Are You Satisfied With Your Community?

Fill out Morden's 2018 Customer Satisfaction Survey! 

Click Here For More

The Rosenort Credit Union continues to see record-breaking growth. At this year's AGM, the organization celebrated a "whopping" 17.9 percent growth, more than three times the provincial average. Loans grew by 15.5 percent while deposits grew by 18.5 percent.

The average asset growth for Manitoba Credit Union's is 5.6 percent.

"It's pretty significant for Rosenort Credit Union," CEO Brad Penner explains, attributing some of the success to the new branch opened in Winkler last year.

"That branch is doing extremely well," he says. "We set a five-year vision for what that branch would look like, and it looks like we'll achieve that within three years."

Total assets grew from nearly $389 million to approximately $459 million.

rcu3CEO Brad Penner attributes some of the success to the new branch opened in Winkler last year

In the RCU President's report, Marcus Enns explained the past year has also seen increases in regulation, cost of technology and competition in the credit union system.

He says the pressure is being felt by smaller credit unions to merge with others entities in order to survive and compete with larger credit unions.

There are currently 31 credit unions in Manitoba, down from 35 in 2016.

Enns says while the growth is exciting it does present challenges in maintaining equity ratios mandated by regulators.

"You are required to keep a certain amount of retained earnings on your books based on your assets," Penner explains.

Regulators ensure three percent of assets must be kept in retained earnings.

rcu2"We have a great staff working at the Winkler branch, and I think that's helped us along as well," Penner says

If the credit union grows substantially, its income must grow substantially to maintain the mandated equity ratios.

"Rosenort Credit Union continues to be well within their mandated requirements, we just want to make sure we grow at the same rate as our income," Penner explains.

Enns says they've set up a subsidiary, a company owned by the credit union, to invest in an insurance and investment service to "provide the membership with a more complete range financial services."

He adds it's expected the entity will provide additional income to RCU in the 2018 fiscal year and beyond.

Looking ahead, Penner notes the Altona branch will receive renovations to become a full cash branch in January 2018.

In the financial world, Penner says over the past year while interest rates have risen slightly, are now looking to have levelled off, "it's still a good time to buy housing," he says.

More Local News

Winkler Mayor Returns For Fourth Consecutive Term

Martin Harder has been elected Mayor of Winkler by acclamation. He's served the city in the leadership role for the past 12 years. In that time he's seen a 25 percent population growth and seen…

Winkler Food Cupboard Sees Dip In Donations During Summer Months

The Winkler Food Cupboard continues to see a steady clientele of 50-70 families a week. Every week new clients walk through their doors as well, food cupboard committee member Menno Giesbrecht…

Canadian Fossil Discovery Centre Gives Aid To Rio Museum

After the loss of millions of years of history, the Canadian Fossil Discovery Centre (CFDC) wanted to help the National Museum of Brazil. "When the news hit of the fire at the National Museum in…

MB Hydro Making Improvements to Altona Natural Gas Regulating Station

Manitoba Hydro is doing some preventative work ahead of winter at a natural gas regulating station in Altona. Crews are installing a line heater at the station located on 10th AVE NW, near the…

Fuel Fundraiser Boosts Profile Of 10km Morden/Winkler Bike Path Project

Fuelling up at Co-op this week helped raise thousands of dollars for a bike path between Morden and Winkler. On Fuel Good Day September 18 in Winkler, Morden and Plum Coulee five cents from every…

Woman Named In Morden Armed Robbery

A Winnipeg woman is facing a number of charges after an armed robbery Tuesday night in Morden. Around 5:10 p.m police were dispatched to Olympic Source for Sports in Morden regarding a female that…

Longtime Winkler Events Coordinator, Director Of Recreation Leaving

Longtime events coordinator and Winkler Harvest Festival Organizer Deb Penner is leaving her position. Penner began her career as Community Events Coordinator in 2007 before transitioning to Director…

BLSD Reports Highest Enrolment In Years

Student enrolment numbers in Border Land School Division are exceeding predictions. Early figures show 2,133 full time equivalent registrations for 2018/19, surpassing estimates of 2,088. According…

Falk Thrilled That Alleslev Crossed The Floor

Provencher MP Ted Falk says it was an exciting way for the fall sitting of Parliament to begin. He is referring to the announcement Monday by Toronto-area MP Leona Alleslev that she was leaving the…

Older Adult Scammed Out Of $2,200 On Social Media

Winkler Police are warning seniors to be vigilant of scams while on Facebook. On September 12th, police say an elderly female reported she was contacted on Facebook by an individual posing as a…

PembinaValleyOnline.com is your only local source for community news and information such as weather and classifieds.

Search the Biz Guide

Login