Safe, steady growth propels Manitoba Credit Unions to $14 billion
WINNIPEG, Manitoba (November 3, 2008) — The Manitoba credit union system hit $14-billion in assets in September, just seven months after reaching $13 billion in February 2008.
As of September 30, credit unions’ combined assets stood at $14.06 billion, a 12-month increase of $1.42 billion, or 11.2 per cent. Their equity — an indicator of strength and profitability — has kept pace, growing by $89 million since last September to remain at 5.9% of assets.
Assets have doubled since June 2002, when the provincial system had $7.02 billion in assets, 56 credit unions, 172 branches and 460,000 members. Today, there are fewer credit unions (48) but more locations (180) and 550,000 memberships.
Ten credit unions, representing approximately $6-billion, are headquartered in Winnipeg. Thirty-eight, with assets of approximately $8-billion, are based in communities outside Winnipeg.
There are fewer credit unions because of amalgamations, and 2008 has been particularly active in that area. Amalgamations in 2008 include Buffalo-Assiniboine and Crosstown-Civic, all Winnipeg credit unions, as well the amalgamation of Cypress River, Hartney, Tiger Hills, Turtle Mountain and Virden into SunRise Credit Union in the southwest corner of the province. A fourth amalgamation — of Agassiz, Altona, Dufferin and Heartland credit unions in the south-central region — will be put to membership votes by the end of this year.
The outlook for Manitoba credit unions remains very positive, according to Garth Manness, CEO of Credit Union Central of Manitoba, credit unions’ trade association and service provider.
“In the midst of turmoil in the banking world, Manitoba credit unions have retained their strong financial positions — and their reputations as safe, reliable places for Manitobans to hold their deposits,” says Garth Manness, CEO of Credit Union Central of Manitoba.
All deposits in Manitoba credit unions are 100% guaranteed by the Credit Union Deposit Guarantee Corporation of Manitoba.
“By continuing to provide competitive rates on both the deposit and lending sides, as well as the excellent financial products and services they are known for, Manitoba credit unions are well positioned for continued growth,” Manness says.
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Credit Union Central of Manitoba is the trade association for Manitoba’s 48 credit unions, providing services in areas of capital and financial management, banking services, product and service research and development, consulting and representation and advocacy. For more information about Manitoba credit unions and Credit Union Central of Manitoba, visit www.creditunion.mb.ca.
John Hamilton, Mgr. Communications & PR
Cell: (204) 223-1976
Office: (204) 985-4785