2023 | Steinbach Credit Union proves it once again pays to be a member
SCU reaches $9.1 billion in assets and announces a $10 million cash back Member Bonus
Steinbach, MB, March 15, 2023 – Steinbach Credit Union (SCU) members will once again benefit from being part of one of Manitoba’s largest credit unions. Board Chair, Maria Reimer, announced at its Annual General Meeting yesterday that, thanks to continued growth in assets and membership, a Member Bonus of $10 million in cash will be shared with their members.
CEO Glenn Friesen says, “Our strength, stability and drive to continually evolve as an organization is essential to our success.” SCU remains committed to helping their members explore the possibilities through more avenues than ever before. Friesen adds, “Members know what they can expect from us – great rates and sound advice – and they choose us because they know we will guide them on their journey of saving and spending wisely.”
Reimer speaks to SCU’s long-standing record of growth. “Our focus on strong performance and organizational efficiency has allowed us to remain financially strong in the Manitoba market.” In 2022, SCU’s growth continued with 7,708 new members. In addition, SCU’s assets grew by 9.35 per cent, with an increase in deposit accounts of 6.61 per cent and 8.75 per cent in loan accounts. SCU’s continued financial success means it has the strength to invest in new technology, products, and services that respond to an ever-changing market and meet its members’ individual needs.
As a cooperative organization, SCU believes in sharing profits in the form of a cash bonus with their members; a practice the credit union has employed for many years. Reimer says, “We are thrilled to share this bonus with our loyal members. This is further proof that our members truly make us great.” The bonus will be shared with members who hold both deposit and lending accounts. The breakdown of this allocation will be 55% to deposit holders and 45% to credit holders. As an example, if a member paid $4,688.45 in interest on their mortgage in 2022, they can expect an approximate bonus of $82.05, which equates to a 1.75% refund on interest already paid. Similarly, members who received $1,250 in interest on their savings accounts in 2022 would enjoy a member bonus of approximately $52.75, which translates to a 4.22% bonus on interest already received.
SCU operates three branches, one in Steinbach and two in Winnipeg, and serves over 106,000 members, with over 500 employees. 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.
This year the membership re-elected board members Jayson Barkman, Jeremy Hildebrand, and also elected board member Matt Kehler, 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.