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ANNUAL REPORT

2019

Photo Courtesy of Cindy Baillie Horizon Credit Union - Melville Branch

2019 ANNUAL REPORT HORIZON CREDIT UNION

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TABLE OF CONTENTS

2019 Annual Meeting Agenda……………………………………………………………..….2

2018 Annual Meeting Minutes…………………….………………………………………..…3

Board of Directors’ Report………………………………………………………………….….6

Chief Executive Officer’s Report - Management Discussion & Analysis ………………...7

Vision, Mission & Values…………...…………………………………………….…...7

Value Proposition.........….………………………………………………………….…7

Co-operative Principles.......……………………………………………………….….8

Credit Union Market Code…………………………………………………………….8

Introduction………………………………………………………………………….….9

Key Strategic Objectives …………………………………………………………......9

Results…………………………………………………………………………………..10

Capital Management…………………………………………………………………..11

Liquidity Management…………………………………………………………………13

Enterprise Risk Management………………………………………………………...14

Loan and Residential Mortgage Portfolio..………………………………………….16

Corporate Structure & Governance………………………………………………….17

Corporate Social Responsibility……………………………………………………...20

Staff List & Years of Service…….……….…………………………………………………....24

Independent Auditors’ Report - Summary Financial Statements………………………….26

Credit Union Deposit Guarantee Corporation Message .………………….……………….32


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Horizon Credit Union’s 71st Annual General Meeting

Horizon Credit Union Centre - Convention Centre Melville, Saskatchewan

April.07.2020

Agenda

1. Declaration of Quorum (at least 15 members) and Notice of Meeting 2. President’s Welcome/Opening Remarks

3. Appointment of a Chairman and Secretary 4. Approval of Agenda

5. Last Year’s Minutes/Approval/Business Arising from Minutes 6. Board of Directors’ Report - Heidi Schofer, President 7. Chief Executive Officer’s Report - Larry Yeadon, CEO 8. Auditors’ & Financial Report - MNP 9. Adoption of Reports 10. Appointment of Auditors 11. Service Awards 12. Election Results/Destruction of Ballots 13. Door Prizes 14. Other 15. Adjournment


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70th Annual General Meeting Minutes Of Horizon Credit Union Tuesday, April 9th, 2019

Horizon Credit Union Centre – Convention Centre Melville, Saskatchewan

The 70th Annual General Meeting of Horizon Credit Union was held on April 9th, 2019 at Horizon Credit Union Centre – Convention Centre, commencing with registration at 6:00 p.m. and supper at 6:30 p.m. President, Heidi Schofer, called the meeting to order at 7:10 p.m. A quorum was declared with 82 members and 3 guests present. President, Heidi Schofer, presented Brian Hicke as Chairperson MOTION #2019-1-AGM: Lorie Somogyi/Ed Sagan moved that the selection stand.

CARRIED Mr. Hicke proceeded to chair the meeting. Chairperson, Brian Hicke, presented Heidi Schofer as secretary. MOTION #2019-2-AGM: Helen Achtymichuk/Karen Foster moved that the selection

stand. CARRIED Chairperson thanked the caterers for another year of great food. MOTION #2019-3-AGM: Harvey Mucha/Ronda Hahn moved that the agenda be

approved as presented. CARRIED

Time was given to read the minutes of the 2018 Annual General Meeting. MOTION #2019-4-AGM: Christi Dmytriw/Colleen Beres moved that the minutes of the

2018 Annual General Meeting of Horizon Credit Union be adopted as circulated. CARRIED

Business arising from the minutes:

Nothing to discuss

Reports: Board of Directors: Heidi Schofer, President, Board of Directors Heidi Schofer presented the Board of Directors’ report, appearing on page 6. H. Schofer spoke to the financial wellness of Horizon Credit Union and what that means Emphasis on what the membership can do to help ensure the sustainability of their credit

union. The new vision, mission and values, as well as the strategic goals were introduced to the

membership. This will take Horizon Credit Union to 2023.


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Chief Executive Officer’s Report: Larry Yeadon Larry Yeadon referred to his report, beginning on page 7. Looking back to 2018, L. Yeadon explained and addressed the balanced scorecard. Explained some of the focus in working with members from a distance Goal of growing loan to asset ratio and the success of the efficiency ratio Addressed the credit risk in the past and in 2018; still below the average Profit targets were met and explanation of the capital position Shared the work of staff and the 100% participation in the staff survey Spoke to the development of culture and engagement at Horizon Credit Union L. Yeadon spoke to the organizational side of the strategic plan; achieving growth in a

sustainable and profitable way. Going forward, L. Yeadon addressed future initiatives. The ongoing work on the card product change and transition to new products Digital enhancement projects were explained and the website refresh Explanation of the net promoter score initiative Future plans on service delivery model were addressed L. Yeadon took the time to thank board, staff and members for the success of Horizon

Credit Union. Questions:

Member, Ed Sagan, asked to give the exceptional staff another round of thanks for all they do in our small communities.

Auditor’s Report: Sarah Cozman, of MNP, Chartered Accountants, presented the audited Financial

Statement to December 31st, 2018. Ms. Cozman made note of where the full financial statements were available for review –

copies available at the branches and online. Ms. Cozman explained the role of the auditors and explained the process of the audit. The audit went well with no issues and concerns. The overall asset size of the credit union grew by approximately $4 million. A clean audit is presented without reservation.

MOTION #2019-5-AGM: Darrell Webster/Tracy Stokal moved that the Board of

Directors’ Report, Chief Executive Officer’s Report and Auditor’s Report, which includes the summarized and full financial statements, be accepted as presented. CARRIED

Appointment of Auditors:

Appointment not required for this year.

