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.