1. finance
2. bank
3. bank account

2010
Year in Review
Vuosikatsaus
Osuuspankki – Meidän pankki
Olemme palvelleet suomalaista
yhteisöä yli 50 vuotta!
Serving our community for
over 50 years!
Report of the Board
and General Manager
Johtokunnan ja
toimitusjohtajan
raportti
The Directors and Management of Osuuspankki are pleased
to report an improved performance during 2010 compared
to the previous year which was globally challenging. This
was achieved by our dedicated and professional staff in
Osuuspankki and our ongoing efforts in offering customized
and personalized banking services to our members. In
addition, our continued proactive efforts to minimize our
expenses placed us in a position to meet the challenges of
2010 and its economic conditions.
In this environment, Osuuspankki experienced few credit
losses, unlike much of the rest of the industry, with the
impact that our overall profit for the year, before dividends
and taxes, was more than double that of 2009. This
profitability benefits the members as it allowed the directors
to declare a dividend for the 10th consecutive year. Because
we recognize that our mortgage rates are sometimes not
as good as some banks, the dividend this year is in the form
of an interest rebate on residential term mortgages. This
dividend of 4% of the interest paid has been deposited in the
members’ accounts.
Marja-Liisa Konttinen
Chair, Board of Directors
Johtokunnan puheenjohtaja
Antero Elo
CEO
Toimitusjohtaja
Osuuspankki is continuing to engage and attract the younger
generations and much of the marketing effort continued
to be directed towards that end and also to promote
our Finnish culture and heritage. Our web site which is
continuously being updated is actively used by our members.
Our annual “Hippo-Kisat” provided an unforgettable day for
our youngest audience. We continued providing scholarships
for our student members as we believe very strongly in the
value of education. We are pleased to announce that we
have received a significant bequest from the estate of Eero
Blomberg to provide scholarships to students of Finnish
heritage. This donation will allow us to fund scholarships
for quite a number of years. Later this year we will be
announcing the details of this scholarship.
Osuuspankki continues to partner with the Canada Finland
Chamber of Commerce to recognize the achievements
Osuuspankin johtokunnalla ja pankin johdolla on ilo ilmoittaa,
että vuoden 2010 tulos oli parempi maailmanlaajuisesti
haastavaan edelliseen vuoteen verrattuna. Tämän mahdollisti
työlleen omistautunut ja ammattitaitoinen henkilökunta,
sekä pyrkimyksemme tarjota yksilöllisiä pankkipalveluita
jäsenillemme. Lisäksi teemme jatkuvaa aktiivista työtä kulujen
minimoimiseksi, minkä ansiosta olemme kyenneet vastaamaan
vuoden 2010 haasteisiin.
Toisin kuin yleisesti pankkialalla, Osuuspankin luottotappiot
jäivät vähäisiksi. Tämän seurauksena tilikauden voitto ennen
osinkoja ja veroja oli yli kaksinkertainen vuoteen 2009
verrattuna. Kannattavuudesta on etuja jäsenillemme, joille
Osuuspankki on kyennyt jakamaan osinkoa jo 10. peräkkäisenä
vuonna. Koska tiedostamme, että kiinnelainojemme korot
eivät aina ole ihan yhtä hyvät kuin joissain muissa pankeissa,
vuoden 2010 osinko lasketaan kiinnelainoista maksetun koron
mukaan. Tämä osinko, 4% maksetuista koroista, on talletettu
jäsentemme tileille.
Osuuspankki näkee nuoremman sukupolven hyvin
tärkeänä toiminnan jatkuvuuden kannalta, minkä vuoksi
markinoinnin suuntauksia jatketaan nimenoman tätä
jäsenryhmää silmällä pitäen. Suomalaisen kulttuurin ja
kulttuuriperinnön vaaliminen säilyy luonnollisesti keskeisenä
osana markkinointistrategiaamme. Jatkuvasti päivittyvä
internetsivustomme on jäsentemme aktiivisessa käytössä, ja
jokavuotiset Hippo-kisat tarjosivat unohtumattoman päivän
monille nuorimmille kannattajillemme. Stipendien jako
opiskelijajäsenillemme oli kunnia-asia Osuuspankille myös
vuonna 2010 ja näemme koulutuksen erittäin tärkeänä.
