A Credit to the Community

Bergengren may not be the kind of common name that Smith is, but for just about everyone in the Antigonish area of Nova Scotia, it’s nearly as familiar. With 17,500 customer owners (or members) and $148 million in assets, the Bergengren Credit Union is the one of the region's largest and most successful personal and commercial lenders. Indeed, it’s such a part of the community that many members have had accounts with Bergengren since birth.

"Our members are incredibly loyal," says Chief Executive Officer Dan Hodgins. "We're very proud of that."

The loyalty has been earned. Since 1933, Bergengren Credit Union has given enormous amounts of energy, time, and money to the three communities where it has branches –Antigonish, New Glasgow, and St. Andrews. "Giving back has become part of the fabric of what we do," says Hodgins. "For us, it's all about people and community – helping people, helping the community, and helping the whole area at large."

In only the past few years, the organization has committed $100,000 each to the Coady International Institute and the Keating Millennium Centre, both part of St. Francis Xavier University, and to St. Martha's Regional Hospital Foundation. Bergengren has also given away tracts of land for the development of a seniors’ complex, has become a major sponsor of the annual Festival Antigonish theatre event, and most importantly to Hodgins, is responsible for a financial literacy program that is now a curriculum staple in all Nova Scotia high schools.

"If there's any one thing that we've done in the past few years that we're really proud of, this is it," says Hodgins. The program, called the National Endowment for Financial Education (NEFE), teaches young people about borrowing and managing money, basic savings, and credit card use. "We did that because we felt we had a responsibility to the people of our community," he says. "There was a real need and that's why we delivered it."

This sense of community spirit has not gone unnoticed. In 2007, Bergengren won two major awards – the Coady Award, given annually to the Credit Union that best exemplifies leadership, support, and community involvement and the Maritime Business Ethics Award. The latter was established by the Better Business Bureau to recognize a business with exemplary professional practices in ethics and social responsibility.

On top of all this other giving, Bergengren's members have also benefitted. Last year they divvied up $400,000 in rebates for their patronage. "When we have profits at the end of the year, we take a good portion of those profits and give them back to our membership," says Hodgins. This patronage payback is something Bergengren has been able to do for the last eight years due to end-of-year profits.

"We're a very profitable organization," says the Bergengren CEO. "And our profits are important if we're going to run a sound organization and meet the needs of our members." Surveys indicate that Bergengren members want all the same access points that other major financial institutions have (ATMs, internet banking, debit cards), but they also want real people serving them when they stop in to the branch.

"We're committed to excellence in customer service," says Hodgins. And Bergengren members seem to agree. According to a recent membership survey, a hefty 91 per cent are satisfied with the financial services they receive at Bergengren.

In addition to Bergengren's commitments to community and customer service, is a concern for the state of the world. One of their new programs – "Follow our Footprints" – addresses the need for all of us to become more environmentally friendly in our daily activities. This meant that Bergengren had to make sure they were as eco-friendly as possible before they encouraged their customers to follow suit.

To this end, the organization established a "Green Committee," solely devoted to the organization’s ecological sustainability. The organization now proudly offers "Eco Loans" at preferred rates to help with sustainable home and office purchases and projects, including solar panels, fuel efficient cars, and energy efficient appliances.

This includes helping local businesses go green as well. "We do the majority of the commercial lending in this town," says Hodgins. "Our commitment to small and medium enterprises is very strong." The organization is one of the only lenders that will extend government guaranteed small loans. Bergengren has also piloted a micro-credit program to help cottage industry type of businesses. "The other financial institutions aren't geared to work with small enterprises or individuals," says Hodgins. "But we've been extremely successful with this."

Toronto-born and bred, Hodgins has found life in Nova Scotia very satisfying. "People would say if you're not from the area you could have great difficulty, but that is so opposite from the truth," he says. "The people here are so welcoming. My two children have just flourished here. Nova Scotia has been a wonderful place to bring up kids."

And as for business, well the CEO couldn’t be prouder of it. "If anyone is a strong promoter of the organization, I am," says Hodgins. "I'm as excited today as I was 15 years ago when I started."

www.bergengrencu.com

<< Back to list of Charter Members