About
History of Sunrise Credit Union
In February, 2008 the membership of our five credit unions, Cypress River, Hartney, Tiger Hills, Turtle Mountain and Virden, voted overwhelmingly to amalgamate, which started a busy year, leading up to the October 1, 2008 official merger into this single entity—Sunrise Credit Union Ltd.
Directors have been working with Management on developing operating policies and establishing the credit union officers and board committees for Sunrise. At the Strategic Planning Session, the Directors established the Mission, Vision and Values for Sunrise Credit Union.
As mentioned the official merger date was October 1, 2008 and by the second weekend in December the 5 banking system data bases had been merged into one, which gave our members access to their accounts at any of the twelve branches of Sunrise Credit Union.
Thanks to our membership for their faith in approving the merger of our five credit unions into Sunrise Credit Union and for your patience and continued support. Also, we want to assure you that – As sure as the sun will rise tomorrow, we shall remain committed to our communities, our members and our staff.
President & CEO
2011 was a year of constant growth and rapid transformation. Today’s competitive marketplace presents many trials. Regulatory requirements and the resources necessary to serve our members’ needs are steadily increasing. Our substantial growth has been exciting. Balancing this progression in relation to regulated equity requirements while maintaining high business standards is both a challenge and reality. As part of our plan to manage growth and continue to provide products and services at economical rates to our members, we are introducing variations to our Articles and By-laws that will make provision to offer Preference Shares to our members.
In keeping with our commitment to the communities we serve, we are pleased to announce that plans are finalized to build a new branch in Waskada. Our goal is to break ground early this spring and we look forward to completion of this project by year end. We are excited to be a part of the development taking place in Waskada and look forward to serving our members in a new facility.
Highlights of our 2011 results include:
- Deposit growth of 12.36%
- Loan growth of 9.47%
- Income was $2.6 Million
- Member equity 5.63%
- Total assets $685 Million
These numbers reflect strong growth and with increased profitability we expect this trend to continue as margins improve. Our performance numbers reflect the strength of our credit union and the communities we serve.
I would like to thank the Board of Directors for their leadership and the staff for their dedication. Our members make this all possible and we say ‘thank you’ for your faithful support. We are well positioned for the future and look forward to continued success.
- President & CEO, Harry Bowler