Service Awards: Board of Directors awards, presented by Heidi Schofer and Tim Taylor: Alvin Gallinger received recognition for 10 years of service Tim Taylor received recognition for 25 years of service Heidi Schofer received recognition for 15 years of service


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Staff Service awards were presented by CEO, Larry Yeadon: Eden Cooper received recognition for 5 years of service Christine Gottschalk received recognition for 5 years of service Cindy Bailie received recognition for 10 years of service Colleen Beres received recognition for 10 years of service Angela Silzer received recognition for 10 years of service Tracy Stokal received recognition for 10 years of service Stacey Richards received recognition for 20 years of service Cheryl Zulyniak received recognition for 25 years of service Chief Executive Officer, Larry Yeadon, presented volunteer awards to the following: Lorie Somogyi was presented a certificate in recognition of her 173.5 volunteer hours. Angela Silzer was presented a certificate in recognition of her 181 volunteer hours. Jackie Guidry was presented a certificate in recognition of her 251.5 volunteer hours. Election Results: Larry Yeadon, CEO MOTION #2018-6-AGM: Larry Yeadon/Angela Silzer moved that:

it be confirmed that the election of Heidi Schofer to the office of director of Horizon Credit Union for the Melville Branch for a three-year term, by acclamation; it be confirmed that the election of Blair Van Caeseele to the office of director of Horizon Credit Union for the Melville Branch for a two-year term, by acclamation;

CARRIED Door prize was drawn. Doug Schofer was the winner. Other: No business arising Adjournment: MOTION #2019-7-AGM: Sharon Schmidt/Noel Kish moved that the meeting be

adjourned at 8:22 p.m. _______________________________ _______________________________ Chairperson – B. Hicke Secretary - H. Schofer


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BOARD OF DIRECTORS REPORT

Heidi Schofer, President On behalf of the Board of Directors On behalf of the Board of Directors, I am pleased to present to the Members the 2019 Annual Report. The success of this past year is reflected in our success with the 2019 performance measures. Horizon Credit Union achieved a 100% rating for the strategic objectives this past year. This is no small accomplishment, particularly given the substantial transitions of the last year. Larry Yeadon had his first full year as CEO. He has successfully guided Horizon Credit Union through all the substantial changes we announced last year, while adeptly managing his own transition to CEO. These transitions - a new strategic plan, CEO and staff culture - had minimal impact to the Members of Horizon Credit Union. This much change could have resulted in a much more muted performance. The Executive and Staff worked incredibly hard to ensure our Members are first and foremost, with little impact during this year of change. It is our belief that we can elevate our organization and keep the Members First that made the transitions as smooth as possible. Transition and change are actions that should be ongoing and evolving. As such, Horizon Credit Union announced the exploration of a potential merger with our neighbours - Cornerstone and Plainsview Credit Unions. Discussions with Plainsview and Cornerstone began with Horizon’s strong belief in the Co-operative Principle of Co-operatives working together. The talks evolved into a discussion of how can we help each other serve our Members to the best of our ability. Today, it has led to a deep analysis of can we be Better Together. Our Vision of Financial Wellness: Today, Tomorrow, Together continues to serve as the principle by which we look to the future for Horizon Credit Union. In discussions with Cornerstone and Plainsview, it became extremely clear that the three Credit Unions were aligned, strategically and practically. Working together was the clear option, for all the Members to be a part of a credit union that would be competitive in the marketplace, provide great advice and support our communities. The Directors encourage the Members to explore and follow our merger talks at Better Together In Saskatchewan by using the link on our website page. Horizon Credit Union will have a busy 2020 as we continue to establish our financial well-being and work through the merger due diligence. We will use our Mission and Values as the foundation in our decision making in the year ahead - which will be a journey that is Members First.

Vision Financial Wellness: Today, Tomorrow, Together

Mission

Working with our members to support their financial goals

Values Proactive Listeners

Excellent Communicators Approachable Employees Knowledgeable Support

Accountable for our Actions Flexible with our Solutions

Confident in our Behaviours


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CHIEF EXECUTIVE OFFICER’S REPORT

MANAGEMENT DISCUSSION & ANALYSIS

VISION, MISSION & VALUES

Our Vision Financial Wellness: Today, Tomorrow, Together Our Mission Working with our members to support their financial goals. Our Values Proactive Listeners Excellent Communicators Approachable Employees Knowledgeable Support Accountable for our Actions Flexible with our Solutions Confident in our Behaviours Our Value Proposition We will make a meaningful connection with each member, taking the time to build rapport that changes every transaction into a superior experience.


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CO-OPERATIVE PRINCIPLES

We practice the seven Co-operative Principles as established by the International Co-operative Alliance, September 1995: *Voluntary and Open Membership *Education, Training and Information *Democratic Member Control *Co-operation among Co-operatives *Member Economic Participation *Concern for Community *Autonomy and Independence

CREDIT UNION MARKET CODE

Horizon Credit Union voluntarily adheres to the Credit Union Market Code. This Code has been jointly developed by Saskatchewan Credit Unions, SaskCentral and Credit Union Deposit Guarantee Corporation to ensure the protection of credit union members. The Code addresses five themes that clarify objectives for market practice and consumer protection which are: Fair Sales; Transparency & Disclosure; Professional Standards; Privacy of Personal Information and Problem Resolution. Horizon Credit Union’s commitments to you, the member, are that we will: Act fairly and reasonably in all its dealings; Make sure that advertising and promotional literature is clear and not misleading and that

you are given clear information about our products and services; Give you clear information about how an account or service works, the terms and conditions

along with the fees and charges that apply to it; Help you use our accounts and services by providing regular statements (where applicable)

and keep you informed by providing notices of changes to the interest rates, charges or terms and conditions;

Try to help you deal with things that go wrong; Have a complaint resolution process available to you with no charge applied by the credit union

to address any complaints or concerns that may arise; Per the credit union’s Privacy Code, treat all personal information as private and confidential

and operate secure, reliable banking and payment systems; Train employees so they are qualified and capable of fulfilling their duties; Abide by the co-operative values defining our standards of business conduct and ethics; Publicize its Market Code, have copies available and make sure all employees are trained to

put it into practice; and Meet its commitments in the Market Code.


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INTRODUCTION Horizon Credit Union is an independent regional credit union owned by our members. Under the current credit union legislation, Horizon Credit Union is able to provide financial services to members and non-members. As of December 31, 2019 Horizon Credit Union had 5077 members and 1267 non-members. Non-members do not participate in the democratic processes of the credit union. Horizon Credit Union serves the communities of Melville, Grayson, Neudorf, Grenfell and Wolseley through its five branches. In these communities we provide a range of financial services including agricultural, commercial, personal loans and lines-of-credit, deposit accounts, term deposits, registered products such as RRSP, RRIF, RESP, TFSA and wealth management services.

KEY STRATEGIC OBJECTIVES Horizon Credit Union strategically positions itself as a community financial institution servicing the needs of its members and community. Our Vision is: “Financial Wellness: Today, Tomorrow, Together.” This is synonymous with its plan of careful and measured growth. The credit union is committed to achieving its financial plan, but at the same time it must begin moving forward with its long-term strategic plans to remain current in today’s changing marketplace. To monitor specific objectives throughout the year that support this vision, a strategic planning document is developed which in turn is used to create our Business Plan. Horizon Credit Union’s key strategic objectives in 2019 were: Members, Staff, Community and Financial. These documents are regularly measured and monitored to achieve our goals and targets. To do this, a Scorecard Accountability Report is used.

