March 26

Manitoba credit unions had $11.46 billion in assets at the end of 2006, a 12.7 per cent increase over 2005, Credit Union Central of Manitoba (CUCM) reports.

System equity — a key indicator of the financial strength of credit unions — kept pace, growing by $93.4-million to end the year at $788-million, or 6.87 per cent of assets.

"In 2007, Manitoba credit unions continued to expand, attract new members and build walletshare among existing members," said CUCM Chief Executive Officer Garth Manness, adding that this was the seventh consecutive year of double-digit asset growth for Manitoba credit unions.

Credit unions opened four new branches in 2006, three in Winnipeg and one in Brandon, to bring the number to 180, in addition to opening nearly 18,000 new memberships.

Manitoba also saw merger activity for the first time in three years, when members of three of Winnipeg’s larger credit unions — Astra, Vantis and Assiniboine — voted in September to join forces. As of January 1, 2007, there are 55 credit unions in the province — 13 in Winnipeg and 42 outside the capital.

In February of this year, two more Winnipeg credit unions, Civic and Crosstown, announced their intentions to present a merger proposal to their members in 2007.

"The growth credit unions have experienced in recent years is remarkable but not surprising," Manness says.

With 38 per cent of Manitobans belonging to a credit union, a credit union is the primary provider of financial services to nearly one on three Manitobans. On the small- and medium-sized business side, 45 per cent of SME owners use a credit union and 94% of them use their credit union as their primary financial institution.

Credit unions have a physical presence in 117 towns, cities and villages throughout Manitoba. In 65 communities, a credit union is the only financial institution available to consumers, businesses and producers.