Steinbach Credit Union (SCU) Board Chair, Maria Reimer, announced that despite a challenging economic landscape, SCU reported another strong fiscal year in 2023, which provided them the opportunity to share their success with their members in the form of a $12 million cash back member bonus.
“Now more than ever, members expect more from their financial institutions and need a trusted partner to help them navigate through their day-to-day financial needs and goals,” said CEO Glenn Friesen. “This is achieved by SCU’s team of specialists working together toward a common purpose of serving their members. Our specialized model allows us to work with each member individually, meeting them where they are and helping them explore the infinite possibilities that lie ahead.”
“Our focus on organic growth and organizational efficiency has allowed us to remain financially strong in the Manitoba market, said Reimer while speaking to SCU’s long-standing record of growth.” Reimer noted that in 2023, SCU’s growth continued with 5,028 new members. In addition, SCU’s assets grew by 4.60 per cent, with an increase in deposit accounts of 5.70 per cent and 5.36 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’ needs.
As a cooperative organization, SCU believes in sharing profits in the form of a 100% cash bonus with their members; 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. As an example, if a member paid $5,000 in interest on their mortgage in 2023, they can expect an approximate bonus of $64.50, which equates to a 1.29% bonus on interest already paid. Similarly, members who received $1,500 in interest on their savings accounts in 2023 would enjoy a member bonus of approximately $45.75, which translates to a 3.05% bonus on interest already received.
SCU operates three branches, one in Steinbach and two in Winnipeg, serving over 110,000 members, with over 500 employees. In addition, SCU’s footprint includes a business center and Member Contact Centre. 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 Doris Martens, Bruce Penner, and Maria Reimer.
The Board of Directors elected Maria Reimer as Board Chair, Bruce Penner as First Vice-Chair, and Chris Goertzen as Second Vice-Chair.