Scorecard Accountability Report 2019 Targets Results

Members

Full Service 5% 9.48% increase

Feedback (Net Promoter) 30+ 160

Staff

Expectations 80% 100% met expectations

Assets/FTE $5.2M $5.7M

Community

Strategy 5% Deferred to 2020

Volunteerism 25 hrs/FTE 60.07 hrs/FTE

Financial

Capital 12.64% 13.01%

OER (Operating efficiency ratio) 79% 75.15%

ROA (Return on assets) 0.57% 0.62%


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RESULTS

Balance Sheet Horizon Credit Union balance sheet for on book assets increased by $11,150,829 or 5.07% in 2019. On book assets at December 31, 2019 were $231,249,619. Our credit union had budgeted 3.14% growth in this area and ended with 5.07%. Member deposit balances increased by $10,512,709 or 5.21%. Member deposits at December 31, 2019 were $212,472,094. Our credit union had budgeted 3.01% growth in this area and ended with 5.21%. Management will continue to monitor and manage deposit growth to ensure that the liquidity requirements of the organization are met. Horizon Credit Union loan balances grew by $9,010,097 or 5.15% in 2019. Loans as a percentage of assets at December 31, 2019 now sit at 79.60%. It is the goal of our organization to work towards keeping the loans as a percentage of assets between 75% and 83%. At the year ending December 31, 2019 our total loan book sat at $184,085,072. Our budget for loan growth in 2019 was 3.39% and we ended the year at 5.15%.

Operating Statement The net interest margin for a financial institution is the difference between the interest received from members on outstanding loans and the interest received on investments, less the interest paid to members on deposits. The 2019 interest margin is $5,741,648 or 2.48% of assets. The 2018 interest margin was $5,598,207 or 2.54% of assets. Non-interest revenue is an important source of revenue for Horizon Credit Union and will therefore continue to receive attention as we move forward in 2020. Non-interest revenue is made up of a combination of market valuation gains/losses, insurance, Wealth Management commissions and service fees. Horizon Credit Union will continue to work towards maximizing revenues through non-interest revenue sources while remaining competitive within the marketplace. Operating expenses at December 31, 2019 were at $5,141,783 or 2.22% of assets. At the end of December 31, 2018 operating expenses were $5,450,428 or 2.47% of assets. At 2019 year end, Horizon Credit Union operating costs were under budget by $517,334.


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Net earnings for 2019 were $1,184,349 down from the previous year which net earnings were $1,396,294. At 2019 year-end our retained earnings grew by $1,184,349 and our total equity was $18,049,100 or 7.81% of assets. Management of Horizon Credit Union feels we had a successful year and will continue to focus on building a strong capital position.

CAPITAL MANAGEMENT

One of the primary measures of financial strength of any financial institution is its capital position. A capital plan is developed by management in accordance with the regulatory framework and is reviewed and approved by the Board of Directors. The goal of the capital plan is to forecast Horizon Credit Union’s capital strength going forward and outline the strategies and actions available to the Board and Management to ensure the credit union’s ongoing capital strength over the term of the plan. As our capital is comprised of our retained earnings, Horizon Credit Union relies on profitability to grow its capital position. In 2013 the Credit Union Deposit Guarantee Corporation (CUDGC) released a revised version of their Capital Adequacy Requirements. CUDGC prescribes capital adequacy measures and minimum capital requirements. Regulatory standards require credit unions to maintain a minimum total eligible capital to risk-weighted assets of 8%, a minimum total tier 1 capital to risk-weighted assets of 6% and a minimum common equity tier 1 capital to risk-weighted assets of 4.5%. Eligible capital consists of total tier 1 and tier 2 capital. In addition to the minimum capital ratios, Horizon Credit Union is required to hold a capital conservation buffer of 2.50% effective January 1, 2016. The capital conservation buffer is designed to avoid breaches of the minimum capital requirement. Failure to comply with regulatory limits may result in regulator intervention. Horizon Credit Union is in compliance with these regulated limits. Risk-Weighted Capital is a ratio that measures capital in relation to the risk in Horizon Credit Union’s assets and operations. Based on the prescribed risk of each type of asset, a weighting of 0% to 1,250% is assigned. Tier 1 Capital is defined as a credit union’s primary capital and comprises the highest quality of capital elements while tier 2 is secondary capital and falls short of meeting tier 1 requirements for permanence or freedom from mandatory charges. Tier 1 capital consists of two components: common equity tier 1 and additional tier 1 capital. Common equity tier 1 includes retained earnings, contributed surplus and accumulated other comprehensive income. Deductions from common equity tier 1 capital include goodwill, intangible assets, deferred tax assets (except those arising from temporary differences), increases in equity capital resulting from securitization transactions, unconsolidated substantial investments and fair value gains/losses on own-use property. Additional tier 1 capital consists of qualifying membership shares and other investment shares issued by the credit union that meet the criteria for inclusion in additional tier 1 capital.


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Tier 2 capital includes a collective allowance for credit losses to a maximum of 1.25% of risk-weighted assets, subordinated indebtedness and qualifying membership shares or other investment shares issued by the credit union that meet the criteria for inclusion in tier 2 capital and are not included in tier 1 capital. Horizon Credit Union’s minimum ratio for eligible capital to risk-weighted assets is 10.5% and our long-term range has been set at 12.35% - 14.35% as supported by our Internal Capital Adequacy Assessment Process or ICAAP analysis. As of December 31, 2019 Horizon Credit Union’s common equity tier 1 to risk-weighted assets is 12.47% and total tier 1 capital to risk-weighted assets is 12.47%. Horizon Credit Union’s total eligible capital to risk-weighted assets for 2019 is 13.01%. Horizon Credit Union does meet minimum regulatory standards but continues to implement strategies to improve capital levels to be within our target range. Another measurement of capital levels is called the leverage test and it is a calculation of eligible capital to leverage assets. Currently, the regulatory requirements for a credit union is to have a minimum leverage ratio of 5%. Horizon Credit Union has established a target range of 6.5% - 8%. Horizon Credit Union’s leverage ratio as of December 31, 2019 is 7.96%. This is an increase compared to 7.84% in 2018. Credit Unions assess additional capital requirements based on risks faced by their individual operations using an Internal Capital Adequacy Assessment Process (ICAAP). ICAAP evaluates requirements for capital relative to strategic plans and the credit union’s risk appetite. The assessment of risks with assigned capital requirements is a key tool in making strategic business decisions. Enterprise-wide stress testing and scenario analysis are also used to assess the impact of various stress conditions on our risk profile and capital requirements. Failure to comply with regulatory standards, enacts CUDGC to take any necessary action. Necessary actions may include, but is not limited to: Reducing or restricting the credit union’s authorities and limits Subjecting the credit union to preventive intervention Issuing a compliance order Placing the credit union under supervision or administration; and Issuing an amalgamation order. As of December 31, 2019, Horizon Credit Union meets all minimum regulatory standards.