Meillä on ilo ilmoittaa, että olemme saaneet merkittävän
testamenttilahjoituksen Eero Blombergin kuolinpesältä,
josta on määrä myöntää stipendejä suomalaistaustaisille
opiskelijoille. Tämä lahjoitus antaa meille mahdollisuuden
rahoittaa stipendejä moneksi vuodeksi eteenpäin. Tarkemmat
yksityiskohdat stipendistä julkaisemme myöhemmin tänä
vuonna.
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of Finnish entrepreneurs through the Finnish Canadian
Entrepreneur of the Year Award. Seppo Kanerva of Sedun
+ Kanerva Architects was awarded this recognition last
June. Osuuspankki was also the founding sponsor for
the Aurora Borealis Cup project which was a fundraising
effort to raise funds for a championship trophy for the
Finnish Women’s Hockey League in Finland. This Cup is a
unique and historic gift from Canadian Finns and hockey
communities and will send a memorable message of support
to the Finnish Women’s Hockey League and hockey in
general. Osuuspankki’s history book, the first fifty years,
was completed and distributed to our members at the last
Annual General meeting.
The demand for loans and mortgages continued at a low
level due to the general economic environment. Still, we
managed to maintain our loan portfolio at over $25 million,
approximately the same as the previous year. Our building
continues to support the operations of the credit union. The
major renovations done a few years ago are now starting to
pay off as we have the building fully rented. However, it is an
older building and constant upkeep is required to maintain its
appearance and appeal to tenants.
To summarize, Osuuspankki was not surprised as the events
unfolded more or less as we had predicted at the beginning
of the year and measures were taken to minimize the impact
of adverse economic conditions by careful control of expenses.
We are expecting that the forecast for 2011 is much the
same as for the past year but there is some optimism that
the extremely low interest rates will move slowly upward
by the end of the year. We will continue to closely monitor
our operations and profitability and as always, continue our
promise of social responsibility that we have to our members
in promoting our Finnish culture and heritage.
The government amended the Credit Unions and Caisses
Populaires Act which governs all credit unions. Those
amendments and related Regulations came into force on
2
October 1, 2009. As a result we held a Special General
Meeting of members in July 2010 to approve amendments
to our bylaws to bring them into compliance with the new
Act and Regulations.
We extend our thanks to our loyal members who continue
to support the credit union with their deposits and using our
many services. We ask them to continue to publicize the fact
the Osuuspankki is a great place to do your banking.
At last year’s Annual Meeting we announced the retirement
of our long time external auditor, Les Vona. The Audit
Committee and the Board requested proposals from and
conducted interviews with audit firms that were interested
in our business. The result is that the firm of Retford Lane
Bates LLP was appointed to be our external auditors by our
members at the Special General Meeting.
In conclusion, Osuuspankki could not operate as well as
it does without a competent and professional staff. We
acknowledge their contribution and thank them for their
dedication and efforts.
The operations of the credit union are reviewed not only by
our external auditor but also by various regulatory bodies.
The board and management carefully review each report in
order to improve our operations and lessen the impact of
any identified risks.
Marja-Liisa Konttinen
Chair, Board of Directors
Antero Elo
CEO
Osuuspankki jatkaa kumppanuutta Kanada-Suomi
kauppakamarin (Canada Finland Chamber of Commerce)
kanssa tunnustamalla suomalaisyrittäjien saavutuksia
jokavuotisella Suomalais-kanadalainen yrittäjä –palkinnolla.
Seppo Kanerva Sedun + Kanerva Arkkitehdeista sai tämän
tunnustuksen viime kesäkuussa. Osuuspankki oli myös
ensimmäsiä sponsoreita Aurora Borealis Cup -hankkeessa, jolla
kerättiin varoja Suomen naisjääkiekkoliigan kiertopalkintoon.
