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.

CEO 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.

"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.