Almost 600 Steinbach Credit Union (SCU) members packed the Steinbach Bible School gym for SCU's annual general meeting Tuesday evening.
Along with announcing increased assets of $4.25 billion, a 6% increase, and cash-back dividends of $7.5 million for members, CEO Glenn Friesen is optimistic that this positive growth will continue for SCU in the next few years to come. “We've had a good run, and I think we're going to continue to have a good run and a lot of it's our members. If we continue to serve them well, we'll do well.”
SCU members voted in new-comer Maria Reimer to the SCU Board of Directors, along with incumbents Doris Martens and Alan Barkman. Incumbent Ted Falk was not re-elected to the board.
S-C-U Board Second Vice Chair, Henry Van de Velde explains that 12 by-law amendments were adopted at the meeting to bring SCU's by-laws up to date according to current regulations. Van de Velde said the updated by-laws would not affect day-to-day banking for members, but mostly affects the SCU governance. Van de Velde highlights a few of the adopted amendments.
“It was a wide variety of areas which includes voting, the ability to fill a vacancy if one of the board members was to leave for some reason or be in a conflict and the rest of the directors could temporarily appoint someone to help with the workload. There's by-laws around associate memberships which is something new to Steinbach Credit Union's systems.”
While waiting for voting ballots to be counted, a few lucky members enjoyed playing “Roll To Win” where participants won anywhere from $50 to $1,000.
The evening concluded with CEO Glenn Friesen announcing that construction for the new Steinbach head office building is to be completed this July.