Tämä malja on ainutlaatuinen ja historiallinen lahja
kanadansuomalaisilta sekä jääkiekkoyhteisöiltä, ja välittää
varmasti mieleenpainuvan viestin tuesta Suomen naisjääkiekolle
ja jääkiekolle yleensä. Osuuspankin historiakirja - ensimmäinen
viisikymmentä vuotta – valmistui ja jaettiin jäsenillemme viime
vuosikokouksessa.
Luottojen ja kiinteistölainojen kysyntä jatkui edelleen
alhaisella tasolla, mikä johtui yleisestä taloudellisesta tilanteesta.
Onnistuimme silti säilyttämään yli 25 miljoonan lainasalkun,
mikä on suunnilleen sama kuin edellisenä vuonna. Osuuspankin
kiinteistön vuokratulot tukevat edelleen toimintaamme.
Muutama vuosi sitten tehdyt laajamittaiset korjaukset ovat
alkaneet tuottaa tulosta, sillä rakennus on nyt täysin vuokrattu.
Vanhempana rakennuksena se vaatii kuitenkin jatkuvaa ylläpitoa
säilyttääkseen vetovoimansa vuokralaisille.
Ontarion hallitus muutti kaikkia credit unioineita säätelevää
lakia (Credit Union and Caisse Populaires Act). Nämä
muutokset ja niihin liittyvät asetukset tulivat voimaan 1.
lokakuuta 2009. Tämän vuoksi pidimme ylimääräisen
jäsenkokouksen heinäkuussa 2010 hyväksyäksemme omat
sääntömuutoksemme vastaamaan uusia lakeja ja asetuksia.
Viime vuoden vuosikokouksessa kerroimme pitkäaikaisen
tilintarkastajamme Les Vonan eläkkeelle siirtymisestä.
Tilintarkastustoimikunta ja johtokunta haastattelivat
tilintarkastusyrityksiä, jotka olivat kiinnostuneita toiminnasta
kanssamme. Lopputuloksena jäsenemme valitsivat yrityksen
nimeltä Retford Lane Bates LLP tilintarkastajaksemme.
Haluamme osoittaa kiitokset uskollisille jäsenillemme, jotka
edelleen tukevat Osuuspankin toimintaa talletuksillaan ja
palvelutaimme käyttämällä. Toivomme heidän suosittelevan
palveluitamme muillekin.
Lopuksi, Osuuspankki ei voisi toimia menestyksellisesti
ilman pätevää ja ammattitaitoista henkilökuntaa. Haluamme
huomioida heidän työpanoksensa ja kiittää heitä
omistautumisesta työllensä.
Marja-Liisa Konttinen
Johtokunnan puheenjohtaja
Antero Elo
Toimitusjohtaja
Osuuspankin toimintaa valvotaan tilintarkastusten ohella
myös muiden lakisääteisten tarkastusten kautta. Johtokunta
ja pankin johto käyvät raportit huolellisesti läpi toimintamme
kehittämiseksi ja havaittujen riskien lieventämiseksi.
Yhteenvetona, Osuuspankki ei kokenut yllätyksiä kuluneen
vuoden aikana ja tapahtumien edetessä kutakuinkin vuoden
alussa tehtyjen ennusteiden mukaisesti. Huolellisella
kustannusten valvonnalla pyrimme minimoimaan epäsotuisan
taloudellisen tilanteen vaikutukset.
Odotamme ennusteen vuodelle 2011 olevan paljolti
samanlainen kuin viime vuonna, mutta on olemassa jonkin
verran optimismia, että erittäin alhaiset korot nousisivat hitaasti
vuoden loppuun mennessä. Tulemme edelleen huolellisesti
tarkkailemaan toimintaamme ja kannattavuuttamme ja kuten
aina, jatkamaan tehtäväämme suomalaisen kulttuurin ja
kulttuuriperinteen vaalijana.
