The Steinbach Credit Union has announced that it is giving back five million dollars in true co-operative style.
The Steinbach Credit Union Board of Directors announced the bonus at the SCU Annual General Meeting Tuesday night in recognition of a solid year in 2015. The bonus will be shared with members who hold both deposit and lending accounts. The breakdown of this allocation is equal, 50% to deposit holders and 50% to credit holders. Eligible products include: Consumer, Commercial, Agricultural, Charity and Community accounts, with the only exceptions being RESP, AgriInvest and Lawyer Trust accounts.
The Bonus is calculated on interest earned and paid on qualifying products for the calendar year 2015 and equates to an additional 3.66% on interest already earned and 2.03% on interest already paid. Bonus deposits will be made by direct deposit to qualifying accounts by March 18, 2016.
“Giving back to the members is not only what SCU is all about but it is also a testament to the loyalty and trust our members have in us.” said Reg Penner, Chairman of the Board. Penner added that combined with SCU’s history of unparalleled service, excellent products and competitive rates, this bonus is yet another reason why member satisfaction continues to remain one of the highest of any financial institution.
CEO Glenn Friesen announced that SCU has surpassed $4.75 Billion in total assets. “We’re small enough to give the one-on-one service members crave and large enough to take on what the market can muster. It’s our formula for success,” said Friesen.
Friesen added, “We have a very efficient business model and we deliver on those efficiencies by offering extremely competitive rates every day. You won’t find minimum balance requirements at SCU, and we pay interest from dollar one. We’re focused on each and every member and we’re as friendly as we’ve been since day one.”
Also at the AGM, the membership re-elected board members Reg Penner and Rob Penner. Amanda Peters was newly elected as Sieg Peters did not let his name stand for re-election. In thanking Sieg for his 15 years of service – Penner stated, “Sieg has been a vital contributing member of the SCU Board of Directors for the past 15 years. His contribution will be missed, especially as Chair of the Nominating Committee and his role on the Member Relations Committee.”
Following the AGM, the Board of Directors re-elected, Reg Penner as Chairman, Russ Fast as 1st Vice-Chair, Henry Van de Velde as 2nd Vice-Chair.