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The total capital position of Horizon Credit Union is:

LIQUIDITY MANAGEMENT

Managing liquidity is essential to maintaining the safety and soundness of the credit union. Horizon Credit Union’s liquidity management framework, targets and strategies are established and documented in a Liquidity Plan which is approved by the Board of Directors annually. Adequate levels of liquidity are required to meet regulatory requirements and fluctuations in member loans and deposit demand. Horizon Credit Union diligently manages the balance sheet, aiming for a loan-to-asset ratio in the range of 75% to 83%. Horizon Credit Union ended the year with a ratio of 79.60%. The main funding sources managed by Horizon Credit Union are cash and securities and member deposits. Horizon Credit Union has an authorized line-of-credit with SaskCentral in the amount of $4.3 million. SaskCentral and Concentra Bank have options for funding programs available to credit unions for liquidity purposes. Horizon Credit Union also has the ability to syn-dicate loans to other credit unions for liquidity and diversification purposes. SaskCentral is the statutory liquidity manager for the Saskatchewan Credit Union system. Credit unions are required to hold 10% of member deposits in statutory liquidity funds and adjust those figures on a quarterly basis. As of January 1, 2017 the provincial regulator, Credit Union Deposit Guarantee Corporation (CUDGC) issued new liquidity standards. The new standards introduced the liquidity coverage ratio (LCR). The purpose of the LCR is to ensure Horizon Credit Union has an adequate stock of unencumbered, high-quality assets (HQLA) to meet its liquidity needs for a 30-day calendar stress scenario and consisting of cash or assets that can be converted into cash at little or no loss of value. Horizon Credit Union’s HQLA consists of cash, cash equivalents and statutory liquidity investments at SaskCentral. Net cash outflows (obligations) consists of retail deposit run-off, unsecured wholesale deposit funding run-off, drawdown commitments, undrawn line-of-credit commitments less contractual inflows due in less than 30 days and amounts received from financial institutions and other counter-parties. The Corporation has developed a phased-in approach where the minimum LCR requirements start out at 80% in 2017, then go to 90% in 2018 and in 2019 it will be 100%.

2018

Member Equity $213,864

Member Shares $25,930

Retained Earnings $16,864,751

Collective Allowance $602,934.87

Eligible Capital to Risk-Weighted Assets 13.14%

2019

$208,478

$25,385

$18,049,100

$555,934.87

13.01%


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Horizon Credit Union has completed an assessment of the LCR since 2016 and the ratio was well above the standard. Horizon Credit Union will maintain a LCR ratio that is sufficiently higher than regulatory minimums to ensure there is surplus daily operating liquidity to meet members’ needs and daily cash outflow obligations. Horizon Credit Union’s LCR ratio as of December 31, 2019 is 650.08%. Failure to comply with regulatory standards, enacts CUDGC to take any necessary action. Necessary actions may include, but is not limited to:

Reducing or restricting the credit union’s authorities and limits Subjecting the credit union to preventive intervention Issuing a compliance order Placing the credit union under supervision or administration; and Issuing an amalgamation order.

Horizon Credit Union meets all liquidity regulatory requirements in 2019.

ENTERPRISE RISK MANAGEMENT

Each year our credit union spends significant resources measuring and assessing risks and ensuring we are adequately prepared to serve our communities now and in the future. This process is called Enterprise Risk Management or ERM for short and is a requirement of credit unions in Saskatchewan as laid out by Credit Union Deposit Guarantee Corporation. What is Enterprise Risk Management (ERM)

An ongoing process to identify risks both current and emerging, measuring the potential impact and then articulating how you are going to protect the value of those risks.

It is the link between Strategic and Business Plans and optimization of the value they will create.

The goal of good risk management is not to minimize risk, but to achieve the best balance of risk and opportunity.

Who is responsible

Employees - identify risks and opportunities, be aware of the strategic direction and impacts and to apply risk management.

Management - apply risk management to all key decisions and processes, assign, monitor and report key risks and opportunities also to support a risk-smart culture.

Board of Directors - review all components of the process, monitor management of key risks/opportunities, evaluate management and reporting, assist in identifying, evaluating, auditing risk exposure, review corporate exposure, review appropriateness of risk treatment and get management confirmation they are adhering to the risk management framework.

How do we manage risk

Education - board, management, staff Risk Appetite Statement Business strategies Risk identification and analysis Treatment of risks Strategic alignment Controls.


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Guiding Principles of Risk Management

Creates value – risks and opportunities – opportunities have risk. Is an integral part of all organization processes – it’s everyone’s responsibility. Is part of decision-making – every decision should be tested to your Risk Appetite

Statement and ERM. Explicitly addresses uncertainty – anticipate and prepare. Is systematic, structured and timely – part of the whole planning and management cycle,

all year long, every year. Is based on the best available information – update as things change. Is tailored - suited to Horizon Credit Union’s needs. Takes human and cultural factors into account - people manage risk. Is transparent and inclusive – rationale is visible, decisions are supported. Is dynamic, iterative and responsive to change – adjust as you go as things change and

as you learn more. Facilitates continual improvement in the organization – if everyone understands your

risks, they will work to improve them. Will be supported by and be the responsibility of everyone in the organization, beginning

with the Board and Senior Management. Horizon Credit Union’s Risks & Opportunities Below are the top risks and action plans of Horizon Credit Union for 2020:

Liquidity Risk: The risk of our inability to sustain interest margin. Management’s action plan is to monitor competitors’ prime rates; monitor loan fees; improve operating efficiencies; focus on achieving growth without adding proportionate costs; ensure members understand the likely cost (i.e. slightly higher loan rates) of keeping locally controlled financial institutions in their community.

Liquidity Risk: The risk that we are unable to maintain loan-to-asset ratio targets resulting in decreased profitability. Management’s action plan is to stimulate local lending by developing a local lending strategy focused on increasing organic growth; maintain and enhance relationships with like-minded credit unions and acquire loans as needed; work with existing leasing partners.

