available for purchase. This bi-lingual book covers many stories and happenings which our credit union has experienced over the years. Contact our credit union to reserve your copy. This year marked a milestone in our credit union s history. We have been in business for 50 years and celebrated the occasion by holding a 50th Anniversary Gala for our members. Together we celebrated our common values, our common culture and heritage - the Finnishness. We were honoured by the presence of His Excellency and Madame Piipponen, the Ambassador of Finland, Mr. and Mrs. Karhinen from OP- Pohjola-Group in Finland, some of the founding members of Osuuspankki and many members who have made our credit union what it is today. It was a night to remember. Juhla oli omistettu jäsenillemme, joita ilman ei tapahtuma olisi ollut mahdollinen. Juhlimme ylpeinä yhteisiä arvojamme, yhteistä kulttuuriamme ja perinnettämme suomalaisuutta. Meillä oli kunnia saada Suomen Kanadan-suurlähettiläs ja rouva Piipponen, OP-Pohjola-ryhmän pääjohtaja ja rouva Karhinen sekä perustajajäseniämme juhlaamme. Ilta oli ikimuistoinen. More gala photos visible on our website photo gallery 50-vuotishistoria Osuuspankin 50-vuotishistoria on pian myytävänä. Kirja on kaksikielinen, ja se sisältää monia tarinoita ja tapahtumia Osuuspankin historian ajalta. Jos haluat varata kirjan, ota yhteys Osuuspankkiin. 6

9 We wish to thank all of our sponsors for helping make our 50th Gala a great event. 9

10 2008 Financial Matters We believe in a low fee environment. Contrary to most of the big banks, the operations of Osuuspankki are financed mainly by the financial margin, that is, the difference between what we charge for loans and what we pay in interest on deposits. Included below are the dividends that were distributed to our members. A total of $42,000 was distributed as we shared those profits which were not needed to remain compliant with credit union regulations. Even in the current challenging economic climate Osuuspankki had a very successful The following summarizes our assets and liabilities at the end of the year. Assets Current Assets $ 3,962,708 Investments 3,343,920 11% 79% 8% 2% Interest - loans and mortgages Interest on investments Other income Rental income Where does the money go? Financial Expenses (e.g. interest, dividends, deposit insurance) $ 923,002 Salaries, fees, benefits 542,464 Administrative Office Expenses 76,018 Loans Receivable 25,414,305 Capital and other assets 1,378,375 Total assets $ 34,099,308 Liabilities Current Liabilities $ 412,727 Members Deposits 31,420,725 Other Liabilities 6,500 What s the source of our income? Interest - loans and mortgages $ 1,487,678 Interest from investments 205,503 Other income Rental income 141,938 41,478 $ 1,876,597 Advertising and Promotion 84,018 Others (data processing, bonding, professional fees) 162,040 Depreciation and amortization 45,879 Income taxes 7,600 $ 1,841,021 Members Equity 2,259,356 Liabilities and Equity $ 34,099,308 Full financial reports are available on request. 8

11 Loans & Mortgages Fiscal year 2008 was another active year for loans and mortgages. The following is the report from our loan officers. Lainavirkailijamme ilmoittivat luottojen jakautumisen tilivuonna 2008 seuraavasti. Purpose Number Amount Tarkoitus Automotive purchase 13 $ 187,275 Auton osto Automotive repair 1 5,000 Auton korjaus Recreational vehicle 1 12,500 Vapaa-ajan kulkuneuvo Household expenses ,644 Kotitalouskulut Vacation 1 10,000 Loma/Matka Medical/Dental Terveydenhoito Investment 6 45,000 Investoinnit Consolidation ,832 Lainojen yhdistely Education 9 35,300 Opiskelu Renovation/Repairs 3 42,000 Kiinteistön korjaus Lines of Credit/Authorized overdrafts 15 77,000 Luottotilit Personal Equity Lines of Credit 8 955,934 Luottotilit, kiinteistöön sidotut 1st Mortgages 14 1,586, kiinnelainat 2nd Mortgages 3 207, kiinnelainat Commercial Lines of Credit 3 50,000 Yritysten Iuottotilit Commercial Lines of Credit, secured 9 1,439,000 Yritysten taatut luottotilit Bridge Financing 2 190,000 Bridge-rahoitus Other 7 62,940 Muut lainat Loans processed 138 $5,267,635 Hyväksytyt lainat 9

