Credit Union Partners with Members to Support Community
Kitchener, ON - Mennonite Savings and Credit Union’s (MSCU) annual offering of Church Builder term deposits provides an opportunity for members to partner with MSCU and initiate a donation to the Ontario-based Mennonite, Amish, or Brethren in Christ church or church related organization of their choice.
The 2005 issue of Church Builder is a 3-year term deposit offering investors an attractive guaranteed return (available until September 30, 2005). In addition, MSCU will donate ½% in bonus interest to the church or organization designated by the member. These donations range from a few dollars to well over $1000 per organization. With this partnership, the Church Builder investor receives an annual interest payment and the designated church or organization receives an annual donation.
“MSCU is a credit union with a faith-based philosophy and mission. We strive to balance profitability, service, and Christian stewardship. With Church Builder term deposits we are in the unique position of providing an investment option for our members that also supports churches and church related organizations”, says Nick Driedger, CEO.
“The Credit Union also supports the church community through reduced service fees, MSCU Charitable Fund Grants, and special event and project sponsorships” adds Driedger.
Since 1998, the Credit Union has donated over $119,500 to 101 different churches and organizations through Church Builder.
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For More Information Please Contact: Frank Chisholm Mennonite Savings and Credit Union
Phone: (519) 772-5211
Credit Union Prepares for April 25th Launch of Investment Shares
Kitchener, ON – Mennonite Savings and Credit Union has received the necessary approval from the Financial Services Commission of Ontario to launch its first ever offering of Class B Investment Shares.
The Credit Union plans to begin taking subscriptions for the shares on Monday, April 25th.
Shares will be available to members of the closed bond credit union, which serves members of Mennonite, Amish, and Brethren in Christ churches across Ontario.
MSCU Investment Shares are expected to pay a variable rate of return equivalent to the Government of Canada 5-year benchmark yield for bonds, plus 1% (approximately .75% higher than the Credit Union’s average 5-year term deposit rate over the past five years). The rate is not guaranteed since the shares are considered equity investments that will be held within the Credit Union’s capital base to provide for continued growth.
The Credit Union has grown from about $300 million in assets under administration in 2000, to more than $550 million today. Membership, presently just over 15,000 has grown by 3% to 5% per year in recent years.
According to CEO Nick Driedger, the shares are a solid investment that will offer an excellent rate of return. “We are confident in the size, strength and continued growth potential of our Credit Union which, in our eyes, makes this an excellent investment opportunity. Investment share offerings are nothing new to credit unions in Canada, and these investment opportunities have been benefiting credit unions and their members for years” added Driedger.
Members planning to invest in the Share offering must first carefully review a detailed offering statement, available from any MSCU office.
A total of 15 million shares will be available when Investment Share subscriptions begin on Monday, April 25th.
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For More Information Please Contact: Frank Chisholm Mennonite Savings and Credit Union
Phone: (519) 772-5211
Celebrating our Mission: Mennonite Savings and Credit Union 41st Annual Meeting
St. Jacobs, ON - On March 29, MSCU members and guests gathered at St. Jacobs Mennonite Church for the Credit Union’s 41st annual general meeting. Opening comments by MSCU Board Chair Kaye Rempel highlighted the meeting theme, “Celebrating our Mission” and Mennonite Foundation of Canada Stewardship Consultant, Mike Strathdee gave the opening meditation and prayer on the topic of Christian stewardship. Ingrid Loepp Thiessen and Charlene Nafziger provided inspiring leadership for the hymn singing which took place at various points throughout the meeting.
During the Board report, Rempel referred to the recent passing of MSCU founder J. Winfield Fretz and highlighted his vision of mutual aid that has grown into the present mission of the Credit Union. Meritas Financial Inc. CEO Gary Hawton reported on behalf of the MSCU subsidiary, which experienced growth of 50% in assets under administration in 2004.
The management report summarized highlights from 2004 which included membership growth of 3.1%, total loan growth (on-book and off-book) of $33.4 million, and investment growth of $21 million. Total assets under administration grew to $546 million, an increase of 9.4%. Pre-tax earnings of $1.5 million resulted in patronage distribution to members of $1.2 million.
Further to actions taken during the year, ratios for both leverage and risk-weighted capital increased to 5.66% and 8.23% respectively. CEO Nick Driedger summarized steps taken during the year to prepare for the anticipated launch of Class B Investment Shares. He announced, subject to ministry approval, Apri111th as the date for the release of the offering statement, and April 25th as the opening date for subscriptions.
The management report emphasized the importance of continued focus on faith-based stewardship values and church relatedness efforts.
A main highlight of the evening was the keynote message from Dr. Ronald Mathies, Executive Director of Mennonite Central Committee. Mathies, a native of Waterloo Region, affirmed the Credit Union’s recent growth and continued focus on stewardship, compassion, professionalism and trust.
He presented three key challenges to MSCU and its member community: 1) to maintain, as a primary aim, “quality service that focuses on the dignity of the person and the well being of the community”; 2) to provide “assurance that (MSCU and the member community) will invest money ethically, and in a life-giving fashion”, and; 3) that “the whole MSCU community be ready for new levels of cooperation and collaboration on local and global issues. “
Mathies shared from his own experiences as an MSCU member to illustrate some of MSCU’s strengths and challenges. He also reflected, as MCC Executive Director, on the recent Tsunami, and unparalleled response to the related relief effort that has seen more than $14 million in aid administered through MCC.
In closing, Mathies posed the question: “Are we ready to celebrate the mission by working together for the well-being of all?”
Other meeting business included Board of Directors and Credit Committee elections that saw Abe Fehr and Kaye Rempel re-elected to the Board while Brent Martin, Al Isaac, and Ernie Metzger were elected to initial terms. Glenn Steiner and Jim Bearinger were both re-elected to the Credit Committee.
Departing volunteers recognized for their terms of service, included: (Council of Members) Benno Barg, Anne Brubacher, Norma Lichti, and Cheryl Buehler; (Board of Directors) Murray Shantz, Ernie Regehr, and Cliff Brenneman. Receiving recognition on behalf of Cliff Brenneman, who passed away on March 13, was his wife Twila, and eldest daughter Becky.
Following the meeting, refreshments were provided by the St. Jacobs Mennonite Church Social Committee.
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For More Information Please Contact: Frank Chisholm Mennonite Savings and Credit Union
Phone: (519) 772-5211
