Last year was a foundational year for Access Credit Union with investments in many of their strategic priorities.
At its recent annual general meeting, Access Credit Union board chair Curt Letkeman announced a significant payout of $13.5 million through the member rewards program.
This allocation, representing about 1.12 per cent of interest paid by members on loan services, was distributed to non-registered accounts during the fiscal year.
Additionally, members holding surplus shares and common or preferred shares, excluding member shares, received dividends in the form of surplus shares with dividends paid out March 27 at rates of 2.25 per cent on surplus shares and 5.45 per cent on common and preferred shares.
President and CEO Larry Davey reported robust growth in both deposits and loan portfolios in 2023. Despite a challenging rate environment, the credit union’s loan portfolio expanded by nearly 16 per cent with mergers contributing 9.5 per cent and organic growth 6.5 per cent. Deposits grew by almost 14 per cent, with mergers accounting for 10.75 per cent of the increase and organic growth nearly 3 per cent.
Davey also highlighted a significant rise in profitability for the financial institution, and with nearly 1,000 staff serving over 200,000 members across Manitoba, it experienced a year of change and growth.
Letkeman emphasized last year’s successful integration of mergers with other credit unions, highlighting the teamwork and positive energy displayed throughout the process. While acknowledging challenges such as banking system conversions and service outages from national providers impacting members nation wide, he emphasized the commitment to finding optimal solutions.
“What has stood out most for me during these transitions is the care, teamwork and positive energy that people have brought. It has truly been an example of the whole being stronger than the original parts,” Letkeman said.
Meanwhile, he added the institution remains focused on offering competitive pricing and community investments while navigating increased costs for new banking programs and government regulations.
Despite the challenges, Letkeman expressed pride in Access Credit Union’s achievements, noting its reputation for providing competitive savings and loan rates and its commitment to community support.
In 2023 alone, staff contributed over 14,000 volunteer hours to various community groups, and the credit union donated almost $1.8 million to local non-profits and charities across Manitoba. In addition, Access employees raised over $250,000 for community organizations with donations from their Jeans for Charity program.
Access Credit Union continues to prioritize its members’ financial well-being and the communities it serves and was once again recognized as a top employer in Manitoba.
“Yes, we know there may be bumps in the road, but know that your board and staff are committed to serving the membership in the best way possible and that we want to be where you need us to be,” said Letkeman.
“Over the last three years, we have been hard at work on executing and capitalizing on the mergers with other credit unions throughout the province,” said Davey. “These benefits continue to be seen in the economies of scale, competitive pricing and community investments that we bring to our members.
“While we continue to focus on bringing many different organizations together under the Access banner, it is our privilege to serve every member to the best of our ability every day.”
