Annual Report

Dear Members, Partners, and Community,

As we reflect on 2024, we're filled with pride for what we've accomplished together at Mainstreet Credit Union and deeply grateful for the trust you continue to place in us. This year brought its share of challenges and opportunities, and through it all, we remained focused on one thing: supporting you, our members.

This year tested the resilience of many Canadians as rising interest rates, supply chain issues, and shifting financial needs impacted households and businesses alike. We responded quickly and strategically, making decisions that prioritized the financial health of both our members and our credit union. By leveraging hedging strategies, we positioned ourselves to benefit from falling long-term rates, and as margins began to rebound in late 2024, we saw encouraging improvements in our net interest margin (NIM).

Despite a tough economic climate, we're proud to have achieved strong growth in loans, deposits, and member investments. We also earned excellent results in the Financial Services Regulatory Authority of Ontario's (FSRA) new Risk-Based Supervisory Framework assessment - a testament to the sound governance, dedication, and care we bring to every decision.

Our mission has always been clear: to provide personalized advice that helps you achieve your financial goals, powered by technology that makes life easier. This year, we introduced our first-ever pre-approval process, making it simpler for members to access financial solutions and we launched the first phase of our online account opening platform, Open Anytime, for new members.

Your trust in us continues to shine through. Credit unions, including Mainstreet, earned top marks for trust, planning, and member engagement in this year's IPSOS survey. We're proud to report that our net promoter score - a measure of member satisfaction - remains nearly 10% above our already ambitious target of 70%. This tells us that the advice we offer is not only trusted but acted upon, strengthening the partnerships we value so deeply.

To us, innovation means creating real value for our members. This year, we continued our digital transformation to make managing your finances simpler and faster. By enhancing tools and processes, we've become more agile and operationally efficient, better equipping us to serve your needs now and into the future.

We've also invested in our physical presence, re-opening our beautifully renovated London Road branch and breaking ground on a new Petrolia location. These projects are about more than bricks and mortar - they're about creating welcoming spaces where members feel connected to both their credit union and their community.

Mainstreet is more than a financial institution - we're a community partner. This year, the Mainstreet brand was seen over 2.2 million times, reflecting our growing connection to the people and places we serve. We remained committed to giving 5% of operating income back to our communities this year which resulted in $162,666 in donations and support. Whether it's helping send kids to camp, supporting local initiatives, or creating opportunities for financial wellness, we're proud to make a meaningful impact in the communities we call home.

As we step into 2025, our focus remains on growing sustainably and delivering even more value to you, our members. We're committed to achieving a sustainable efficiency ratio and improved profitability while scaling strategically. Whether through organic growth or new opportunities, we'll continue to adapt and innovate, ensuring that Mainstreet remains strong and future-ready.

None of our success would be possible without you. To our members, your trust inspires everything we do. To our employees, your dedication drives us forward. To our Board, your guidance strengthens our credit union. Thank you for being part of Mainstreet Credit Union's journey. Together, we're building something truly special - a stronger, more connected financial cooperative.

With gratitude and optimism,