3
2010 Board
of Directors –
Johtokunta
4
John Majanlahti
Audit Committee /
Tilintarkastustoimikunta
Marketing Committee /
Markkinointitoimikunta
Risk Management Committee /
Riskienhallintatoimikunta
Tapani Nousiainen
Executive Committee /
Työvaliokunta
Pirjo Ojanen
Audit Committee /
Tilintarkastustoimikunta
Human Resources Committee /
Henkilöstötoimikunta
David Koivuranta
Executive Committee /
Työvaliokunta
Marketing Committee /
Markkinointitoimikunta
Risk Management Committee /
Riskienhallintatoimikunta
Markus Räty
Marketing Committee /
Markkinointitoimikunta
Human Resources Committee /
Henkilöstötoimikunta
Investment Advisory Committee /
Sijoitustoimikunta
Antero Manninen
Audit Committee /
Tilintarkastustoimikunta
Executive Committee /
Työvaliokunta
Marketing Committee /
Markkinointitoimikunta
Personnel –
Toimihenkilöt
Airi
Assistant Branch Manager
Liisa
Marketing Manager
Bawani
Financial Services Manager
Ulla
Loan Officer
Arja
Member Service Representative
Minttu
Member Service Representative
Raija
Member Service Representative
Katri
Loan Officer
5
9%
4%
Interest - loans
and mortgages
6%
Interest on
investments
Other
income
Assets
1,263,537
Total assets
$ 34,096,120
Current Liabilities
$
Members’ Deposits
31,618,895
Member Shares
101,382
Retained Earnings
2,265,211
Liabilities and Equity
$ 34,096,120
110,632
63,036
Others (data processing,
bonding, professional fees)
241,933
Depreciation and amortization
What’s the source of our income?
Interest - loans and mortgages
Income taxes
$
Interest from investments
Liabilities
Advertising and Promotion
1,087,902
$
12,734
1,265,708
73,639
Other income
117,160
Rental Income
56,294
$
Where does the money go?
(in thousands)
1,334,995
es
, fe
ies
lar
Sa
Fin
an
cia
lE
xp
en
se
Full financial reports are available on request.
6
24,600
ve
se
s
r
Pr tisin
om g
ot and
io
n
D
ep Ot
h
re
e
am ciat rs
or ion
tiz a
Inc atio nd
om n
e
ta
xe
s
Capital and other assets
68,966
Ad
25,369,109
ts
Office Expenses
Administrative
pe
n
Loans to Members
81%
443,553
ex
2,777,257
efi
Salaries, fees, benefits
ffi
ce
Investments
Rental
income
410,886
O
$4,686,217
$
s
Current Assets
Financial Expenses
(e.g. interest, dividends, deposit
insurance)
en
The extremely low interest rate environment
continues to be a challenge for Osuuspankki. The
following summarizes our assets and liabilities at
the end of the year.
The following summarizes our expenses for the year.
Contrary to most of the big banks, we believe in a low fee
environment. The operations of Osuuspankki are financedmainly
by the financial margin which is the difference between what we
Where does the money go?
charge for loans and what we pay on deposits.
,b
2010 Financial
Matters
Loans &
Mortgages
Fiscal year 2010 was an active year for loans and
mortgages. The following is the report from our
loan officers.
Purpose
Lainavirkailijamme ilmoittivat luottojen jakautumisen
tilivuonna 2010 seuraavasti.
Number
Amount
Tarkoitus
206,550
Auton osto
Automotive purchase
11
Automotive repair
1
1,700
Auton korjaus
Household expenses
9
36,104
Kotitalouskulut
Renovations/repairs
3
60,000
Kiinteistön korjaus
Investment
5
34,100
Investoinnit
Education
7
31,200
Opiskelu
Vacation
2
6,910
Consolidation
17
105,964
Lines of Credit/Authorized overdraft
14
63,500
Personal Equity Lines of Credit
6
602,413
1st Mortgages
23
1,671,158
1. kiinnelainat
2nd Mortgages
3
132,315
2. kiinnelainat
Syndicated Mortgages
3
617,500
Syndikoidut kiinnelainat
Commercial Equipment
1
15,000
Yritysten koneiden ostot
Commerical Lines of Credit
3
58,000
Yritysten Iuottotilitt
Commercial Loans / Lines of Credits, secured
2
53,130
Yritysten taatut luottotilit & lainat
Other
2
13,000
Muut lainat
127
$
3,735,544
Loans processed
$
Loma/matka
Lainojen yhdistely
Luottotilit
Luottotilit, kiinteistöön sidotut
Hyväksytyt lainat
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What’s New
in 2010
Mobile Banking
History Book Project
Osuuspankki started its 50th Anniversary History Book project
in 2005. It is a very large task to put together a detailed account
of any company, but especially a credit union where so many
people have contributed their time and efforts to help its success
over 50 years.