Liquidity Risk: The risk that we are unable to create efficiencies and maintain non-interest service charge revenues. Management’s action plan is to utilize alternative Hiring Committee to analyze vacant positions in the organization; continue to review back-office functions with like-minded credit unions with the objective of achieving efficiencies; review all goals/targets; annual service charge review; create a wealth management strategy and complete income/expense reviews (implement mitigating actions if actual expenses projected to exceed budget).

Credit Risk: The risk of significant losses or concentration risk in the purchased syndicated loan portfolio. Management’s action plan is to closely monitor trends; potential impact of credit risk losses included in ICAAP provisions and ensure the Board has sufficient credit risk information to execute its oversight responsibilities.

Organizational Risk: Risk of exposure to IT/cyber security related risks. We continue to closely monitor events, have ongoing staff and member education including building a cyber security plan.


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Operational Risk: The risk of uneven distribution of workloads to managers/supervisors due to the significant number of projects and decreased staff complement increase the risk we lose key people within Horizon Credit Union. Management’s action plan is to monitor trends very closely; identify opportunities to flow work down through Horizon Credit Union; continue to prioritize project work and address on an individual basis as circumstances warrant; collaborate with other credit unions to share/leverage resources (where possible).

LOAN AND RESIDENTIAL MORTGAGE PORTFOLIO Credit Union Deposit Guarantee Corporation introduced regulatory guidance relating to residential mortgage underwriting. The guideline reaffirms the need for credit unions to have a stress-testing regime that considers unlikely, but plausible, scenarios and their impact on the residential mortgage portfolio. Results of these stress tests should be considered in the Credit Union’s ICAAP. Credit unions should reflect assets with inherently greater risk through risk-sensitive increases in capital identified through their ICAAP. Lower loan to value on uninsured properties enables Horizon Credit Union to withstand significant decreases in residential property values. Decreases in residential property values are assumed to only trigger a theoretical financial risk for Horizon Credit Union if the holders were unable to make minimum payments and were forced to sell or defaulted. Horizon Credit Union uses a 30% decrease in the fair value of underlying properties and the loan to value of the uninsured portfolio is estimated to be <70%. These calculations outlined support that the Credit Union would be able to withstand a 30% decrease in residential mortgage values; assuming it had to take over ownership of the properties as the calculated residual value of the properties would still exceed book value. This is, however, material exposure by product type, demographic characteristic or associated groups/individuals. We do have limited geographic exposure given our 5 branches in east central Saskatchewan and therefore use syndications to diversify our portfolio as well as manage concentration limits. We continue to manage on the assumption that a dramatic downturn in any industry could impact earnings/capital of the loans portfolio. At year-end, our $184,085,072 million-dollar loans portfolio was comprised of 10.47% insured residential mortgages and 25.77% of uninsured residential mortgages. Our portfolio also consists of $1,828,996.50 of approved home equity lines-of-credit or 0.99% of our total loan portfolio. In line with the draft Residential Mortgage Underwriting Guideline, the Credit Union will continue to review its mortgage underwriting practices/documentation to ensure it meets the guideline standards. Horizon Credit Union does not believe it has undue risk in its uninsured mortgage portfolio or under-writing practices and that current risk-weighted, asset-based concentration provision in the ICAAP sufficiently address risk in the residential portfolio.


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CORPORATE STRUCTURE & GOVERNANCE The governance of Horizon Credit Union is anchored in the co-operative principle of democratic member control. Members elect the Board of Directors, who in turn provide oversight of the Chief Executive Officer and the operations of Horizon Credit Union. Horizon Credit Union’s SaskCentral member representative is appointed as required and can be a credit union General Manager/CEO, a board member or an individual of the credit union’s choosing. The member representative’s responsibility is to ensure participation in the democratic system of SaskCentral, develop and maintain active and open communication, to provide system leadership and policy decision-making support, and to keep Horizon Credit Union updated on all matters relating to the democratic governance structure of SaskCentral. BOARD OF DIRECTORS Mandate & Responsibilities The board is responsible for the strategic oversight, business direction and supervision of management of Horizon Credit Union. In acting in the best interest of the credit union and its members, the board’s actions adhere to the standards set out in The Credit Union Act, 1998, the Standards of Sound Business Practice and other applicable legislation.

ARCO - Audit & Risk Committee NC - Nominations Committee PC - Policy Committee PRC - Public Relations Committee CRC - Conduct Review Committee EC - Executive Committee SRC - Staff Relations Committee *The President is a voting ex-officio of all committees.

