The Origins of Sunrise Credit Union
The first credit union in Manitoba was organized in 1937 by Father Benoit in the French farming community of St. Malo. Its citizens, like most farmers on the continent, were suffering during the Great Depression; Father Benoit brought them together to help each other financially. The first loan to a member – for $56.50, repaid in $2 monthly installments – financed the purchase of a cream separator.
Seven months later in the same year, Norwood Credit Union was founded in Winnipeg.
Following their example, people throughout Manitoba, drawn together through common ethnic, religious, professional or geographical affiliations, began founding credit unions in ever-increasing numbers. By 1939 there were 19 credit unions in Manitoba, with combined assets of $49,990 and 2,406 members.
From these humble beginnings, Manitoba credit unions evolved over the years into modern, extremely competitive, successful financial institutions with a collective size of over $20 billion in assets, more than 190 branches and 3,500+ employees.
While Sunrise Credit Union as an entity was officially formed on October 1st, 2008, it did so through the strategic merger of its five legacy Credit Unions – respectively, Virden (est. 1940), Turtle Mountain (est. 1940), Hartney (est. 1942), Tiger Hills (est. 1943) and Cypress River (est. 1960).
Integrity, Honesty, a Cooperative Philosophy, Respect, Fairness, Empathy, Trust, Loyalty, Courage and Optimism are the core values that have guided the success of Sunrise Credit Union for more than 70 years. These values, combined with sound business management have resulted in the growth of our organization from one branch to fourteen, with over 150 employees and over $858 million in assets by the end of 2015.
Following is a timeline highlighting special events and milestones throughout the history of Sunrise Credit Union.
1940 Virden Credit Union was incorporated
1941 Wassewa Credit Union was incorporated, later changing its name to Boissevain Credit Union Society Ltd.
1942 Deleau Credit Union Society was formed, later changing its name to Hartney Credit Union Society Ltd.
1943 Treherne & District Credit Union incorporated, later changing its name to Tiger Hills Credit Union
1952 Sandy Lake Credit Union was incorporated
1954 Deloraine Credit Union was incorporated
1960 Cypress River Credit Union was incorporated
1966 Melita Credit Union was incorporated
1971 Melita Credit Union merged with Virden Credit Union
1974 Tiger Hills Credit Union opened a branch in Holland, MB
1977 Virden Credit Union opened a branch in Reston, MB
1987 Boissevain Credit Union Society opened a branch in Minto, MB
1993 Virden Credit Union opened a branch in Waskada, MB
1998 Cypress River Credit Union opened a branch in Baldur, MB
2001 Deloraine, Boissevain and Minto merged to become Turtle Mountain Credit Union
2008 Virden, Turtle Mountain, Hartney, Tiger Hills and Cypress River Credit Unions merge to form Sunrise Credit Union
2008 $475 million in assets
2010 Sunrise Credit Union opened a branch in Brandon, MB
2013 5th Year Anniversary - $775.8 million in Assets
2014 Sandy Lake Credit Union merges with Sunrise Credit Union
2014 $821.8 million in assets
2015 Grand opening of new Corporate Office & Brandon branch