Lauri Toiviainen discovered details not only about the coming
together of 28 founding members, but also through interviews
of past and current Directors, General Managers, staff members,
and the Auditor, how such a large organization becomes one of
the cornerstones of Ontario’s Finnish community. The bilingual
history Meidän Pankki – Our Bank had its initial distribution at
the Annual General Meeting in 2010. It is currently available at
the credit union branch.
8
In the past, finding ways to reach out to the Ontario Finnish
community was a challenge. In 2010, Osuuspankki decided
it was time to introduce ourselves to the world, through
Facebook. We created our own public group and we
also placed ads within Facebook promoting certain loan
campaigns. This is one way to let our fellow Finns know that
we are still here to serve them with their financial needs, but
it also gives us the opportunity to connect with others of
Finnish heritage who may have never heard about us.
Chip MemberCards®
Behind the scenes, the credit union had a large task on hand
to convert the regular magnetic stripe MemberCards® to
chip-embedded MemberCards®. This preparation already
started in February and had many steps to it. The staff started
testing the first chip cards in June, in August we started
issuing chip cards in the branch and by December we had
mailed out our first batch of EMV chip cards. The new
chip-embedded card roll-out will be completed in 2011.
As a continuing effort to stay up-to-date with technology,
Osuuspankki was able to launch the Mobile Banking service.
Using your hand-held device, you can now request your five
most recent transactions and balances on all of your accounts.
Included with the Mobile Banking product is the possibility of
receiving SMS alerts when transactions are posted to your
account. You may choose to have all SMS alerts, or set a
minimum dollar value connected to the alert. A small one-time
set-up fee will apply but otherwise we do not charge for any
SMS messages you send or receive. This new service helps you
keep track of your money.
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 many people enjoy
using technology for convenience especially when they
don’t have time to drop by the branch. Here are a few
electronic services available today. Visit our websites OP
NEWS to see announcements of new electronic services.
Mobile Banking (NEW): Using your mobile device,
send an SMS to inquire the balances and view the last
5 statement transactions of your account.
Text Alerts (NEW): Sign up to receive mobile SMS
alerts when transactions post to your account. Choose
to receive all transactions or transactions over a certain
dollar value.
Online Banking: Pay bills, view your transactions, make
an immediate, future or recurring bill payment, schedule
a transfer, place a stop payment, download transactions
to Quicken, QuickBooks, Microsoft Money, Simply
Accounting, Comma Delimited Text or PDFs.
Telephone Banking: Listen to transaction details, make a
bill payment, transfer to another Osuuspankki account
Transaction Email Alert: Receive an email every time
your Osuuspankki account has had a transaction or for
transactions over a chosen dollar value.
Credit Union Chip MemberCard®: Available for
personal and business accounts. Point-of-Sale and ATM
withdrawal transactions all with one card. Accepted
around the world.
Save It Up: An easy way to save for a rainy day. Code
your ATM card to top up POS purchase amounts to
the nearest $1, $5 or $10. The difference between your
purchase and the top-up will be transferred to an OP
account of your choice. It’s easy and FREE!
Credit Union MasterCard®: Many different card options
for personal and business use
Credit Union ATM: Free deposits and withdrawals.
Transfer between your OP chequing and savings
accounts. Make bill payments. Withdraw Euros from your
OP Canadian dollar account.
The Exchange® Network of ATMs: Over 2400 fullservice ATMs across Canada, service charge FREE.
(NEW) The Exchange® has an ATM locator app available
for the iPhone, Android and Blackberry smartphones.
Download it today for FREE.
eNewsletter: Sign up to receive our electronic
newsletter. Keep in the know of what’s happening at
your credit union.
Life Events Financial Planner: Access to 30 different
financial calculators to help you plan for your future.
Create your personal/family financial plan online,
adjusting it as your life events change.
