Steinbach Credit Union announces it once again pays to be a member
It’s a year of milestones as SCU continues its growth and announces a $10 million cash back Member Bonus
Steinbach, MB, March 15, 2022 – Steinbach Credit Union (SCU) announced at its virtual Annual General Meeting yesterday that they reached three important milestones in their organization’s history, including surpassing $8 billion in assets, growing to 100,000 members, and celebrating 80 years of serving their members. SCU also announced they will be giving their members a $10 million cash back Member Bonus.
SCU remains committed to investing and improving their products, services, and member service in an ever-changing economic environment. Not only was it a year of organizational milestones, but SCU also witnessed unparalleled growth. In 2021, their assets grew by 12 per cent, deposits by 11.11 per cent, and loan growth of 16.25 per cent. “I firmly believe our success is a result of high member satisfaction, competitive rates, and custom solutions that meet the unique needs of each member,” said Glenn Friesen, CEO of SCU. “I look back on the year with great appreciation, gratitude, and pride, and can’t wait to explore the future,” he concluded.
Maria Reimer, Chair of the SCU Board of Directors, agreed with Friesen, adding, “Our strong fiscal performance and balance sheet allowed us to offer our members competitive rates for their saving and lending needs. We focused our attention on helping members on their journey of saving and spending wisely,”
With continued growth in assets and membership, Reimer announced a cash back Member Bonus of $10 million. “We are thrilled to share this bonus with our loyal members, she said. This is further proof that our members truly make us great, and that when we work together to meet our challenges, we emerge stronger collectively.
As a cooperative organization, SCU believes in sharing profits in the form of a cash back bonus with their members as a way to thank them for their trust and loyalty; a practice the credit union has employed for many years. The bonus will be shared with members who hold both deposit and lending accounts. The breakdown of this allocation will be 60% to deposit holders and 40% to credit holders. This breakdown recognizes that members with deposits have been impacted by lower interest rates over the last year. In contrast, borrowers have benefited from lower interest rates.
SCU operates three branches, one in Steinbach and two in Winnipeg, and serves over 100,000 members. SCU offers full banking services, from daily chequing and savings accounts to mortgages, investments, agricultural, and commercial banking, which can be accessed through online banking from the comfort of members’ homes.
The membership re-elected board member Chris Goertzen, and also elected board members Bonnie Goertzen and Kris Plett, to the SCU Board of Directors.
The Board of Directors elected Maria Reimer as Board Chair, Bruce Penner as First Vice-Chair, and Chris Goertzen as Second Vice-Chair.