Winnipeg MB (March 20, 2020) — Manitoba’s credit unions are continuing to take the right steps to provide essential financial services to their members while also supporting the province’s public health efforts to combat the COVID-19 virus.
“Our top priority is helping to ensure the well-being of all concerned while continuing to meet the needs of credit unions and their members,” said Garth Manness, CEO of Credit Union Central of Manitoba (CUCM), the trade association serving Manitoba’s 24 credit unions.
“More than half of all Manitobans belong to a credit union. With $33 billion in assets, 40 per cent market share and a 100% guarantee on deposits, they are important financial institutions for all Manitobans,” Manness said. “In the 104 communities in which they operate — in cities, towns and villages throughout the province — credit unions are working together to help members navigate this new territory.”
Taking their lead from senior provincial health authorities, credit unions throughout the province have put measures in place to ensure the safety of members and staff, up to and including truncation of branch hours, limiting the number of members inside branch locations and, in some cases, suspension of operations of some branches.
“This is a rapidly evolving situation and public health concerns must be paramount as credit unions look to continue serving their members and communities safely,” Manness said. “Putting people first is at the heart of the credit union mission and never has this been more important than now.”
Credit unions have a decades-long history of helping members during times of need. As this crisis unfolds, credit unions are staying true to their member-focused mission by encouraging members to get in touch if they are experiencing financial hardship so that they can provide help on a case-by-case basis. This includes providing payment relief to borrowers.
Manitoba credit unions have developed policies to assist borrowers. Some have announced measures to provide consumer, commercial or agricultural borrowers with up to six months of payment and interest deferrals, while some have other measures in place to support their members.
Credit unions will work with individual member-borrowers during the current crisis, as they always have. Together, they will assess the borrower’s situation, and develop a plan for deferral and repayment.
Any members who have questions or concerns about their personal financial situation should reach out to their credit union for guidance and support.
Credit unions have been a key part of the communities in which we operate for close to a hundred years. We know the power of community – take care of yourselves, your families and friends. We’re in this together. Your health and financial well-being are top of mind for us, now more than ever.
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John Hamilton, Manager, Knowledge Services & Engagement
firstname.lastname@example.org | 204-223-1976
About Manitoba Credit Unions
Manitoba’s 24 credit unions operate 180 branches in 108 distinct communities throughout the province. In 68 of those communities, a credit union is the only financial institution in place to serve local residents and businesses. Providing more than 600,000 Manitobans with quality financial services and products, Manitoba credit unions collectively hold $27 billion in loans, $30 billion in deposits, $33 billion in assets, and 6.64 per cent of assets in equity.
About Credit Union Central of Manitoba (CUCM)
CUCM is the trade association and service provider for the province’s 24 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 five peer groups sit on its board of directors. CUCM is financed through assessments and fee income derived through its operations.
Boxing Day is a staple of the holiday season. After a day filled with family, gifts, friendship, and turkey, we head to bed early in anticipation of waking up at the crack of dawn for some of the hottest deals of the year. While many deals exist online, and in some cases, for multiple days, there are still some incredible savings to be had by going down in-person and waiting in line. As a result, we’ve assembled some tips for getting the most out of Boxing Day without breaking the bank or losing a finger in the cold.
1. Browse the Flyers
Flyers contain your portal to savings. Think of them as your sales radar. With businesses wanting to market their reduced prices to as many people as possible in advance, there are plenty of paper or digital flyers to peruse and get a sense of what you want on Boxing Day.
2. Set a Budget
After looking through the flyers, you’ll likely know what items and stores you’re interested in, and now is a perfect time to look at your budget. Keep your regular expenses in mind, and that it isn’t worth buying something that’ll put you in financial dire straits. One big ticket item or a handful of smaller ones are the best way to keep your spending in-check.
3. Make a List
Once you’ve set your budget, put together a list of items in order of importance. This is the best way to avoid impulsive over-spending. Having a list of items can also keep you focused, cutting down on the time you spend in each store. Walking around to browse only reduces your chances of getting a good deal on items later in the day.
4. Ensure You’re Actually Getting a Deal
Not all businesses are this way, but there are many that hold a Boxing Day sale without really giving you much of a deal. They hope consumers won’t compare their pricing to other businesses. Make sure you familiarize yourself with the regular pricing of the items on your list before rushing out to the store.
5. Plan Your Route
Not everyone will want to visit one store and call it a day. With Boxing Day deals existing almost everywhere in the city as well as in smaller communities, planning out the day can increase your chances of getting the items you want. Prioritize your route based on your list and the items you think will sell out the fastest.
6. Dress Warm
There is nothing that’ll take your breath away, quite literally, like a cold Manitoba Winter. December has been known to offer up some seriously sub-zero temperatures and if you plan on waiting outside, in some cases for hours, you need to be prepared. Wear your long johns, layered shirts and sweaters, a warm jacket, toque, scarf, and gloves. Gloves are some of the most important articles of clothing to bring as we all know how quickly fingers can freeze. Stay safe out there!
7. Online Shopping
With Boxing Day evolving into Boxing Week and, in some cases, Boxing Month, the things you care about may actually end up on sale for a much longer period of time than anticipated. Checking out online retailers is a great way to get an idea of whether or not you even need to head out into the cold to wait in line with fellow shoppers. Take a look to see what you can find, but also try and support local business wherever possible. The holidays are supposed to be about warmth and kindness, after all!
August 15, 2019 (Portage la Prairie, MB) — At a special membership meeting Thursday evening, members of Stride Credit Union voted overwhelmingly in support of a board proposal to amalgamate with Beautiful Plains Credit Union.
“Our board and management groups put together a proposal that we believed would benefit our members, employees, and communities — and with these votes, members validated that belief,” said Stride CEO Brent Budz.
“Tonight we’re happy for our members, because this was the right decision for both our organizations,” added Stride board chair Winnie Pauch.
Members of Beautiful Plains Credit Union voted in favour of the proposal in a separate meeting Wednesday evening.
“These votes show the credit union system in action, where the co-operative principle of ‘democratic member control’ gives member-owners the final say on important initiatives,” said Beautiful Plains board president Ron Jesson.
Beautiful Plains general manager Gord Sylvester explained that amalgamations like this one allow the organizations to stay close to their collective roots, “while taking advantage of economies of scale in key areas of our operations."
The amalgamation creates a credit union with $720 million in assets and 19,200 members, with branches in Austin, Gladstone, Glenella, MacGregor, Neepawa, Oakville, Plumas and Portage la Prairie.
“The management groups, boards, and employees of both credit unions are pleased with the results and very excited to get down to the work of gearing up to have everything in place for when the amalgamation comes into effect on January 1, 2020,” Budz said.
The amalgamation is subject to regulatory approval.
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Brent Budz, CEO, Stride Credit Union, (204) 385-6171
Gord Sylvester, GM, Beautiful Plains Credit Union, (204) 476-7800
Information about the proposal is available at www.stride-bp.ca.