Name Title Branch Term Expires

Years of Service

Meeting Attendance Committees

Valdeen Mathies Director Melville 2020 9 11/12 PC, CRC, EC

Darrell Webster Director Melville 2020 3 12/12 ARCO, EC

Ken Zimmer Director Grayson 2020 35 11/12 ARCO, PRC, PR

Philip Peter Director Grenfell 2020 28 11/12 PRC

Tim Taylor Vice-President Wolseley 2021 26 12/12 ARCO, PRC, CRC, EC, SRC

Brian Hicke Secretary Melville 2021 8 11/12 PC, EC, SRC

Blair Van Caeseele Director Melville 2021 1 9/9 ARCO, NC, PRC

Heidi Schofer President Melville 2022 16 11/12 ARCO, NC, PRC, EC, SRC

Bonny Schweitzer Director Neudorf 2022 4 12/12 NC, PRC, CRC

VACANT Director Grenfell 2022 - - -


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Board Composition The Board of Directors of Horizon Credit Union will be comprised of 10 persons as determined by Horizon Credit Union bylaws. Five directors from Melville, one from each Grayson, Neudorf and Wolseley and two from Grenfell. Horizon Credit Union will comply with The Credit Union Act, 1998 regarding any vacancy on the Board of Directors. A person shall be eligible to serve as a director for an indefinite number of terms. Terms are for three years. Nominations are made by advertising for nominations which are due three weeks prior to the election week. Election week is the week before the Annual General Meeting. Voting is by paper ballot and election results are announced at Horizon Credit Union’s Annual General Meeting. Committees The responsibilities of the board of a modern financial services organization involve an ever- growing list of duties. Horizon Credit Union maintains a number of committees comprised of directors. This partitioning of responsibilities enables a clear focus on specific areas of activity vital to the effective operation of our credit union. *See the Director Chart on previous page for who sits on which committee. Executive Committee - To act in the capacity of, and on behalf of, the Board of Directors between regular or special board meetings on all board matters except those which the board may not, in compliance with legislative requirements, delegate. The committee will consist of the president, the vice-president, the secretary, two directors, one alternate director and the chief executive officer (non-voting ex-officio). Conduct Review Committee - Horizon Credit Union will act to ensure the integrity and objectivity of its directors, officers and employees by having in place policies, processes and practices that protect people and the organization from claims and perception of unfair benefit or conflict of interest. The committee will consist of three directors, two alternate directors, the president (voting ex-officio), the chief executive officer (non-voting ex-officio) and the vp of retail services (non-voting, ex-officio). Nominations Committee - It is credit union policy to encourage qualified persons to seek election to the board and to provide for director contact to those who wish to express their interest in or inquire about elected office. This committee is responsible to oversee the nomination and election processes for elections of directors. The committee will consist of the directors of the board who were elected the previous year, the president (voting ex-officio) and the chief executive officer (non-voting ex-officio). Public/Member Relations Committee - To provide liaison between Horizon Credit Union and its members and communities by monitoring needs, recommending services for board consideration to meet those needs, planning activities that respond to expressed interests and recommending changes to service policies to better serve member, customer, community and credit union needs. The committee will consist of five directors, one representing each respective district, two staff members, the president (voting ex-officio), the chief executive officer (non-voting ex-officio) and one executive manager (non-voting ex-officio). Staff Relations Committee - To review situations identified by any employee that the employee feels was not handled satisfactorily after going through the normal grievance procedures with their immediate supervisor and executive management. The committee will consist of the president, the vice-president, the secretary, two staff members and one manager. The chief executive officer may attend the meeting by invitation only.


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Audit & Risk Management Committee - Ensures an independent review of Horizon Credit Union’s financial operation on areas deemed necessary to maintain the integrity of financial data, adequacy of internal controls and adherence to requirements of The Credit Union Act, 1998, The Credit Union Regulations, 1999, the Credit Union Insurance Business Regulations and the Standards of Sound Business Practice. The committee will consist of four directors of the board and the president (voting ex-officio). Policy Review Committee - Works closely with management to assure the review and maintenance of prudent and practical policies and to ensure such polices are in place that govern all aspects of the operation of the credit union. The committee will consist of three directors of the board, the president (voting ex-officio) and the chief executive officer (non-voting ex-officio). Branch Advisory Committee - The purpose of this committee is to provide a liaison between Horizon Credit Union and its members and communities by monitoring needs, issues and providing feedback on matters relevant to the credit union. Each branch, with the exception of Melville branch, has an Advisory Committee. The committee will consist of three members of each respective branch location, all directors representing the respective branch, the president (voting ex-officio), and the chief executive officer (non-voting ex-officio). See chart below for committee members and details. Compensation It is the general policy of Horizon Credit Union that officers, directors and committee members are reimbursed for their services on a per diem basis. The primary objective of the credit union is to serve the members. It is this commitment that guides the leadership of the credit union and any reimbursement is designed to offset expenses, not to directly provide a benefit. Board members are volunteers, but are compensated for expenses and time. Board remuneration for 2019 was: Honorarium & per diem $44,082.00, training/meetings/conferences $4,710.27 and other expenses of $5,151.19.

Name Branch Term Expires Years of Service

Donna Golling Grayson 2020 21

Cathy Andrews Neudorf 2020 2

Donald Kent Grenfell 2020 33

David Gwilliam Wolseley 2020 15

Allan Gelowitz Grayson 2021 26

Jody Sefton Neudorf 2021 4

Bev Haugen Grenfell 2021 2.7

Rod Edgar Wolseley 2021 27

Colleen Stinson Grayson 2022 2

Deborah Goebel Neudorf 2022 15

Caroline Pasnak Grenfell 2022 29

Terrence Miller Wolseley 2022 16.8


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Director Training Director training for 2019 included the following:

Anti-Money Laundering & Privacy Training Board Performance, Development and Evaluation Business Decision Making Foundations of Governance in Theory and Action Governing a Risk-Based Business

Executive Management Horizon Credit Union operates under the following Executive Management structure:

Chief Executive Officer - Larry Yeadon VP of Retail Services - Karen Foster VP of Finance - Racquel Dobranski VP of Information Technology & Corporate Services - Trevor Dumalski

CORPORATE SOCIAL RESPONSIBILITY Horizon Credit Union continues its commitment to being a strong corporate citizen within our trading area and beyond. The credit union provides funding to many projects and events that enrich our communities and improve the quality of life for our people. Our organization is proud to support and will continue to support initiatives that enhance our communities and are a positive reflection of the credit union’s co-operative principles business model. In 2019, Horizon Credit Union contributed over $23,173.00 in cash donations, sponsorships, gifts in kind and scholarships to local projects and events. Some of the notable donations include: $5,000.00 to the Grayson School playground project; $2,500.00 to Men’s and Women’s Provincial Curling Championships; $1,000.00 to the Health Foundation of East Central Saskatchewan; $990.00 for Co-op Camp participants; $575.00 to Mils Baseball; $500.00 to 4H Regional Show and Sale; $500.00 to Melville & District Food Bank new building fund; $500.00 for mammography equipment in our health region and many more donations to our local community sports teams, schools and clubs. In addition, a total of $3,420.00 in scholarships was awarded to students throughout our branches. Horizon Credit Union recognizes that the existence of many of these organizations, clubs and committees depend on the support from businesses such as ours and we will continue to sponsor them when we are able to. The staff at Horizon Credit Union recognize the importance of social responsibility and willingly volunteer their time and effort to various community organizations and events throughout the course of the year. In 2019, a total of 2,434 hours of volunteer time was given back to our five communities. The staff also contributes each week to a dress down fund which allows them to dress in casual attire on Fridays for a small fee. All the proceeds are then donated. A total of $2,836.00 was donated from the Dress Down Fund in 2019 to: Help Portrait, Canadian Cancer Society, Alzheimer Society of Saskatchewan, Samaritan’s Purse, CHMHA Saskatchewan, Kinsmen Telemiracle, Big Brothers Big Sisters of Yorkton, Crohns & Colitis Canada, Isaac Baran Trust, Cystic Fibrosis Canada and the Melville & District Food Bank.


