Community News

Tuesday, May 22, 2012

Manitoba credit unions enter anniversary year on a strong note

As Manitoba’s 41 credit unions celebrate the 75th anniversary of co-operative financial institutions in the province in 2012, they do so on the back of yet another highly successful year. In 2011, Manitoba credit unions continued to grow in size and reach, showing healthy growth over 2010 in assets (up 10.5 per cent), loans (up 9.35 per cent) and deposits (up 10.68 per cent). The number of memberships and branches also increased.
The result of that growth is that credit unions’ market share in the province (as measured by their share of all comparable bank and credit union assets) now stands at 41.7 per cent.
“The results of 2011 are the latest chapter in the success story of the credit union system as we celebrate, in 2012, the 75th anniversary of financial co-operatives in Manitoba and the United Nations International Year of Co-operatives,” said Credit Union Central of Manitoba CEO Garth Manness.
“All co-operatives including credit unions are guided by a common set of guiding principles. Not only are those principles unique in the marketplace, they drive the success of credit unions,” Manness added. “With the co-operative model as their underpinning, the member-owner comes first — and Manitoba credit unions’ 2011 performance is the result of that commitment to member service.”

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