12 Our Finnish Community Sponsored group: Philip Aziz Charity Golf Tournament Sponsored group: Toronto Finlandia Lions Club The Finnish community is very important to us. It defines who we are and the people we are here to service. We are proud to be a key Finnish institution not only for individuals, but for many organizations. Many of us have had dealings with different organizations, whether it be a church, sports group, art group, cultural group, charity or business. The difference in peoples lives all these groups have made is integral in our community. This is the reason why Osuuspankki wants to be here to help all Finnish organizations. Finnjoy (also known as the Finnish-Canadian Grand Festival 2008) was a large cultural event which happened in June. It pulled many individuals together to create a team of volunteers who were successful in giving back to the community financially. Osuuspankki was glad to be a sponsor of the Finnjoy Nordic Golf Tournament and take part of the Nordic Fair. Account Services Our credit union has continued to support many of our non-profit organizations so that they may give back to the community with their services. Our $3.95/ month Community account is very popular for larger organizations who have many debit transactions each month. Our smaller organizations who issue payments on a less frequent basis, use our Business Current account. We also have a Business Savings and term deposits available to help earn better interest when using the funds at a later date. When Merchant Services are required to run dances, festivals or major fund-raising events, discounted rates for non-profit organizations may be negotiated. Many people wish to use credit cards as a source of payment and we can help your organization provide the means to do so at a surprisingly lower cost. Sponsorship Recipients Among our Finnish organizations which we sponsored in 2008 were: Grassroots Floorball Inc. (Canada Cup) Suomi-Koti Toronto Finlandia Lions Club Äiti-Lapsikerho Toronton Suomen Kielen Koulu Laestadian Lutheran Church Consulate of Finland (nuit blanche) Philip Aziz Centre Canada-Finland Chamber of Commerce Art Into Life (Film Festival) Sisu Athletic Club Finnjoy Sponsored group: Laestadian Lutheran Church Finnjoy Nordic Golf Tournament 10

13 Osuuspankki Services Suvi Ylänkö, Anton Kujansuu & Satu Ylänkö Student Services Account Services CONVENIENT, MODERN & FREE. Our Student Account is offered to members who are full-time high school or post-secondary students, regardless of age. By presenting your enrolment form or current student card, you will qualify for our Student Account. With all the conveniences of Internet Banking, Telephone Banking, Mobile Banking, Transaction Alerts, ATM transactions and in-branch transactions, there is no reason to bank anywhere else! STUDENT LOANS Osuuspankki student loans are available for full-time postsecondary students offering a simpler application process than the government or chartered banks. Whether you are studying abroad or in Canada, you only make monthly interest payments while you are a full-time student. Scholarships Every year, Osuuspankki grants scholarships exclusively to our student members. All it requires is an application and the student s transcripts. You can even complete that online. It can t get more convenient than that! The Hanne Maria Maijala Memorial Scholarship is granted for post-secondary studies in music or the arts. This year s $1,000 scholarship was awarded to: Suvi Ylänkö The Marja Karlsson Memorial Scholarship is granted to a student entering their second or subsequent year of post-secondary studies at a college or university. This year s $3,000 scholarship was awarded to: Anton Kujansuu The Osuuspankki Scholarships are granted to students demonstrating a combination of academic achievement, financial need and community involvement. This year s $1,000 scholarships were awarded to: Evi Länsimäki, Michael Silegren & Satu Ylänkö Finnishness is a state of mind 11

