Credit Union Expands Operations into the Niagara Region
St. Catharines, ON – Mennonite Savings and Credit Union (MSCU) will celebrate the Grand Opening of its newest branch in St. Catharines, at 311 Geneva Street, on November 24. This location, near Fairview Mall, is the Credit Union’s seventh branch, and marks a significant leap forward in servicing the financial needs of the Anabaptist faith community in the Niagara region.
The event, which runs from 10:00 a.m. until 2:00 p.m., will include refreshments and sausage on a bun for those in attendance. A dedication and ribbon-cutting ceremony at approximately 12:30 p.m. will mark the official opening of this new location. “Our expansion into the Niagara region is largely in response to the many members of the Mennonite and Brethren in Christ communities who have voiced growing interest in the financial services that we provide within the context of a faith-based mission and values,” says Nick Driedger, CEO. “Our values, which reflect those of our member community, illustrate the need to provide prudent and competitive services within a greater context of compassionate mutual aid and Christian stewardship.”
MSCU is similar to most financial institutions in that it offers chequing and savings accounts, residential and commercial loans and mortgages, financial planning and associated investment products, Internet and telephone banking, and 24 hour ATMs. The uniqueness of MSCU stems from its faith-based mission, values, and philosophy that emphasize the Credit Union commitment to reflect integrity, compassion, and responsible stewardship. MSCU offers a number of community support and stewardship initiatives, and Mutual aid programs that enable members to help other members in times of financial hardship. Along with member governance and ownership, MSCU offers comprehensive financial planning from a socially responsible perspective, and an affinity credit card that supports charities.
“We are excited about this opportunity to serve members and build our membership community in the Niagara region;” said Karl Braun, Member Relations Manager. "There is a strong and growing community in the Region that shares our faith-based values and seeks our personalized approach to doing business. We hope to make an impact here, and to fulfill our mission of making a difference in people's lives with effective financial services founded on faith-based principles of compassionate Christian stewardship."
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For more information, contact: Frank Chisholm
Mennonite Savings and Credit Union
Phone: (519) 772-5211
Credit Union Launches High Interest Savings Account
KITCHENER, ON - On September 1, Mennonite Savings and Credit Union (Ontario) Ltd (MSCU) launched a high interest savings account, aptly named MSCU Optimum Savings. “The launch of this new account is a response to the increasing complexity of the member’s financial needs, and the competitive landscape in the financial services industry;” said John Klassen, MSCU’s Chief Operating Officer.
MSCU Optimum Savings is a daily interest savings account that earns a high rate of interest while allowing members to retain access to their money through their branches, Member Cards, and MemberDirect Internet and Telephone services. “This account is the next logical step forward; allowing our members to continue to have their complete financial services needs met by MSCU,” said Klassen.
Optimum Savings is available to all MSCU members, and can be opened at any MSCU branch. The account offers the following:
High interest rate paid monthly,
No minimum investment required,
Unlimited free deposits,
1 free withdrawal per month and,
Access to their money through the branch, MemberDirect and Member Card
Some conditions apply, and members are encouraged to visit their local MSCU branch or www.mscu.com for complete product details and rates.
About MSCU Mennonite Savings and Credit Union (Ontario) Ltd. is a closed-bond credit union that serves members of Mennonite, Amish and Brethren in Christ churches in Ontario. MSCU operates six branches and 5 sub-locations throughout Southwestern Ontario. For more information about Mennonite Savings and Credit Union, visit www.mscu.com.
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For more information, contact: Frank Chisholm
Mennonite Savings and Credit Union
Phone: (519) 772-5211
Credit Union Ground Breaking Draws Members, MSCU Representatives, and Local Dignitaries
St. Catharines, ON – Mennonite Savings and Credit Union (MSCU) broke ground on August 22nd at its newest branch in St. Catharines, at 311 Geneva Street. MSCU shared their renovation and design plans with MSCU Representatives* and Members who were in attendance, and local dignitaries M.P. Rick Dykstra and Mayor Timothy Rigby.
