Crosstown Civic Credit Union was founded on the belief that everyone deserves fair and respectful treatment, access to high quality services, and sound, unbiased advice.
Won’t you come share your story with us? We’re working for you, and you matter here.
Working for you.
You have a unique story, unique financial situation, and unique goals and needs. We at Crosstown Civic Credit Union (CCCU) want to hear your story and help you meet your financial goals in any way we can.
Our employees and branch managers are empowered to help you by developing flexible solutions to suit your needs, and offering you the best rates available – no haggling necessary.
Our employees are our greatest asset and by investing in their experience through training and career opportunities, we ensure they are empowered and able to maintain their focus on their members, and deliver responsive, respectful solutions.
Owned by you.
Every decision we make, every action we take, is done exclusively with our members – who are the owners of CCCU – in mind. Recognizing our members as our owners, promises that you will receive the responsive, deeply respectful service that you deserve.
As a true owner, you (the member) will receive a share in our profits every year, and help direct the future of our organization.
We’re a co-op. Our members are our owners. We’re very different from a bank. Our members are our shareholders. We are owned by you. As an owner, you help direct the future of our credit union by electing the Board of Directors (or maybe running for the board yourself!). And as an owner, you benefit from our efficiency and profitability. You will share in our profits.
We want to hear your unique story, understand your financial goals and support your financial needs in any way we can. It’s our commitment to you!
As of April 2020:
- $2.58 billion in total assets under management
- 32,000 members
- Crosstown Civic Credit Union currently operates a network including a corporate office, nine Winnipeg branch locations, a commercial department and a virtual division, AcceleRate Financial.
Building a Better Future Together!
A 2005 industry survey ranked Crosstown Credit Union and Civic Credit Union the fastest growing credit unions in all of Canada that year. Both organizations shared many positive qualities including above average efficiency and better rates and product pricing than generally available at other financial institutions. Each credit union had 4 branches and each had plans to eventually add to this number to better serve their members throughout the city of Winnipeg. These similarities and others led the Boards of Directors and senior management to initiate merger talks in 2006.
The advantages to be gained for the members of both entities quickly became apparent:
- Members would immediately enjoy access to eight full service locations throughout the city.
- Crosstown members would immediately have access to mutual funds, financial planning services, and online brokerage services that Civic had in place.
- Civic members would immediately have access to the commercial services that Crosstown had in place.
- Both credit unions have a history of generous patronage refunds and the programs would be combined and continue.
- Both credit unions operate on the Infonancial banking system software, allowing an easy integration with few training or service delivery issues.
- The combined credit unions would realize significant cost savings through the elimination of duplicate banking systems, administration offices, audit fees and annual reports, annual
- meeting costs, as well as some savings in the cost of funding Credit Union Central.
- Expenditures, such as advertising would be more effective because of the combined budgets under one united focus.
- Volume purchasing for supplies and services would achieve cost savings.
- The combined credit unions would be better positioned to meet current and increasing future challenges from competition, regulatory requirements, and technological advances.
Negotiations were concluded with an amalgamation agreement signed in January 2007. The agreement was approved by the memberships of both credit unions at their respective Annual General Meetings in March of 2007. The merger was officially implemented on July 1, 2007. The name Crosstown Civic Credit Union was chosen for the new entity to carry forward the goodwill that each organization had built up with their memberships over the years. Each founding organization had 4 branches resulting in an 8 branch credit union with starting membership of 31,000 and assets of $835 million. Eight directors from each organization formed the initial Board of Directors as follows:
|Jascha Boge – Chair of the Board||Ed Grabinski|
|Bill Chambers – Vice Chair||Alan J. Janzen|
|Donald Enns||Trevor Joss|
|Helen Kasdorf||Doug Stoyko|
|Ellie Krahn||Jeanine Henson|
|Ron Koslowsky||Paul Jackson|
|Henry Dyck||Henry Thiessen|
|Hedie Epp||John Zacharias|
It was agreed to reduce the number of directors to a more workable nine over the first three years of operation as a combined entity. Peter Enns, CEO of Crosstown Credit Union continued on as the first CEO of the amalgamated entity. Jack Johnston, CEO of Civic Credit Union served as the first President.
History of Crosstown Credit Union
Crosstown Credit Union Limited was organized in early 1944 when 11 individuals met and signed the letters patent. Each deposited a $5.00 share and paid a $0.50 entrance fee, a very small beginning!
Crosstown was organized to help meet the financial needs of Mennonite people in and around the city of Winnipeg, most of whom had very basic needs. Families needed homes. New households needed furnishings. Students wanted to further their education. In addition, farmers around the city needed money for seed and supplies until harvest time. Without money or credit, even a small unexpected expense could create a crisis.
Most Mennonites, when they first came to Canada either in the 1870’s or in the 1920’s, came as farmers. But by 1944, many of the younger family members came to Winnipeg to work or to continue their education. Credit was not readily available to these people because they were considered poor credit risks. Banks, therefore, were unwilling to issue credit to these “risky” people. The only place where they were able to obtain credit was the finance companies, usually at usurious rates of interest.