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Our Staff: There are 4 employees who celebrated milestones with us this year. We want to acknowledge their accomplishments and thank them for their loyalty. We could not have had the success we had this year without you. Congratulations on reaching this milestone in your career. Recognition for years of service goes to: 5 years: Deb Ewachow, Kayla Johnson 25 years: Sheri Hanson 35 years: Dorothy Schramm Our Directors / Advisory Committee: There is one director and three Advisory Committee members that will receive long-term service awards this year. These awards are presented at the Annual General Meeting and the Branch In-formation Supper Meetings. The directors’ service awards also include previous commitments on other credit union boards. Recognition goes to: Board of Directors Advisory Committee Ken Zimmer - 35 years Bev Haugen (Grenfell) - 5 years Deb Goebel (Neudorf) - 15 years David Gwilliam (Wolseley) - 15 years

Photo courtesy of Cindy Baillie

Back Row (left to right) - Phil Peter, Blair Van Caeseele, Brian Hicke, Darrell Webster, Ken Zimmer Front Row (left to right) - Heidi Schofer, Valdeen Mathies, Tim Taylor, Bonny Schweitzer.


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Melville Staff 2017

Neudorf Cupcake Day

Grayson Playground Project donation

Grenfell Minor Hockey Day

Melville Staff 2019

Melville Member Appreciation Day BBQ donation Wolseley

CU Day

Melville Mils Baseball Donation


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Conclusion On behalf of myself and the Horizon Credit Union staff, we would like to thank the membership for their continued support and dedication to Horizon Credit Union. Respectfully submitted, Larry Yeadon, Chief Executive Officer

Today, Tomorrow, Together

Credit Unions Top IPSOS Financial Service Excellence Awards - November 2019 Top honours for Credit Unions at this year’s IPSOS Financial Service Excellence Awards were: 1. Sole winner for Customer Service Excellence (15th consecutive year); 2. Sole winner for Branch Service Excellence (15th consecutive year); 3. Sole winner for Values My Business (12th consecutive year); 4. Sole winner for Live Agent Telephone Banking Excellence (7th year); 5. Winner for Online Banking Excellence (5th consecutive year); 6. Winner for Financial Planning and Advice (12th consecutive year); and 7. Winner for ATM Banking Excellence. This year’s results also highlighted the fact that full-year 2019 scores place Canada’s Credit Unions ahead of the big 5 banks on ALL key metrics, exceeding the banks by 17 points in the “Value for Money” category and by 16 points in NPS.


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Staff Title Years of Service

Melville Branch Administration Services Larry Yeadon Chief Executive Officer 37.78 Karen Foster VP of Retail Services 33.37 Helen Achtymichuk Executive Assistant 14.67 Information Technology & Corporate Services Trevor Dumalski VP of Information Technology & Corporate Services 22.98 Heather Adam Technical Business Analyst 29.11 Cindy Baillie Technical Analyst 11.66 Christi Dmytriw Marketing Specialist 8.65 Mycah Dunlop Technical Analyst Trainee 4.54 Finance Services Racquel Dobranski VP of Finance 29.60 Monique Chaban Human Resource Manager 32.35 Eden Cooper Accounting Clerk 6.54 Angela Silzer Accounting Clerk (term) 11.31 Lending Services Glenn Colley Manager of Lending Operations 34.26 Cheryl Zulyniak Lending Support Representative 26.24 Stacey Richards Consumer Lending & Mortgage Specialist 21.85 Colleen Beres Agriculture & Commercial Specialist 11.66 Cameron Breitkreuz Lending Service Representative 9.61 Ronda Hahn Lending Support Supervisor 9.30 Christine Gottschalk Lending Support Representative 6.90 Deposit/Wealth Management Services Dorothy Schramm Teller/Member Service Representative 35.77 Lorie Somogyi Teller 28.82 Angie Robison Member Service Representative 22.79 Jackie Guidry Wealth Management Representative 18.83 Cindy Exner Financial Services Supervisor 18.55 Jennifer Petrichuk Manager of Deposit Services 14.96 Jackie Sagan Wealth Management Representative 12.23 Noel Kish Receptionist 9.44 Kayla Johnson Deposit Support Representative 5.12 Melissa Kohlenberg Member Service Representative 2.78 Linda Jansen Teller 0.03 Zarrina Nazokatova Teller 9.25 Aleli Reyes Teller 0.77 Rhonda Schmaltz Teller 1.86


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Staff Title Years of Service Grayson Branch Sheri Hanson Regional Manager - all branches 25.35 Chantelle Ottenbreit Lending Service Representative - Grayson & Neudorf and 11.66 Team Lead Tina Schmieder Teller/Member Service Representative 4.62 Neudorf Branch Sherry Hoehn Teller/Member Service Representative 26.95 Deb Ewachow Teller - all branches 6.42 Grenfell Branch Joanne Amy Risk & Compliance Manager 37.61 Karen Linnell Lending Service Representative - Grenfell & Wolseley 22.95 Kris Schneider Teller/Member Service Representative - Grenfell & Wolseley 21.60 Tamara Speidelsbach Teller/Member Service Representative 12.98 Sarah Harrold Teller - all branches 0.77 Wolseley Branch Connie McDougall Teller 36.79 Dayle Hess Teller/Member Service Representative 8.65 Krista Johnson Teller/Member Service Representative - Wolseley & Grenfell and 7.21 Team Lead Christina Bieber Teller - all branches 3.85

Cornerstone HorizonPlainsview Members

35,625

$

in assets$1.72 B

Employees286

ORNERSTONECredit Union

REDIT NIONC UHORIZON lainsview

C r e d i t U n i o nwww.p la insv iew.com 1 -888 -832 -3045

BetterTogetherN S A S K A T C H E W A N

The three credit unions are exploring a merger to create a single entity that can provide better services and advice to members. The proposed merger

will increase efficiencies allowing us to reinvest in our people and strengthen our offering. It will also help us mitigate the risks that are

present in today’s competitive operating environment.

The shared future vision is a credit union that is com-petitive in the changing marketplace, provides great advice to our members, and is known for supporting

our communities. We are looking to strengthen our credit union by partnering with other strong credit unions to gain added expertise, obtain operating efficiencies and

expanded offerings with improved technology.

The ultimate goal is to create a stronger credit union to benefit all our stakeholders.

4th

largest c redit union

4th

branches across Saskatchewan23

shared vision1

The final approval will be a vote by members of each participating credit union to approve a resolution as recommended by their Board of Directors. It is expected this process will continue throughout 2020. If approved, the

new credit union would be launched in January 2021.

Horizon Credit Union Summary Financial Statements

December 31, 2019

Report of the Independent Auditor on the Summary Financial Statements

To the Members of Horizon Credit Union:

Opinion

The summary financial statements, which comprise the summary statement of financial position as at December 31, 2019, andthe summary statements of comprehensive income, changes in equity and cash flows for the year then ended are derived fromthe audited financial statements of Horizon Credit Union (the "Credit Union") for the year ended December 31, 2019.

