SoUse Shows Support

At St. Volodymyr’s Ukrainian Orthodox Cathedral Hall in Downtown Toronto on April 16, So-Use Credit Union Chairman Walter Chewchuk opened the 58^th Annual General Meeting having declared that it was properly convened and constituted. Some 75 members were in attendance to sing the national anthems, be led in prayer by Rt. Rev. Fr. Bohdan Sencio and observe a moment of silence for deceased members. Business of the meeting was conducted both in Ukrainian and English.

Mr. Chewchuk welcomed everyone and introduced guests Sharon Wilson from Comprehensive Benefits Solutions and Olha Zawerucha Swyntuch, who brought greetings as Chair from the Council of Ukrainian Canadian Credit Unions, and special guests from the Ukrainian Canadian Care Centre.

Chief Executive Officer Marc Sirard reported that So-Use recorded a profit despite the ongoing credit problems in the North American financial markets. So-Use exceeded by two-fold the regulatory requirements for Mandatory and Risk Weighted Regulatory Capital. The loyal membership was awarded a 3% dividend on common shares and a higher dividend of 5.18% was declared on Class A Special Shares reflecting higher average  interest rates in 2007 over 2006.   

In Ukrainian, Chewchuk recapitulated the Chair and CEO’s Report and emphasized that So-Use had a good year operating in the black. So-Use is proud of its calendar, differentiating itself from other credit unions this year by highlighting beautiful Ukrainian blouses and shirts owned by So-Use employees. Successes include the ever–popular Multi Pak Mortgage allowing borrowing members more flexibility to increase financing or change terms and conditions. The benefits offered by the mortgage program have been recognized by The Toronto Star and “appears on the radar” as a consumers’ choice product.

Chewchuk continued his report with reference to the 2007 List of Donations which reflects SoUse community support not only for established high quality organizations and record of service but also, a core concentration of groups that offer exceptional promise and greatest potential benefit to the community.  SoUse continued support for the community does not waver, however, Chewchuk said that issues of community best interests and priorities will be raised in Strategic Planning sessions with SoUse Directors and Management Staff in the upcoming months.

In a significant show of support for vision and community future planning for seniors’ care and needs, SoUse Credit Union Board of Directors, presented a generous $50,000 donation to the “Home with a Heart Capital Campaign”, accepted by its Co-chairman Ian Ihnatowycz.

As another highlight, Walter Stepura called upon his committee colleagues to present $1,500 Mylchenko Scholarship awards to students Tamara Mischena, Nicholas Wesolowski and to Adam Shipowick, accepted by Michael Shipowick whose grandson conveyed his gratitude and regrets for not being able to accept his award in person.

The SoUse Annual General Meeting concluded with the re-election of Directors Dennis Hunt, Borden Osmak and Michael Shipowick, serving on the Board for over 50 years. Roman W. Gic was re-appointed as Auditor. Informal convivial discussion of the reports continued after the Meeting’s close and further into the evening, attractive prizes were drawn followed by an elegant dinner in keeping with Orthodox Lent.