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Winnipeg Free Press - ONLINE EDITION
Credit unions celebrate 75 years in province
Garth Manness, CEO of Credit Union Central of Manitoba (DAVID LIPNOWSKI / WINNIPEG FREE PRESS ARCHIVES) Photo Store
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Manitoba's credit unions are celebrating a milestone birthday.
The 75th anniversary of the first financial co-operative in the province -- Caisse Populaire St. Malo, followed a few months later by Norwood Credit Union -- is being celebrated Thursday. Coincidentally, it's also International Credit Union Day.
To recognize the accomplishment, Winnipeg Mayor Sam Katz and Garth Manness, CEO of Credit Union Central of Manitoba, will raise the iconic credit union "hands and globe" symbol over City Hall Thursday morning.
St. Malo's Father Arthur Benoit saw that his parishioners, like most farmers around North America, were suffering. He brought them together financially so that they could help each other out.
From those humble beginnings, Manitoba's credit union movement has evolved into a force more than capable of taking on the Big Six banks. Today, there are 41 credit unions, operating 190 branches for 586,000 members with assets of $20.8 billion.
"The entire Manitoba credit union system is proud of its success, but, more importantly, proud of the success of local economies that have benefitted from having financial co-operatives at work in their communities," Manness said.
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