In our opinion, the accompanying summary financial statements are a fair summary of the audited financial statements, inaccordance with International Financial Reporting Standards.

Summary Financial Statements

The summary financial statements do not contain all the disclosures required by International Financial Reporting Standards.Reading the summary financial statements and the auditor's report thereon, therefore, is not a substitute for reading the auditedfinancial statements and the auditor's report thereon.

The Audited Financial Statements and Our Report Thereon

We expressed an unmodified audit opinion on the audited financial statements in our report dated February 26, 2020.

Management’s Responsibility for the Summary Financial Statements

Management is responsible for the preparation of the summary financial statements in accordance with International FinancialReporting Standards.

Auditor’s Responsibility

Our responsibility is to express an opinion on whether the summary financial statements are a fair summary of the auditedfinancial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standards (CAS)810, Engagements to Report on Summary Financial Statements.

Regina, Saskatchewan

February 26, 2020 Chartered Professional Accountants

Horizon Credit Union Summary Statement of Financial Position

As at December 31, 2019

A full set of audited financial statements is available from the Credit Union 1

2019 2018

Assets

Cash and cash equivalents 17,687,366 16,050,202

Investments 28,139,676 27,574,602

Member loans receivable 184,085,072 175,074,975

Other assets 602,288 547,465

Property, plant and equipment 735,217 851,546

231,249,619 220,098,790

Liabilities

Member deposits 212,472,094 201,959,385

Other liabilities 494,562 1,034,860

Membership shares 25,385 25,930

Equity accounts 208,478 213,864

213,200,519 203,234,039

Members’ Equity

Retained earnings 18,049,100 16,864,751

231,249,619 220,098,790

Approved on behalf of the Board

Horizon Credit Union Summary Statement of Comprehensive Income

For the year ended December 31, 2019


2019 2018

Interest income

Member loans 7,041,028 6,449,689

Investments 984,035 1,089,935

8,025,063 7,539,624

Interest expense

Member deposits 2,283,356 1,940,999

Borrowed money 59 418

2,283,415 1,941,417

Gross financial margin 5,741,648 5,598,207

Other income 1,100,034 1,475,421

6,841,682 7,073,628

Operating expenses

Personnel 3,072,092 3,132,743

Security 197,137 192,901

Organizational 233,581 164,502

Occupancy 264,638 248,146

General business 1,374,335 1,712,136

5,141,783 5,450,428

Income before provision for (recovery of) impaired loans and provision for (recovery of)

income taxes 1,699,899 1,623,200

Provision for (recovery of) impaired loans 267,509 (239)

Income before provision for (recovery of) income taxes 1,432,390 1,623,439

Provision for (recovery of) income taxes

Current 309,149 317,289

Deferred (61,108) (90,144)

248,041 227,145

Comprehensive income 1,184,349 1,396,294

Horizon Credit Union Summary Statement of Changes in Members’ Equity



Retained earnings

Total equity

Balance December 31, 2017 15,826,471 15,826,471 Comprehensive income 1,396,294 1,396,294

IFRS 9 transition adjustments (358,014) (358,014) Balance December 31, 2018 16,864,751 16,864,751

Comprehensive income 1,184,349 1,184,349Balance December 31, 2019 18,049,100 18,049,100

Horizon Credit Union Summary Statement of Cash Flows



2019 2018Cash provided by (used for) the following activities

Operating activitiesInterest received from member loans 6,964,550 6,465,022Interest received from investments 1,004,134 1,053,515Other income 1,035,289 1,475,421Cash paid to suppliers and employees (5,321,730) (4,888,169)Interest paid on deposits (2,131,503) (1,904,370)Interest paid on borrowed money (59) (418)Income taxes paid (460,888) (212,682)

1,089,793 1,988,319

Financing activitiesNet change in member deposits 10,360,856 3,331,107Net change in membership shares and equity accounts (5,931) (2,707)

10,354,925 3,328,400

Investing activitiesNet change in investments (585,173) 4,493,367Net change in member loans receivable (9,201,128) (905,088)Purchases of property, plant and equipment (21,253) (151,007)

(9,807,554) 3,437,272

Increase in cash and cash equivalents 1,637,164 8,753,991Cash and cash equivalents, beginning of year 16,050,202 7,296,211

Cash and cash equivalents, end of year 17,687,366 16,050,202


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CREDIT UNION DEPOSIT GUARANTEE CORPORATION ANNUAL REPORT MESSAGE 2019

January 2020

________________________________________________________________________________________

Deposits Fully Guaranteed Credit Union Deposit Guarantee Corporation (the Corporation) is the deposit guarantor for Saskatchewan credit unions, and the primary regulator for credit unions and Credit Union Central of Saskatchewan (SaskCentral). Together, these entities are considered Provincially Regulated Financial Institutions or “PRFIs”. The Corporation is mandated through provincial legislation, The Credit Union Act, 1998 and The Credit Union Central of Saskatchewan Act, 2016 in performing its duties. Provincial legislation also assigns responsibility for oversight of the Corporation to the Registrar of Credit Unions at the Financial and Consumer Affairs Authority of Saskatchewan. The Corporation was the first deposit guarantor in Canada and has successfully guaranteed deposits since it was established in 1953. By promoting responsible governance and prudent management of capital, liquidity and guaranteeing deposits, the Corporation contributes to confidence in Saskatchewan PRFIs. For more information about the Corporations’s regulatory and deposit protection responsibilities and its role in promoting the strength and stability of Saskatchewan PRFIs, consult the Corporation’s web site at www.cudgc.sk.ca.


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*All trademarks are the property of their respective owners.

For more information, contact your branch today or visit www.horizoncu.ca

Horizon Credit Union Main Branch Box 1900, 136-3rd Ave. E Melville, SK S0A 2P0 Phone: 728-5425 Fax: 728-4520

Grayson Branch Box 56 Grayson, SK S0A 1E0 Phone: 794-2155 Fax: 794-2253

Neudorf Branch Box 160 Neudorf, SK S0A 2T0 Phone: 748-2255 Fax: 748-2212

Grenfell Branch Box 670 Grenfell, SK S0G 2B0 Phone: 697-2803 Fax: 697-2911

Wolseley Branch Box 98 Wolseley, SK S0G 5H0 Phone: 698-2252 Fax: 698-2750

zz-draft-annual report 2019 - horizon credit union · board of directors: heidi schofer, president,...

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