Access Credit Union registered impressive growth in its operations last year despite the global pandemic.

2020 marked the final year for the financial institution's operations prior to merging with Crosstown Credit Union on January 1st of this year to form the new Access Credit Union. About 140 members from both credit unions attended Monday night's annual general meeting by videoconference.

Last year, the legacy Access Credit Union saw its assets rise by 11.75 per cent to $3.1 billion, loans increased 7 per cent to $2.5 billion, deposits jumped by 10.9 per cent to $2.8 billion and gross income climbed 13 per cent to $20.3 million.

Meanwhile, Crosstown Credit Union also put up respectable numbers with 3.6 per cent asset growth and a 3.5 per cent increase in deposits. Loans and gross operating income remained about the same as the year previous.

"Despite the challenges, both legacy credit unions financial position remained strong," says CEO Larry Davey.

Meanwhile, the board of directors for the newly merged Access Credit Union announced an $8.2 million cash return to all members.

About $3.2 million of that money will be paid out as a patronage allocation to legacy Access members.

A news release issued by the board of directors says both credit union parties agreed that the newly amalgamated Access Credit Union would focus on maximizing the ability to pay patronage to members as part of the cooperative values and belief that members should share in their profits.

A newly enhanced patronage program is currently in development, according to Board Chair Ingrid Loewen, with the prime objective of paying bonuses in cash to members. Loewen says details of that program will be released in the coming months.

“We promised members that we were placing a strong emphasis on retaining our patronage program for all Access Credit Union members as a merged entity.”

As a result of the amalgamation, Access now has $5.8 billion in assets, over 90,000 members, 26 rural and urban branches and more than 400 employees making it the second-largest credit union in Manitoba.