Online Loan Application: Too busy to come to the
branch? Fill in the secure and easy online loan application
to speed up the process of applying for a loan
Online Scholarship Application: For those students
too busy to deal with mail, fill in the form, attach your
transcripts and you’re all set. Who doesn’t want free
money?
Online Sponsorship Applications: Is your organization
banking with Osuuspankki? While preparing for a special
event, remember to fill in an online sponsorship form to
ask if we can help cover some of the costs.
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Giving Back
to our
Community
Sponsored Groups in
Our Community
• Agricola Lutheran Church, Children’s Camp
• Äiti-Lapsikerho
• Aurora Borealis Cup
• Canada-Finland Chamber of Commerce, Nordic Cup
Golf Tournament
• Edistysliitto, Winter Outing
• Finnish Pentecostal Church, Children’s Camp
• Finnophile
• Grassroots Floorball, Canadian Cup Tournament
• Ostrobothnians in Canada, Tango Markkinat
• Rollers Bowling, Anniversary Celebration
• Second Base Youth Shelter
• Suomi-Koti, Bowling & Walk-a-thon
• Toronto Finlandia Lions Club, Children’s Camp
• Toronton Suomen Kielen Koulu, Scholarships
• Toronto Laestadian Church, Youth Camp
• Wyatt’s Warriors Congenital Heart Defects Foundation
of Canada, Golf Tournament and Toy Drive
Sponsored group: Toronto Laestadian Church, Youth Camp
Sponsored group: Äiti-Lapsikerho
For many years, Osuuspankki has sponsored groups within
our community with the many events which they organize.
This year these 16 groups held various functions and while
doing so, gave the opportunity for many Canadian-Finns
to take part and create a special personal memory. The
following groups received sponsorship from Osuuspankki
in 2010:
Sponsored group: Suomi-Koti Bowl-a-thon
Sponsored group: Suomi-Koti Bowl-a-thon
Sponsored group:
Agricola camp – Liisa at Marmora
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Sponsored group: Agricola camp –
new tents donated by Osuuspankki
Sponsored group: Agricola camp –
new tents donated by Osuuspankki
Sponsored group:
Wyatt’s Warriors Toy Drive
Business
Services
Helping Our Business Members Expand Their Own Business
Osuuspankki Finnish-Canadian Entrepreneur of the Year,
Mr. Seppo Kanerva
Les Vona, OP’s internal auditor for over 30 years, is presented his
retirement gift by John Majanlahti with Ulla Keppo, OP’s longest
employee, and Hannu Aalto, OP’s first member present.
Have you ever visited our website’s section titled “Our
OP Community”? Among other interesting info, you
will also find a Business Listing. With our business
members’ permission, we have developed a listing of
some of the business accounts held at Osuuspankki. This
listing is in business type order, ranging alphabetically from
Architectural Firms to Wellness Products. This listing gives
free advertising to our members. The next time someone
wants to deal with a Finnish connected company, all they
have to do is look at the listing. It’s always nice to support
Finns, have a look to see if there are any companies
you’d like to deal with. This year there are over 45
businesses registered.
be interested in attending such a function where you can
make new business contacts (who are Finnish) or if you’d
like to be a guest speaker at one of our functions. This is
one more way that we help our business members make
new connections and prosper.
Along with the Business Listing, we also feature our
business members individually on our website. The
qualification is that the business account has to be at
Osuuspankki and they provide us with the information
they wish to promote. Some businesses have even
offered our members specials while being featured. Were
you able to take advantage of one of the specials? In
2010, the following businesses were featured: Boj Décor,
Canadian Unihockey/Floorball Federation, Ekotuningcom
Canada, Grassroots Floorball Inc, Klingborg Canada,
Sugartree Photography and Wyatt’s Warriors. Contact
us to have your business featured.
Osuuspankki Finnish-Canadian
Entrepreneur of the Year Award
Not using us yet for your business banking? We are sure
you will find many reasons to bank with us instead of
another financial institution where you’re only a number.
Our fees are minimal and our service is superb. We’ll even
come to you to set up your account with Osuuspankki.
Contact us to make an appointment to suit your schedule.