This location is MSCU’s seventh full-service branch, and marks a significant leap forward in serving the financial needs of the Anabaptist faith community in the Niagara region. John Klassen, MSCU’s Chief Operating Officer hosted this event, making the introductions to the group. “This area has strong Mennonite and Brethren in Christ connections, and we are pleased to continue to expand our operations here, serving the personal, small business and agricultural financial services needs of the Anabaptist faith community,” stated Klassen during his opening remarks. Those in attendance listened attentively to Nick Driedger, MSCU’s Chief Executive Officer, who thanked the MSCU Members in the Niagara region for their continued support, and expressed the excitement felt about this new venture. This excitement was echoed by Annie Dick, the manager of the new MSCU branch. Everyone in attendance was able to take part in the ground breaking by sawing wood with an old fashion hand saw, reminiscent of the barn raising spirit that is at the foundation of the community.
Local M.P. Rick Dykstra spent his morning with the MSCU group learning more about the expansion into the area. “This is an exciting addition to the Niagara Region.” said Dykstra. “We are pleased to welcome this financial institution, whose focus remains on serving the financial needs of their members, while supporting local community groups through their stewardship initiatives.” Mayor Timothy Rigby also attended this event, expressing the feelings of his constituents. “Citizens of St. Catharines welcome the Mennonite Savings and Credit Union to their City. This new branch will provide access to financial services to its members and expand its membership throughout Niagara.”
Many representatives from the Mennonite community were in attendance, including John Hildebrand, an MSCU Area Representative who has been involved in the community for many years, and who will continue in a business development role for the new Niagara branch. “Mr. Hildebrand was instrumental in advancing the MSCU expansion into the Niagara region,” stated Karl Braun, Member Relations Manager. Irene Gibbins, a dedicated MSCU Representative from the Boyle Brethren in Christ Church, was also in attendance. “It is exciting to see the enthusiasm of many in the Mennonite and Brethren in Christ community of Niagara. I know that there are many people in this community, myself included, who have been waiting a long time for MSCU to open a branch in the Niagara Region.” stated Gibbins. Younger members of the community were also present. Hannah and her brother Sam enjoyed the mornings’ excitement and refreshments. Their participation, and the participation of the Members and MSCU Representatives, is truly representative of the commitment and strength of the Mennonite community in the region.
About MSCU
Mennonite Savings and Credit Union (Ontario) Ltd. is a closed-bond credit union that serves members of Mennonite, Amish and Brethren in Christ churches in Ontario. MSCU operates six branches and 5 sub-locations throughout Southern Ontario. For more information about Mennonite Savings and Credit Union, visit www.mscu.com.
*MSCU Representatives are local volunteers, who work in conjunction with MSCU to share current product information and opportunities within the church congregation.
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For more information, contact: Frank Chisholm
Mennonite Savings and Credit Union
Phone: (519) 772-5211
Credit Union Breaks Ground in St. Catharines August 22nd
Kitchener, ON – Mennonite Savings and Credit Union (MSCU) will open its newest branch in St. Catharines, at 311 Geneva Street, in October 2006. This location, near Fairview Mall, will be MSCU’s seventh branch, and marks a significant leap forward in servicing the financial needs of the Anabaptist faith community in the Niagara region.
On August 22nd at 9:00 a.m. MSCU will ‘break ground’ at this new location, announcing renovation and design plans to MSCU members, and local dignitaries and media.
“We are excited about this opportunity to serve members and build our membership community in the Niagara region;” said Karl Braun, Member Relations Manager, when asked about this initiative. “Through this groundbreaking ceremony, we want to formally announce our presence in the area, and involve members of the community in this milestone event.”
Founded in 1964, Mennonite Savings and Credit Union began with a radical vision for expanding our faith community's historical commitment to mutual aid. What started out as $21 in a cash box and a modest attempt to share financial resources among Waterloo County Mennonites has grown into a full-service Anabaptist financial cooperative. MSCU is the 8th largest Credit Union in Ontario, with a membership of more than 15,500 and over $580 million in assets under administration.
“Our expansion into the Niagara region is largely in response to the many members of the Mennonite and Brethren in Christ communities who have voiced growing interest in the financial services that we provide within the context of a faith-based mission and values,” said Nick Driedger, CEO. “Our values, which reflect those of our member community, reflect the need to provide prudent and competitive services within a greater context of compassionate mutual aid and Christian stewardship.”
About MSCU
Mennonite Savings and Credit Union (Ontario) Ltd. is a closed-bond credit union that serves members of Mennonite, Amish and Brethren in Christ churches in Ontario. MSCU operates six branches and 5 sub-locations throughout Southwestern Ontario.
