Community News

Tuesday, May 22, 2012

Credit unions: Manitoba-based and putting Manitoba first

A big part of the reason why credit unions have grown and prospered in Manitoba over the past 75 years is their commitment to community. As co-operatives, credit unions are directed by their members. That means decisions made by credit unions are made with the best interests of the members and the communities they serve in mind.
“Nearly one in two Manitobans is a member and every single one of those members has a voice in deciding the direction of their financial institution,” said Credit Union Central of Manitoba CEO Garth Manness. “And they all share in the profits of their credit union, either directly through patronage allocations or indirectly through better rates and lower fees.”
In fact, in 2011 Manitoba credit unions returned over $19 million to members in the form of surplus shares, cash and dividends. They also gave over $3 million in sponsorships and charitable donations to organizations and events in Manitoba communities. Credit unions also awarded nearly $150,000 in scholarships to Manitoba students in 2011.

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