SCU reaches $10 billion in assets

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This article was published 15/12/2024 (218 days ago), so information in it may no longer be current.

Steinbach Credit Union has reached $10 billion in assets according to a Tuesday announcement.

Reaching that goal came earlier than expected SCU said in a press release.

“While it took 75 years for SCU to reach the first $5 billion in assets, the credit union only needed an additional eight years to reach $10 billion,” the release stated.

Steinbach Credit Union is the second largest credit union in Manitoba with $10 billion in assets and 112,000 members.

Access Credit Union leads the pack with $13.5 billion in assets and 203,000 members.

But SCU board chair Maria Reimer said their long-standing record of strength and financial stability is due to its “steadfast commitment to profitability and service to their members.”

“One of the characteristics that makes SCU unique is our focus on organic growth, having never merged with another credit union,” she said.

That’s in stark contrast to Access Credit Union’s path to growth which is a story of mergers beginning in 2009 when Altona, Dufferin, Heartland and Agassiz merged to form Access.

Since then, they’ve merged with Lowe Farm, Sanford, Crosstown, Noventis, Sunova, Amaranth, Carpathia and Casera Credit Unions.

Membership continues to rise at SCU as well with the credit union reporting 6,500 new members in 2024 to date.

CEO Glenn Friesen said their focus is to build strong relationships with members.

“By developing an understanding of their needs, we are better able to provide guidance for where they want to go on their financial journey,” he said.

He also praised the organization’s 500 employees.

“We show up every day and rally around our purpose to help our members, creating tailored solutions to help them live their best financial future.”

Steinbach Credit union serves their members across three branches, one in Steinbach and two in Winnipeg, as well as a business lending centre and member contact centre.