For more information about Mennonite Savings and Credit Union, visit www.mscu.com.
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For more information, contact: Frank Chisholm
Mennonite Savings and Credit Union
Phone: (519) 772-5211
Credit Union and Members Invest in Community Giving
Kitchener, ON - Since 1998, Mennonite Savings and Credit Union (MSCU) has donated over $134,000 to 109 churches and church-based organizations through the annual Church Builder investment program. The MSCU Church Builder investment provides an opportunity for members to donate to Ontario-based Mennonite, Amish, or Brethren in Christ churches, or church-based organizations through their investment choices.
The 2006 Church Builder investment is a 22 month term deposit that donates 0.5% in bonus interest to the church, or church-based organization designated by the member, while offering an attractive guaranteed return on investment.Historically, bonus interest donations have ranged from a few dollars, to over $1,000 per beneficiary. Church Builder is available at MSCU branches until August 31, 2006.
“MSCU’s mission is to effectively meet the financial services needs of our members in a manner that is consistent with the values of our Anabaptist faith community,” says Karl Braun, MSCU Member Relations Manager. “The Church Builder program offers members the opportunity to support the church, or church-based organization of their choice, while also making a sound investment,” says Braun. “In the past, members have supported various churches and organizations including Mennonite Central Committee, Mennonite schools, summer camps, and retirement homes.”
About MSCU
Mennonite Savings and Credit Union (Ontario) Ltd. is a closed-bond credit union that serves members of Mennonite, Amish and Brethren in Christ churches in Ontario. MSCU operates six branches and 5 sub-locations throughout Southwestern Ontario. For more information about Mennonite Savings and Credit Union, visit www.mscu.com.
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For more information, contact: Frank Chisholm
Mennonite Savings and Credit Union
Phone: (519) 772-5211
Representatives from the Credit Union system in the Ukraine recently spent three days meeting with MSCU staff and touring member farms as part of an internship program for Ukrainian credit union leaders.
The internship program is a component of the Ukraine Credit Union Strengthening Program (UCUSP), a joint effort of the Canadian Co-operative Association and the Council of Ukrainian Credit Unions of Canada (CUCUC). The purpose of the program, which receives funding from Canadian International Development Agency, is to help foster and strengthen the credit union system in the Ukraine.
Their recent Canadian tour included stops in Toronto, Manitoba, Waterloo Region, and a recreational trip to Niagara Falls. While in Ontario, the group spent three days meeting with MSCU staff and visiting member farms in the Waterloo Region.
The following are reflections from individual members of the UCUSP group:
I can’t think of a better example of the credit union spirit than the MSCU commitment to assist their members and reflecting very important values of Mennonite community based on morality and faith. I was impressed by the fact that MSCU offered affordable financial help and stepped up when other financial institutions could not. I want to personally thank to all MSCU staff for their time, attention and care their provided during our visit.
— Oksana Dovhun, Manager, Kosiv Credit Union, Ivano Frankivsk
I was impressed by the fact that MSCU builds it policies and procedures based on their understanding of very strong traditions, religious beliefs and lifestyles of their members. It was very interesting to learn how MSCU properly planned and managed risk-based loan programs. It was interesting to see how your credit union identified, monitored and controlled risk. Based on trust and loyalty, MSCU helps their members become better money managers and better future borrowers.
— Liudmyla Zhalo, Director – Agricultural Loans, Kredit Souz Credit Union, Cherkassy
When asked about some of the key differences between credit unions in Canada and the Ukraine, members of the group pointed out the vast differences in deposit and lending rates. While deposit rates may be as high as 25%, farm lending rates are typically in the 50% range. Restrictions around land ownership have much to do loan risk and resulting interest rates as agricultural land owners are currently not permitted to sell their land. This therefore has a limiting impact on how farm loans are secured. Proposed legislation amendments, currently in the works, may result in favourable changes to the existing strict limitations on resale of farmland in the Ukraine.
About MSCU
Mennonite Savings and Credit Union (Ontario) Ltd. is a closed-bond credit union that serves members of Mennonite, Amish and Brethren in Christ churches in Ontario. MSCU operates six branches and 5 sub-locations throughout Southwestern Ontario. For more information about Mennonite Savings and Credit Union, visit www.mscu.com.
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For more information, contact: Frank Chisholm
Mennonite Savings and Credit Union
Phone: (519) 772-5211
