Manitoba Credit Unions Celebrate Milestones in Growth and Member Service

WINNIPEG MB (March 25, 2022) — With assets nearing $40 billion, membership topping 700,000 and market share among the highest in the country, Manitoba’s credit unions continued to grow in 2021.

More than half of Manitobans turn to credit unions and Caisse Financial Group for financial products, service, and advice — the largest membership per capita of any province outside Québec. In terms of assets, credit union market share in Manitoba is a solid 40 per cent, also among the highest in Canada.

Manitoba credit union system assets grew by $2.24 billion in 2021, a nearly 6% increase over the prior year.

“The continued strength of credit unions — despite challenging and constantly changing business conditions — is a testament to their commitment to Manitobans and the communities they serve,” said Curtis Wennberg, CEO of Credit Union Central of Manitoba (CUCM), at the trade association’s 2021 virtual Annual General Meeting.

“Credit unions are vital to the provincial economy,” emphasized Wennberg, “generating approximately $800 million in economic impact every year. Credit unions are known for their ability to adapt and evolve to meet the needs of their members. They remain heavily invested in supporting businesses, consumers, and agricultural producers on their path to economic recovery after enduring the pandemic and a challenging crop year.”

With a long history of local support, credit unions continually reinvest their profits in community growth, job creation and innovation, delivered by the more than 3,200 Manitobans they employ.
This commitment to local communities is on display in head offices and service locations in over 120 Manitoba communities, including more than 80 locations where the credit union or caisse is the only financial institution in town.

“After more than 80 years, Manitoba’s credit unions remain a force, proudly serving as the backbone of financial services in the province today,” said Paul Holden, Chair of the CUCM Board of Directors. “Credit unions will continue to rise to the challenge, through innovative solutions to support Manitobans and their communities for years into the future.”

Manitoba is home to 21 independent credit unions plus CUCM’s associate member, Caisse Financial Group. Together, these 22 financial cooperatives operate nearly 200 branches across the province.
Read more in CUCM’s annual report at https://www.cucm.org/2021-annual-report.html

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About Credit Union Central of Manitoba (CUCM)
CUCM is the trade association and service provider for Manitoba’s credit unions and is governed by Manitoba’s Credit Unions and Caisses Populaires Act. CUCM advocates on behalf of its members on important priorities, manages liquidity reserves, monitors credit granting procedures, and provides support in multiple areas including system governance and government relations. CUCM also provides services to its members in the areas of treasury, credit adjudication, human resources, compliance, strategic consulting, and more. 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.

A Year of Outstanding Service and Growth for Manitoba Credit Unions

WINNIPEG MB (March 29, 2021) – For more than 80 years, credit unions have been there for Manitobans in times of need. Amid challenging conditions in 2020, Manitoba’s credit unions remained steadfast in their commitment to serving members and making a difference in their communities.

“2020 called for agility to a greater extent than ever before. Credit unions focused on ensuring the well-being of members and employees, continually adapting service and guidance to emerging needs and priorities,” said Garth Manness, CEO of Credit Union Central of Manitoba, the trade association serving Manitoba’s 22 credit unions.

As designated critical service providers, credit unions moved quickly to implement measures that ensured safety and continuity of service. They encouraged and supported members to use online and virtual service channels, transformed branch operations, and redeployed staff to the areas of greatest need.

As the pandemic introduced financial uncertainty and hardship for many, credit unions provided lending relief, and worked to ensure members could access crucial government relief programs through their credit union. Between April and December 2020, nearly half a billion dollars in Canada Emergency Business Account (CEBA) loans from the Government of Canada flowed to Manitoba small businesses through credit unions.

Credit unions continued to provide local supports in their communities. They sought out areas of greatest need that arose due to the pandemic, including rising food insecurity and the need to support local business.

Ultimately, the collective efforts of Manitoba credit union leaders and employees, who went the extra mile, benefited their members and communities.

 “Year-end financial results highlight the resiliency of Manitoba credit unions and their ability to respond to the needs of members,” Manness said. “Combined, the system grew by more than 11,000 new memberships and nearly $3 billion in assets. Lending growth remained positive with a 3.49% increase over the prior year.”

Credit unions are important financial institutions for Manitobans, with branches in 107 distinct communities across the province. In 65 of those communities, a credit union is the only financial institution in place to serve local residents and businesses. They are locally invested financial co-operatives, owned and governed by the members who use their services.

