SCU sees 2025 assets rise to record $11B

Steinbach Credit Union announced a record $11 billion in assets and cited historic growth during its annual general meeting on Tuesday night.

CEO Curtis Wennberg told members at the Emmanuel Evangelical Free Church that despite global economic turmoil and tariffs, the credit union has still operated efficiently.

“When you walk out of here, you should know that you have a very solid credit union that has been strongly performing. Your money is safe here and and things are going well,” he said.

Funds on hand and on deposit rose to $1.3 billion in 2025 compared to $1.03 billion in 2024, according to the consolidated statement. Investments fell from $74.8 million in 2024 to $62.7 million in 2025.

Loans to members grew to $9.6 billion in 2025 from $9 billion in 2024. The credit union funded more than $1 billion in commercial loans in 2025, a record level.

“This is fueling local business growth and job creation, a lot of capital into the community with projects, expansions, multi residence homes, in the real economy. So we’re excited about that,” said Wennberg.

SCU added 6,600 new members, boosting the total number to more than 115,000 members. Assets grew by eight percent and deposit growth jumped 6.5 percent. The credit union’s lending portfolio rose 6.8 percent. A $15 million member bonus was announced for the second consecutive year. Deposit holders will receive 60 percent of the bonus and credit holders will receive 40 percent.

Members can expect the deposit in their accounts by March 20. Eligible accounts include personal, commercial, agricultural, charity, and community accounts except for Registered Disability Savings Plan (RDSP), Registered Education Savings Plan (RESP), Promotional Daily Growth Savings Account (DGSA), Index-Linked GICs, Agrilnvest, lawyer and realtor trust accounts, unauthorized overdrafts, and temporary overdrafts.

Wennberg announced SCU will launch a new online and mobile banking platform later in 2026, but no firm date was given.

Voters elected Tannis Wiebe and re-elected Jeremy Hildebrand as board members. The board of directors elected Maria Reimer as board chair, Bruce Penner as first vice-chair and Chris Goertzen as second-vice chair.

Board Chair Reimer said the results show how the credit union has weathered rising operational costs, increased competition and changing interest rates.

“These numbers represent our commitment to understanding and meeting our members needs,” she said.

SCU concluded the meeting by awarding charity donations of $8,491 to Southeast Cancer Support Services and $7, 953 to Resource Assistance for Youth.