Steinbach Credit Union marks $10B in assets
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Hey there, time traveller!
This article was published 10/12/2024 (273 days ago), so information in it may no longer be current.
Steinbach Credit Union has reached a milestone $10 billion in assets ahead of its expected timeline, officials say.
It took the member-owned organization 75 years to reach its first $5 billion in assets and only eight years to add another $5 billion.
“What’s most important for us as an organization is building strong relationships with our 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,” said longtime SCU chief executive Glenn Friesen, who’s scheduled to retire at the end of January.
According to the Canadian Credit Union Association statistics, SCU is the eighth largest credit union in the country.
It had been the largest in Manitoba until Access Credit Union undertook a number of mergers over the past four years adding Crosstown, Noventis, Sunova, Amaranth, Casera and Carpathia credit unions to its banner.
Access is now tops in Manitoba with $12.7 billion in assets and is the seventh largest in the country.
With its recent mergers with Caisse Financial Group and Westoba Credit Union, Assiniboine Credit Union is also close to the same size as SCU, with $9.6 billion in assets (ninth largest in the country).
Besides the fact SCU has not been in the merger business, what sets it apart from the other large credit union entities in the province is it operates out of only three branches.
Access has 58; the new-look ACU has 50 branches.
— Free Press staff