With continued growth in assets and membership, Reg Penner, Chair of the Steinbach Credit Union (SCU) Board of Directors announced a member bonus of $10 million in cash at their virtual Annual General Meeting, which will be welcome news to members at a time when they are facing the financial realities of the pandemic.
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 loyalty; a practice the credit union has employed for many years. The bonus will be divided equally between deposit and lending account holders, and will be shared proportionately between members based on their portfolio with SCU. As an example, if a member paid $3,000 in interest on their mortgage in 2020, they can expect an approximate bonus of $79, which equates to a 2.64% refund on interest already paid. Similarly, members who received $1,000 in interest on their savings accounts in 2020 would enjoy a member bonus of approximately $49, which translates to a 4.92% bonus on interest already received.
Like all large and small companies, SCU was challenged to find new and different ways to do business in shifting and uncertain market conditions. The organization faced the ongoing pandemic with a spirit of reinvention, developing member-focused products, services and solutions, while also exploring fresh ways to deliver outstanding member experience. “2020 was the year of the unexpected as COVID-19 came upon us, making flexibility and the capacity to adapt to constant change a necessity,” said Glenn Friesen, CEO of SCU.
Of the past year, Friesen expressed gratitude toward SCU members, employees, and the community. “We recognize that COVID-19 affected every aspect of our lives in a manner unprecedented in modern history. Throughout this pandemic, we have been committed to keeping our doors open in order to continue serving our members. We’re also incredibly proud to have retained all of our employees at their full salary throughout this time.”
“Our strong balance sheet allowed us to offer our members competitive rates for their saving and lending needs. We focused our attention on ensuring members can continue to save and spend wisely,” said Reg Penner. And, members responded – SCU’s assets grew by 7.44 per cent and deposit accounts grew by 8.18 per cent. Additionally, loan accounts increased by 10.25 per cent in 2020.
SCU operates three branches, one in Steinbach and two in Winnipeg, and serves nearly 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 also re-elected board members Maria Reimer, Bruce Penner, and Doris Martens to the SCU Board of Directors.
The Board of Directors elected Maria Reimer as Board Chair, Bruce Penner as First Vice-Chair, and Reg Penner as Second Vice-Chair.
