Former Steinbach Credit Union board member Ted Falk has given his reaction after members chose not to re-elect him at the annual meeting Tuesday. He had served on the board for 24 years including 16 as chair. Falk says the outcome of Tuesday's vote was not what he'd expected.

"I was a little bit surprised. Certainly I would have liked to have continued on and seen this new branch (in Steinbach) through to completion. But I believe in democracy, I believe in the cooperative principles that are fundamental and unique to the credit union system, where each member has a vote. The members indicated that they wanted a change and I respect their decision."

Falk adds he has felt incredibly honoured and is grateful for being able to have served Steinbach Credit Union for 24 years. He adds the credit union remains in very good hands under the leadership of board president Reg Penner. And Falk says new board member Maria Reimer will be a big asset.

"It's exciting to see Maria Reimer come onto the board. It's the first time in the credit union's history that the board has had legal counsel on the board. I think that's a very good, positive step. And, her lineage is directly connected to the credit union with her grandfather being one of the original founders, Mr. P.J. Reimer. I think the members of the Steinbach Credit Union have made a good selection and will be well served."

In looking back, Falk says a lot has changed in the 24 years he was on the board.

"When I started on the board the assets were around $400 million and, as of the end of last year, they were just over $4.2 billion, so we've seen tremendous growth. During that time we've added two very large branches in Winnipeg, The Linden Ridge branch and the Lagimodiere branch, both of which are extremely profitable and doing very well."

Falk says he wishes the credit union and its members all the best and continued success.