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Steinbach Credit Union sharing a $12 million cash back bonus with their members


Steinbach Credit Union sharing a $12 million cash back bonus with their members
Steinbach Credit Union

By: Staff Writer - Winnipeg Tribune


Winnipeg, March 14, 2024 - Steinbach Credit Union (SCU) members are poised to reap the rewards of another successful fiscal year as the institution continues its growth trajectory, recently reaching $9.54 billion in assets. At its Annual General Meeting, Board Chair Maria Reimer revealed that despite economic challenges, SCU has not only maintained but bolstered its financial standing, culminating in a $12 million cash back Member Bonus for its loyal members.


CEO Glenn Friesen, on the company's website, emphasized the importance of SCU's role as a trusted financial partner, especially in uncertain times. Friesen credited SCU's specialized approach, tailoring services to individual members' needs, as a key factor in their sustained success.


Reimer highlighted SCU's consistent growth, attributing it to a focus on organic expansion and operational efficiency. In 2023 alone, SCU welcomed over 5,000 new members and witnessed substantial increases in both deposit and loan accounts. This growth has enabled SCU to continually invest in technological advancements and innovative services to better serve its members.


As a cooperative organization, SCU is committed to sharing its profits directly with its members. The $12 million cash back bonus will be distributed among members holding both deposit and lending accounts, with a breakdown favoring deposit holders at 60% and credit holders at 40%. This member-centric approach underscores SCU's dedication to its community.


SCU's footprint spans three branches, including locations in Steinbach and Winnipeg, serving a vast membership base exceeding 110,000 individuals and supported by over 500 employees. Offering a comprehensive suite of banking services, SCU caters to diverse needs, from personal accounts to agricultural and commercial banking, accessible through online platforms.


In addition to financial milestones, SCU celebrated the reelection of board members Doris Martens, Bruce Penner, and Maria Reimer, with Reimer assuming the role of Board Chair. The Board of Directors also elected Bruce Penner as First Vice-Chair and Chris Goertzen as Second Vice-Chair, further solidifying SCU's leadership team.

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