The success of the credit union system isn’t limited to Manitoba. Across Canada, credit unions continue to thrive and attract new members.
According to Credit Union Central of Canada (CUCC), the national credit union system’s assets, savings/deposits and loans all recorded solid gains in 2008. Assets rose 8.7 per cent to reach $113.8 billion; over the past five years, the increase in assets was 45 per cent. Deposits and savings increased to $100.6 billion in the fourth quarter of 2008, and loans grew 7.2 per cent over year end 2007. Four of the 10 provincial credit union systems — including Manitoba — reported double-digit growth in each of the three main financial categories: assets, savings/deposits and loans.
The national system now includes 444 credit unions with more than 1,700 branches across the country. There are more than 5 million credit union members in Canada. The system also employs 24,000 Canadians.