ABOUT MSCU
MSCU Advantage | Mission | History
Mutual Aid | Financials | Annual Report
Privacy | Careers | Branches
MSCU Advantage
Mennonite Savings and Credit Union (Ontario) Ltd. (MSCU) is a closed-bond credit union that serves a membership base of some 15,900 members through seven branches and 5 sub-locations throughout Southwestern Ontario.
MSCU was founded in 1964 to provide a vehicle for financial mutual aid within Ontario’s Anabaptist faith community. Including members of Mennonite, Amish, and Brethren in Christ churches.
Early members’ determination to build a financial institution with a mutual aid or "barn-raising" spirit gave rise to MSCU’s corporate motto: Building on a tradition of serving each other.
What started out in 1964 as $21 in a cash box has grown into a thriving, full-service financial cooperative that pools the resources of almost 15,900 primary members across Ontario. Total assets under administration now exceed $650 million.
Often noted for extremely low loan-loss ratios, MSCU management credits the responsible approach in the use of credit by its members, and a skilled lending staff that applies faith-based stewardship principles in working closely with the membership base.
MSCU is similar to most financial institutions in that it offers:
- Savings and chequing accounts
- Mortgages
- Personal, agricultural, and commercial loans and lines of credit
- Credit cards
- Credit life and disability insurance
- Investments
- RRSP, RESP, RRIF, and LIF Investments
- Canadian Agricultural Income Stabilization (CAIS) Accounts
- Internet and telephone banking
- ATMs
MSCU is unique because of:
- Faith-based mission, values, and philosophy
- Community support and stewardship initiatives e.g. the MSCU Charitable Fund
- Member governance and ownership
- Comprehensive financial planning from a socially responsible perspective
- Credit card affinity program that supports charities
- Mutual aid programs that enable members to help other members in times of financial hardship
- Majority ownership of Meritas Financial Inc (Meritas Mutual Funds), a company that offers six socially responsible mutual funds through dealers and financial planners across Canada
Awards and Recognition:
- Ethics in Action-Ongoing Social Responsibility Award (finalist), 2001
- Ontario Credit Union Charitable Foundation-Outstanding Charitable Achievement Award, 2001
- Canadian Centre for Philanthropy-Imagine Caring Company (ongoing), 2001
- Canadian Credit Union Innovation Award - April, 2003
- Gary Gillam Award for Leadership in the area of Social Responsibility – presented to Nick Driedger March 27, 2004
- World Council of Credit Union (WOOCU) Young Credit Union People Program scholarship, Shawn Good, 2007
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