News Releases

April 25, 2008
Saskatchewan credit unions support Canadian Red Cross and Respect In Sport

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Quick Facts (as of December 31, 2007, unless otherwise indicated)

• As of January 1, 2008, there were 66 credit unions in Saskatchewan, serving 524,840 members through 314 service outlets.
• Credit unions serve 283 communities in Saskatchewan.
• Saskatchewan credit union assets reached $11.3 billion with revenue of over $798 million.
• Credit union lending amounts to $8.5 billion.
• Over 629 board members, who are locally elected by the members of each credit union, provide strategic direction to the professional management teams who run the day-to-day operations of the credit unions.
• In 2007, Saskatchewan credit unions returned $28 million to their members in the form of patronage equity contribution and dividends.
• Credit unions are a major contributor to Saskatchewan's economy, employing over 3,400 people.

Funds held on deposit in Saskatchewan credit unions are fully guaranteed through the Credit Union Deposit Guarantee Corporation. The full guarantee is made possible through a comprehensive deposit protection regime that is focused on prevention. Read more about the guarantee.

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The Credit Union Difference

Local ownership and control

• Each credit union is an autonomous, separate entity, owned and controlled by local people.
• By purchasing a share in the credit union for a minimal cost, customers of the credit union become members.
• Each member owns one share and has one vote.
• Members elect board members to control the direction of the credit union.
• Members vote on major decisions being made by the credit union.
• The local board hires the General Manager/CEO of the credit union.

Community investment

• Credit union earnings stay in the community.
• Credit unions sponsor local interests and initiatives.
• Credit unions remain in the community, because that’s where their customers and their member-owners are.
• Credit unions contribute to the local economy by providing employment and by having a presence in that community. More than 3,400 knowledgeable and professional people work in credit unions across the province.
• Credit union employees are active participants in the community.

Strength through partnerships

• Each credit union is part of a network of credit unions and related organizations providing all the financial products and services required by today’s diverse members.
• Credit unions have access to trust services, leasing, small to medium-sized business financial services, card products, wealth management, financial planning, investment and insurance services through this network.

Provincially regulated

• Credit unions are provincially regulated.
• The Credit Union Act, 1998 provides the overall framework for the incorporation and regulation of credit unions in Saskatchewan. The Act describes the responsibilities, obligations and powers of credit unions, the Registrar of Credit Unions and the Credit Union Deposit Guarantee Corporation.
• Credit Union Deposit Guarantee Corporation is given responsibility by the provincial government to guarantee the full amount of funds on deposit with Saskatchewan credit unions and to provide preventive services that support the financial strength of credit unions.

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