A milestone for Steinbach Credit Union.

SCU announced Wednesday that it has surpassed $5 billion in assets, making it the first credit union in the province to achieve this. SCU hit this target at the end of 2016, which was the Credit Union's 75th year in operation.

James Gosselin is Executive Vice President of Financial Services. He says the Credit Union was formed in 1941. It took until 2001 to reach $1 billion in assets. In 2007 it hit $2 billion in assets, in 2010 SCU reached $3 billion in assets and then in 2014, it hit $4 billion. Gosselin says they expect this trend will continue and that they will reach $6 billion in assets in the very near future.

Gosselin says their recipe for success has been simple since inception.

"We offer competitive interest rates," says Gosselin. "I think people come for the rate and they stay for the service."

Gosselin says the growth of Steinbach Credit Union allows them to continue offering great products and services at great prices.

In 2003, SCU opened its Linden Ridge branch in Winnipeg. Seven years later it opened its second Winnipeg branch on Lagimodiere. According to Gosselin, since moving to Winnipeg, SCU's growth has spiked. However, he says growth at the Steinbach branch has mirrored the pace of growth seen in Winnipeg.

"I would say that all three of our branches are growing at a very healthy rate and that's very good news for the Credit Union," he says.

Meanwhile, with no construction projects currently underway at any of their three branches, Gosselin says they are looking to improve several service delivery channels. He notes in today's world there is an expansion into electronic service delivery and that has been the focus of SCU as well. He notes going forward they will make sure they have active and effective service channels to meet their needs. Gosselin adds a branch expansion is something to be considered at some point, but there are no immediate plans for expansion in terms of bricks and mortar.

Steinbach Credit Union is the 7th largest credit union in Canada. It serves over 86,000 members and employs 413 people.

To celebrate their milestone, SCU is giving away twelve $500 one-year term deposits to members between March 1st and 4th.