Manitoba Credit Unions reach $20 billion in assets
WINNIPEG, Manitoba (June 4, 2012) — By consistently offering Manitobans the products and services they want and need, by being very competitive on loan and deposit rates, by expanding their reach within the province and by remaining dedicated to the communities they serve, the collective assets of Manitoba’s 41 credit unions achieved a major milestone — $20 billion in assets — in April, 2012.
“Every credit union in the province can be rightly proud of this achievement,” said Garth Manness, chief executive officer of Credit Union Central of Manitoba, the trade association and primary service provider for Manitoba credit unions. “Even more impressive than this figure, however, is how quickly they reached it.”
Since hitting $10 billion in the fourth quarter of 2005, credit union assets have grown at an annual rate of 11.25 per cent. Their assets have quadrupled since September 1999.
While the number of credit unions has decreased from 57 to 41 since 2005 as the result of mergers, there are 13 more branches. With 66,000 new memberships over the same period, close to half of all Manitobans (586,000) are now members. Credit union market share, as measured by comparable assets in Manitoba of credit unions and major banks, stands at 42 per cent.
“In addition to their appeal as excellent financial institutions, the success of credit unions is also attributable to the fact that they are co-operatives — owned and democratically controlled by the same people, their members, who are their customers, and guided by a common set of principles that set them apart in the marketplace,” Manness said.
Being responsive to the needs of the communities in which they operate, and contributing to their success, are among those principles. Of the $18.6 billion currently on deposit with credit unions, $16.2 billion is out on loan to Manitobans, adding to the success of local communities by being invested directly in businesses and indirectly in the purchase of goods and services that drive economic activity. With a total payroll of $150 million, they provide full-time employment for 3,200 Manitobans (and 455 part-time) and invest in their training and professional development ($2 million in 2011).
Driven by their member-elected boards of directors, credit unions also make direct contributions to the economic and social health of their communities. In 2011, they provided $150,000 in scholarships and bursaries to Manitoba students, provided $1.5 million in support to community initiatives and donated an additional $1.5 million to charity — in addition to $415,000 in-kind donations and reduced or eliminated fees for non-profits and other groups dedicated to community development. They also spent $18 million on new branches and improvements, using local firms and materials.
Through the principle of member economic participation, or profit sharing, Manitoba credit unions directly shared $19 million in profits with members in 2011, with additional millions shared indirectly through reduced or eliminated service fees and better rates.
“Credit unions’ responsiveness to the needs of communities is also evident in the fact that, in 67 of the 117 communities they serve, a credit union is the only financial institution in place for local consumers, businesses and producers,” Manness added.
Achieving the $20-billion milestone this year is particularly significant, as 2012 is the United Nations International Year of Co-operatives and the 75th anniversary of financial co-operatives in Manitoba.
For further details on Manitoba credit unions, the Co-operative Principles that drive credit unions, the International Year of Co-operatives, or the 75-year history of financial co-operatives in Manitoba, please visit www.creditunion.mb.ca.
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ManitobaCreditUnions | 
@ManitobaCUs
Growth of the Manitoba Credit Union System
|
3rd Quarter, 1999 |
4th Quarter 2005 |
2nd Quarter 2012 |
Assets |
$5 billion |
$10 billion |
$20 billion |
Credit Unions |
67 |
57 |
41 |
Branches |
161 |
177 |
190 |
Memberships |
398,000 |
520,000 |
586,000 |
Contributions to Community, 2011
2011 profit sharing.................... $19.3 million + $1.4 million in share dividends
2011 community support ............. $1.47 million
2011 charitable donations............ $1.55 million
2011 scholarships...................... $143,600
Employees .............................. 3,198 full-time / 454 part-time
Payroll....................................$150 million
Student-run school credit unions.....4
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.
Media Contact:
John Hamilton, Manager, Communications & Public Relations
Cell: (204) 223-1976
Office: (204) 985-4785
