UNI credit union 'fortunate' after difficult year, says CEO

CBC
·2 min read
UNI had a difficult 2023 as issues around migrating to another online banking platform left many clients unable to deposit cheques or access their accounts online. (Patrick-Lacelle/Radio-Canada - image credit)
UNI had a difficult 2023 as issues around migrating to another online banking platform left many clients unable to deposit cheques or access their accounts online. (Patrick-Lacelle/Radio-Canada - image credit)

Despite a rough year and some negative numbers, the CEO of the UNI Financial Cooperation said the credit union is strong.

In its yearly report, the Caraquet-based company recorded a $3.7 million deficit.

At a news conference on Friday, UNI also said it had lost 4,000 members and $70 million in deposits, but with new clients the net loss was only 2,800.

The numbers come after technical issues plagued efforts to transfer their digital banking platform in-house from Desjardins Group last year.

The resulting disruption left clients with debit cards that wouldn't work and paycheques not showing up in accounts.

UNI Financial Cooperation appointed Camille Thériault as the new CEO a day after announcing the "immediate departure" of Robert Moreau in a media release on Tuesday.
UNI Financial Cooperation appointed Camille Thériault as the new CEO a day after announcing the "immediate departure" of Robert Moreau in a media release on Tuesday.

CEO Camille Thériault says while no financial institution wants to see a deficit, UNI's financials are strong. (Radio-Canada)

Still, CEO Camille Thériault said it could have been worse.

"We're quite fortunate that's the results that we got," said Thériault.

He said while no financial institution wants to see a deficit, the financials of UNI are strong.

"When we look at the last 10 years, where there was $200 million in profit, and this year there's … $3.7 deficit, I still say UNI is in great shape," said Thériault.

While UNI says it lost 4,000 members, Thériault told Radio-Canada last year the financial institution saw 8,100 accounts closed.

Thériault said the discrepancy is because many people have more than one account, and looking at members instead of accounts shows a more accurate picture of the credit union.

UNI mum on court case

Thériault became the CEO last year for a second time, after then-CEO Robert Moreau was forced from the company after the mishandled online banking system transfer.

UNI financial cooperation announced the “immediate departure” of its president and CEO Robert Moreau on Tuesday after clients began experiencing service issues last month.
UNI financial cooperation announced the “immediate departure” of its president and CEO Robert Moreau on Tuesday after clients began experiencing service issues last month.

Thériault would not comment on legal action taken against UNI by former CEO Robert Moreau, shown here in a photo from last year. (Serge Bouchard/Radio-Canada)

Late last year, Moreau started legal proceedings against UNI, alleging wrongful dismissal.

Thériault said he did not know how much the legal fight against the former CEO has cost UNI so far and refused to comment on the legal proceedings.

The credit union is holding its annual general meeting in Moncton on Saturday.