Steinbach Credit Union (SCU) members will soon reap the rewards of being a part of Manitoba’s largest credit union. The organization announced that members would receive Member Bonuses totaling $7.5 million in cash at its annual general meeting on March 13, 2018. The cash back bonus will be divided equally amongst deposit account holders and loan account holders.
“Our members are our owners, so it’s fitting they should share in our success as a cooperative,” said Reg Penner, Chairman of the Board. “We have enjoyed serving our members for more than 75 years and are delighted to share this Member Bonus with them. Sharing with our members and giving back to the community are why SCU continues to grow and serve more and more members.”
All member accounts, including consumer, commercial, agricultural, charity, and community accounts, qualify for the bonus, with the exception of RESP, AgriInvest and Lawyer Trust accounts. This year’s Member Bonus will be directly deposited to all qualifying accounts by March 16, 2018.
“SCU is all about our members. Our aim is to provide exceptional service with advice that is carefully tailored to meet each member’s specific needs,” said Glenn Friesen, CEO of Steinbach Credit Union. “We believe this focus is demonstrated in everything we do – from our friendly service and competitive rates to our staff’s knowledge and expertise.”
Since 2000, SCU has paid out more than $47 million in cash bonuses to its members. The organization continued to grow in 2017 with the addition of 5,665 new members. SCU’s assets grew to $5.45 billion (an increase of 8.26 per cent from 2016). SCU’s deposit accounts grew to $4.94 billion (an increase of 8.11 per cent) and its loan accounts to $4.68 billion (an increase of 10.86 per cent).
SCU also continues to invest in new technology for better and faster service to members. The organization launched Mobile Pay for Android in early 2017 and was one of the first credit unions in Manitoba to do so. Members can also conduct other banking using an online application from the comfort of their home.
The membership re-elected board member Doris Martens, Maria Reimer and Bruce Penner at the AGM.
