SCU shows strongest year yet with $10 billion in assets
Advertisement
Steinbach Credit Union is boasting the strongest year yet as it announced $10 billion in assets during its annual general meeting on Tuesday night.
“It’s all organic growth. The SCU experience has been providing great products with rates and service that consumers in Manitoba just love. That’s been going on year upon year and good steady growth. There’s really been no specific year that’s any change. It’s all been steady and higher growth,” said CEO Curtis Wennberg.
With other credit unions merging, Wennberg said SCU doesn’t see the need to merge as the ability to grow has satisfied members.
“Here we are at $10 billion with no mergers required,” he said.
The consolidated statement showed $1 billion for funds on hand and on deposit compared to 2023 where there was only $113.3 million. Investments dropped in 2024 to $74.8 million compared to 2023 which had $836 million.
“That was basically a simple capital strategy,” said Wennberg. “There would be investments changed into a demand account. You could argue that it was really just one of one. The investments weren’t required anymore because the type of rate and what we got from the central that held those assets was just as good in the deposit account as it was in specific term investments.”
New members in 2024 totalled 7,756 pushing the number of members to 113,376. Asset growth reached 7.5 percent while deposit growth hit 6.27 percent with loan growth reaching 6.88 percent. Total member equity to Dec. 31 was $666.9 million. Cash back bonus to members totalled $15 million.
“This is the largest cash back bonus for SCU and we’re so proud to share it with you,” said board chair Maria Reimer during the meeting. “This 100 percent cash back bonus will be shared with members for both deposit and lending accounts.”
The breakdown of the allocation will be 60 percent to deposit holders and 40 percent to credit holders. Eligible products will be consumer, commercial, agriculture, charity, and community accounts with the exception of RESP, DSP, and GICs.
As for the effects of tariffs on SCU members, Wennberg said the credit union will continue to monitor for the impact of tariffs, but that Manitoba has always been in a relatively stable situation when it comes to economic fluctuations.
“From the credit union perspective our view is that we’re very secure. We’ve got great reserves and great liquidity. We’ll work with members that are affected whether they’re employees of firms or whether they’re commercial entities that we lend to. We’ve done this in the past. We’ve been through many recessions or challenging types of events – the 2008 banking crisis or the pandemic. What we find is that SCU often grows and creates even better relationships as we get through those sorts of things and tariffs will be no different than that,” said Wennberg.
In the future, SCU will see continued growth and satisfying members as it has in the past, according to Wennberg. Currently there is no plan to expand the credit union to other provinces.
“We’re comfortable with our markets as they are. We do have various exposures outside of Manitoba as it is within the regulations. We’re comfortable with our approach as it stands,” said Wennberg.
During the meeting leadership paid tribute to long-time CEO Glenn Friesen who retired late last year.
Membership re-elected board members Bonnie Goertzen, Chris Goertzen, and Kris Plett. The board of directors elected Maria Reimer as board chair, Bruce Penner as first vice-chair, and Chris Goertzen as second vice-chair.