In June, the Canada-Finland Chamber of Commerce
presented Mr. Seppo Kanerva, Partner in Sedun + Kanerva
Architects Inc. with the prestigious Osuuspankki FinnishCanadian Entrepreneur of the Year Award.
We also organize Business Club meetings of interested
business members. Although in 2010 only one such
meeting was held due to circumstances, these meetings
will be continued perhaps jointly with the Canada-Finland
Chamber of Commerce events. Let us know if you would
Antero Elo speaking at the Annual General Meeting in April 2010
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Senior &
Child Services
SENIOR SERVICES
CHILDREN
For over 20 years, we have been providing trusted personal
service at Suomi-Koti twice a week. This year was no
exception. We also look forward to serving our senior
members in the branch.
Children are the future of Osuuspankki. Think about how
the credit union has helped you with your financial needs.
Is it our free ATM card, low everyday service charges,
personal service in the branch or on the telephone, ease of
applying for a loan? We will be happy to help your children
learn to save money with their Henri and Hanna Hippo
banks and will also be here for them in the future to help
them learn financial responsibility as they grow.
Providing free financial services for people the age of 60 or
more is not the only seniors’ service we have in the branch.
We also have someone available to help you apply for your
Canadian government pensions and your Finnish pension.
CO-OP Week Gift Basket winner Henri Rönkkö with Airi Broughton
Hippo Kisat kids
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What does a Certified Professional Consultant on Aging
do? These professionals (CPCAs) have supplemented
their individual professional credentials and education with
knowledge about aging and working with seniors. That
knowledge gives them an appreciation and understanding of
the key health, social and financial issues that are important
to seniors. We have one at the branch. Feel free to contact
Antero Elo to discuss any of these important issues.
RESPs continue to be an important part of your child’s or
grandchild’s future. Educational costs are only increasing
and what a better way to save money for that special
child, than to start an RESP for them. The government
grants are proof that no child should be denied access to
education just because they can’t afford it. Money does
not grow on trees, but we can plant some seeds and help
teach your child how to save for that special time when
they become independent.
We had another successful Hippo-kisat in 2010. Continuing
the children’s appreciation day at The Extreme Fun Indoor
Playground was important to us. We changed the
celebration this year to November, in order to allow for
more children to join us. The facility has something for
everyone from newborn to age 11. If you know a child who
would love to join us at next years Hippo-kisat, just come
in and open a trust account for them. Have a look at our
Photogallery on our website; you’ll see what fun all the
children had in November! They’ll also start receiving the
quarter newsletters “Hippo Tales” once they turn 4.
Student
Services
SCHOLARSHIP RECIPIENTS 2010
STUDENT ACCOUNT AND FINANCIAL SUPPORT
Osuuspankki believes very strongly in the value of education
– the 2010 Scholarship Committee was truly impressed
by the quality and number of deserving students from the
Finnish-Canadian community pursuing post-secondary
learning. Scholarships are awarded to full-time students.
We encourage all students to take a few moments and
complete the easy online scholarship application found in
our Student Members section of our website.
Our FREE Student Account is available for high school
and post-secondary students. Unlimited services with no
monthly, set up or transaction fees include:
Congratulations to the following students who received
scholarships in 2010:
• Robert Burden
• Patrick Mujunen
• Joshua Keppo
• Daniel Niemi
Joshua Keppo
Patrick Mujunen
• Online banking
• Mobile Banking (sms charges may apply)
• Telephone Banking
• Bill Payments (any method)
• ATM and POS within Canada
• Cheque issuing
• Transfers between OP accounts
For those students who need help paying for their
education, fill in an online application to apply for a
Student loan or line-of-credit. A lower interest rate is
offered to our student members.
• Kristia Määttä
Robert Burden
Daniel Niemi
Kristia Määttä
13
Finnish Credit Union Limited
191 Eglinton Avenue East
Toronto, ON M4P 1K1
Telephone: 416-486-1533
Toll Free: 1-800-668-7242 (RAHA)
Fax: 416-486-1592
Telephone Banking: 416-486-0600
or 1-877-312-0600
E-mail: mail@finnishcu.com
Website: www.finnishcu.com
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
Cert no. SA-FM-COC-1230