14 Senior & Child Services Children Once again our annual Hippokisat was held in September. This year in order to celebrate all of our Hippo Club Members, we not only had a clown blowing balloon figurines, face painting, a jumping castle, food and games for everyone, but we also were honoured with a visit from the local firefighters. They arrived in their big red truck! All the children were given the opportunity to go into the truck and see where the firefighters ride when they are on their way to help someone in trouble. What a great day we all had. Please join us for next years Kid s Day. Henri and Hanna continue to send out their quarterly Hippo Tales newsletters to our Hippo Club members. In 2008, there were 2 separate competitions they had, one a drawing contest, the other a nature art contest. In order to be part of the club, just open up a trust account for your child, grandchild, niece, nephew, neighbour or someone you care about. All children between the ages of 4 and 11 get their special newsletter by mail four times a year. Another benefit for children is the low deposit balance requirement for a term investment. Once the savings account balance reaches $100 you may transfer it to a Term Deposit to earn better interest over 1, 2 or 3 years. RESPs are available for your child or grandchild as long as they already have a SIN number. Together with the regular grant deposits, the government is now giving an extra grant of $500 for everyone who receives the National Child Benefit Supplement. Help save for a child s future postsecondary education. Seniors At Osuuspankki, we share the traditional Finnish values of practicality and a positive outlook. Those qualities are especially important when it comes to money. As a gift from us, when you turn the age of 60 your account automatically has no services charges on your transactions. We provide banking services at Suomi-Koti twice a week. We give you all the respect and attention you ve earned. Kid s Day Hippo Kisat

15 More Services Business SERVICEs With today s economy we are proud to tell you that not only are we here to support our existing members, but we encourage new businesses to transfer their financing to us. We understand the support which companies need in order to start a business or a new project. Providing funding whether in the format of a line-ofcredit, commercial mortgage or short-term loan are a few ways we can help your business succeed. Merchant Services are an easy way for you to accept payments from your clients. All major credit cards may be offered along with a Point-of-Sale terminal. E-Commerce and gift card programs are also available. Ask us for a referral form. Our business club continues to grow. We connect our business members with new contacts, to help their business. Guest speakers are always present to give insight to other aspects of growing a business. Contact us to be added to our enews ing list and receive invitations to join our business functions or check our calendar of events on our website. Osuuspankki Finnish-Canadian Entrepreneur of the Year Award In June 2008 the Canada-Finland Chamber of Commerce presented Mr. Esko Mattila, owner and founder of Flint Packaging Products Limited with this prestigious Osuuspankki Finnish-Canadian Entrepreneur of the Year award. This annual award is given to a nominee in recognition of their achievements in the business community and their contributions to the Finnish community in Canada. We feel that it is important to recognize the efforts of the Finnish Finnish-Canadian Entrepreneur of the Year Award business community and look forward to the presentation of the award in Finnish-Canadian Entrepreneur of the Year: Esko Mattila

16 Finnish Credit Union Limited 191 Eglinton Avenue East Toronto, ON M4P 1K1 Telephone: Toll Free: (RAHA) Fax: Telephone Banking: or Website: Cert no. SA-FM-COC-1230 Hours of Operation Monday 9:30 am 4 pm Tuesday 9:30 am 4 pm Wednesday 9:30 am 4 pm Thursday 9:30 am 8 pm Friday 9:30 am 6 pm Our Electronic Services We understand that members look for convenient ways of doing their banking. We still provide personal service in the branch and on the telephone, but we are always looking for ways to stay up-to-date with technology by providing electronic services as well. Here are a few electronic services available today. Visit our website to see announcements of new electronic services. Online Banking: view your transactions, make an immediate, future or recurring bill payment, transfer to another Osuuspankki account, place a stop payment on a cheque, download transactions to Quicken, QuickBooks, Mircrosoft Money, Simply Accounting, Comma Delimited Text or PDFs. Telephone Banking: Listen to balance and transaction details, make a bill payment, transfer to another Osuuspankki account Transaction Alert: Receive an every time your Osuuspankki account has had a transaction Credit Union MemberCard : Available for personal and business accounts. Point-of-Sale and ATM withdrawal transactions all with one card. Credit Union MasterCard : Many different card options for personal and business use Credit Union ATM: Free deposits - free withdrawals in Canadian dollars or Euros Exchange Network of ATMs: Over 2300 full-service ATMs across Canada, service charge FREE Life Events Financial Planner: Access to 30 different financial calculators to help you plan for your future On-line Loan Application: Too busy to come to the branch, fill out a secure and easy on-line loan application to speed up the process of applying for a loan or mortgage Did you know? With your credit union MemberCard, from our ATM machine, you are able to withdraw EUROs from your Canadian dollar account. Our ATM is the only one in Canada which dispenses Euros for its members. An Osuuspankki first!