“Through their operations, lending, and community support, Manitoba credit unions are always strong drivers of economic activity,” states Manness. “The COVID-19 chapter of our history continues to be written. Credit unions will walk the path forward together with Manitobans, working hard to make a positive impact for individuals, businesses and communities in our province.”

From creating online platforms for local retailers, to supporting the launch of new food banks and more, credit unions supported Manitobans in creative ways in 2020.

You are invited to learn more through CUCM’s digital annual report, at https://www.cucm.org/annual-reports.html. 

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About Credit Union Central of Manitoba (CUCM)
CUCM is the trade association and service provider for the province’s 22 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, and business consulting 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.

We’re All in This Together

(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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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.

Manitoba Credit Unions Continue to Lead the Province in Market Share

WINNIPEG, Manitoba (March 23, 2016) — With interest rates at historic lows and competition at all-time highs, Manitoba credit unions continue to perform well, according to 2015 system results released by Credit Union Central of Manitoba (CUCM).

“Despite being in an extremely competitive industry, and considering that they depend on margin (the split between deposit and loan rates) for income to a greater extent than their competitors, in this historically low interest rate environment, Manitoba credit unions are doing exceptionally well,” said Garth Manness, President & CEO of Credit Union Central of Manitoba (CUCM).

As of the end of 2015, the province’s 34 credit unions had combined assets of nearly $26 billion. Over the past decade, assets have increased by more than $15 billion, with loans, deposits, equity, and other financial measures keeping pace.

Credit unions are far and above their nearest competitors when it comes to market share. Forty-three point six per cent of Manitoba consumers and 47 per cent of Manitoba businesses are credit union members. Even more impressive, 34.8 per cent of all consumers and 46 per cent of all small- and medium-sized businesses (SMEs) consider a credit union to be their primary financial institution. Nationally, credit union market share is highest in Manitoba — with the exception of Quebec’s caisse populaire system — and Manitoba’s share has increased by more than any provincial system that held at least a 10 per cent share in 1985.

And Manitoba consumer and SME members love their credit unions. Forty-four point four per cent of members are “very satisfied” with their credit union (34.9 per cent of bank customers are “very satisfied” with their bank). Credit unions also score highly when it comes to key factors such as trust, rates and fees and how focused they are on member needs. Among SMEs, 58.1 per cent say they are “very satisfied” with their credit union (41.6 per cent for banks).

“Beyond what they provide to their consumer and SME members, credit unions continue to play important, sometimes vital, roles in the communities in which they operate,” Manness said. “In 62 Manitoba communities, for example, a credit union is the only financial institution with a presence.”

In addition to currently having over $21.6 billion out on loan, generating activity in the economy (with 53 per cent of the commercial loan market and 37.8 per cent of the residential mortgage market), over the past five years, Manitoba credit unions have spent an average of $25.8 million each year on new buildings and facility improvements. With 3,300 employees and a total payroll of $132 million, credit unions provide skilled, well-paying jobs to Manitobans in communities throughout the province.

Credit unions shared $20.8 million in profits with members last year in the form of patronage allocations and dividends. That’s an important point of distinction between credit unions and other financial institutions: rather than sending those profits out of province, credit unions return them to members —through profit sharing and through exceptional rates and low fees — so they can use them as they see fit, right here in Manitoba.

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Manitoba Credit Union 2015 (Dec 31) Results at a Glance

Members
2015: 610,831
2014: 604,528
Change: 1.04%

Deposits
2015: $23.93 billion
2014: $22.40 billion
Change: 6.84%

Loans
2015: $21.61 billion
2014: $20.78 billion
Change: 4.00%

Assets
2015: $25.91 billion
2014: $24.14 billion
Change: 7.35%

Profitability
2015: $115.8 million
2014: $127.2 million
Change: -8.96%

Equity
2015: $1.62 billion
2014: $1.51 billion
Change: 7.28%

Equity as a percentage of assets
2015: 6.24%
2014: 6.28%

Credit Unions
2015: 34
2014: 36
Change: – 2

​Branches
2015: 186
2014: 189
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Number of communities where a CU is the only FI
2015: 62
2014: 67
Change: – 5


About Credit Union Central of Manitoba (CUCM)
CUCM is the trade association and service provider for the province’s 34 autonomous credit unions and is governed by Manitoba’s Credit Unions and Caisses Populaires Act and the federal Cooperative Credit Associations 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.