Manitoba Credit Unions Launch dual 75th Anniversary and United Nations International Year of Co-operatives Campaign
WINNIPEG, Manitoba (December 14, 2011) — The next 13 months will be a special time for credit unions and co-operatives, as 2012 marks both the 75th anniversary of financial co-operatives (credit unions and caisses populaires) in Manitoba and the United Nations International Year of Co-operatives. It will be a year of celebration, and Manitoba credit unions have a great deal to celebrate.
Manitoba credit unions are strong. Continuing the positive trend of the first decade of the new millennium, during which credit union assets grew annually by 11.35 per cent — growth continues in 2011 at an annualized rate of 10 per cent. Loans, deposits, memberships and equity — a key measurement of financial stability — are up significantly. In the past 10 years, total assets have nearly tripled, from $6.66 billion to $19.01 billion, and memberships have increased by 125,000 to now sit at 575,000 — evidence of the confidence Manitobans have in their credit unions.
Manitoba CUs are highly valued by their members. For the seventh consecutive year, Canadians ranked credit unions first in overall Customer Service Excellence among financial institutions, surpassing all Canadian financial institutions, in Synovate Canada’s annual Best Banking Awards. Research by Credit Union Central of Manitoba supports Synovate’s findings with others, such as the fact that significantly more members are ‘very likely’ to recommend their credit union to friends and family.
“The Synovate and CUCM research results reaffirm that, in the highly competitive financial services industry, Manitoba credit unions never lose sight of what is most important — meeting members’ financial needs,” said Garth Manness, CEO of Credit Union Central of Manitoba.
In keeping with the principle of “Member Economic Participation” (co-operatives are guided by seven international co-operative principles), in the last 10 years Manitoba credit unions have directly shared $190 million in profits with members — and indirectly shared with them through lower service fees and better rates on both sides of the ledger.
Manitoba CUs thrive on their role in communities. Being owned and governed by the people who use their services (the principles of “Open and Voluntary Membership” and “Democratic Member Control”) means credit unions have unique relationships with communities. From supporting local hockey to granting scholarships to deciding how to share profits, the co-operative financial model involves all members and has proven to be an attractive option for Manitobans since 1937. In the past 10 years, Manitoba credit unions have provided $21.2 million for community organizations, charities and scholarships (in keeping with the principle of “Concern for Community”).
Manitoba CUs are connected. Through provincial, national and international tiers of credit union and co-operative organizations, Manitoba credit unions are connected to, and support, community development efforts around the globe.
Manitoba credit unions and CUCM look forward to sharing their stories, and those of sister organizations throughout the world, from now until the end of 2012. You can follow them on Facebook and Twitter.
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About Manitoba Credit Unions (October 31, 2011)
Credit Unions...............................................41
Branches.................................................. 186
Communities Served..................................... 115
CU the only financial institution in the community..... 65
Employees............................................... 3,500
Members ............................................. 575,296
Deposits......................................... $17.76 billion
Loans............................................ $15.64 billion
Assets........................................... $19.01 billion
About Credit Union Central of Manitoba (CUCM)
Credit Union Central of Manitoba is the trade association and service provider for the province’s 41 autonomous credit unions and is governed by Manitoba’s Credit Unions and Caisses Populaires Act. CUCM manages liquidity reserves, monitors credit granting procedures and provides trade services in areas such as corporate governance, government relations, representation and advocacy. CUCM also provides payment and settlement systems, banking, treasury, human resources, research, communications, marketing, planning, lending, product/service R&D, business consulting and legal services to credit unions. Manitoba credit unions jointly own cucm and representatives from nine provincial districts sit on its board of directors. CUCM is financed through assessments and fee income derived through its operations.
About the Best Banking Awards and Synovate
Synovate 2011 Best Banking Awards are based on quarterly Customer Service Index (CSI) survey results. Sample size for the total 2011 CSI program year ended August 2011 was 40,353 households yielding 60,641 financial institution ratings nationally. Synovate generates insights to help clients drive competitive brand, product and customer experience strategies. A truly borderless company with offices in over 60 countries, our approach combines best in class global research capabilities with personalized service, local knowledge and the flexibility to create teams and processes that meet clients' specific requirements. At Synovate, our clients sit at the top of our organizational chart, driving us to continually develop more innovative research solutions that predict actual business outcomes. For more information on Synovate, visit www.synovate.com.
Media Contact: John Hamilton, Manager, Communications & Public Relations
(204) 985-4785 / (204) 223-1976 / john.hamilton@cucm.org
Media Contact:
John Hamilton, Mgr. Communications & PR
Mobile: (204) 223-1976
Office: (204) 985-4785