So these 11 individuals banded together to organize their own financial institution giving members the opportunity to deposit money at a somewhat higher rate of return, thus providing funds to the borrower at a much lower rate of interest.
These were the post-war years when the earning possibilities were much improved over the thirties. Generally there was an economic upswing. More and more young men and women came to cities like Winnipeg to earn a living or to pursue and educational career. The credit union grew fairly rapidly, although it wasn’t until the late 50’s that assets exceeded the $1 million mark.
At first, loans were restricted to fairly small amounts because funds were not always available. However, as assets increased, loan size became less of an issue. Members began requesting mortgage loans in addition to personal loans. Slowly and cautiously, mortgage loans were granted. At first, members were required to have a large down payment. Eventually mortgages were granted up to 75% of the appraised value of the property. Next, Crosstown became an approved lender under the NHA Act. This meant mortgages could be granted up to 95% of the appraised value, provided the lender qualified under the NHA Insurance Act.
On the other side of the ledger, shares grew and were converted to savings accounts. Members, however, soon began demanding chequing accounts. They asked, “Why should we have our savings and our loans at Crosstown, and our chequing accounts at a bank?” So Crosstown became the first credit union in Winnipeg to offer chequing accounts. This helped to ensure that there were seldom shortages of funds to satisfy the loan demand; hence, there was a twofold benefit.
As the member demand grew, Crosstown responded by offering options such as savings, chequing, term deposits, and RRSP’s. Personal loans, mortgage loans, student loans, and business loans also became available. The area of operation expanded from the original 40 mile radius of Winnipeg City Hall to include all Mennonites in Manitoba. In 1999, membership was opened to all Manitobans.
Crosstown operated out of rented space for the first seven years. In the 1950’s, a building was purchased at 284 Kennedy Street. In 1964, a new building was constructed at 171 Donald Street. In the meantime, a part-time branch office was started in North Kildonan. Eventually a new building was constructed at 1200 Henderson Hwy. A third location was opened at 1250 Portage Avenue in February 1976, and a new building was constructed at that site in 1985. The newest branch, at 515 St. Anne’s Road was opened on June 13, 2005, in a newly constructed building.
The Presidents of Crosstown Credit Union from inception until the merger with Civic:
- 1944-1960 Dr. N. J. Neufeld
- 1961-1965 C.C. Neufeld
- 1965-1968 Ernest J. Enns
- 1968-1972 Harry Giesbrecht
- 1972-1987 Henry Enns
- 1987-1990 Ernest Peters
- 1990-2000 Alan J. Janzen
- 2000-2007 Jascha Boge
Managers (CEOs) of Crosstown Credit Union from inception until the Civic merger:
- 1944-1945 Daniel Loewen
- 1945-1948 Nick Dyck
- 1948-1964 Isaac A. Neufeld
- 1964-1993 Harry Peters
- 1993-2007 Peter R. Enns
History of Civic Credit Union
Civic Credit Union (originally Civic Employees Credit Union Society Limited) was formed by ten founding members in April of 1943, with each founding member depositing $1. The credit union was organized by staff of the City of Winnipeg in order to offer savings accounts and loans to employees. At that time banks were not willing to provide personal loans and the credit union helped finance purchases of furniture, cars, education, and other necessities of life for the members.
From 1943 until 1960 the credit union gained momentum and ended 1960 with 974 members and $462,506 in assets. Popularity of the credit union was given a huge boost with the advent of payroll deduction in 1961, whereby city employees could have a portion of their paycheques automatically deposited. By the end of 1969 the credit union had expanded to over 1,800 members with over $1 million in assets.
During the 1970s computer processing of members’ account data was implemented, RRSP deposits were offered and chequing accounts were introduced. The Supervisory Committee of the Board was disbanded and replaced by the current practice of having an external audit. The credit union office was moved to 433 Main Street in 1978. By the end of the decade membership had expanded to over 3,000 and assets exceeded $10 million.
In 1981 the credit union took the significant step of declaring itself “open bond”, thereby removing restrictions to membership and allowing the general public to join. During the 1980s the move to online data processing was followed by introduction of the credit union ATM card and Mastercard. Mortgages were in great demand and CMHC mortgages were offered. By the end of 1989 the credit union was serving 4,300 members with assets exceeding $30 million.
Civic was the first credit union to offer the Telpay Bill Payment system in 1991, and was the first in Winnipeg to introduce the Member Equity Plan and commence patronage refunds in 1992. Mutual funds were offered the following year, and the second branch of Civic Credit Union was opened at Winnipeg Square in 1994. The MemberCare (now Credential Financial Stategies) financial planning office was well received and utilized by members when opened at 100-433 Main Street. Internet Banking was introduced allowing members to view their accounts, transfer funds and pay bills online. The 1990s ended with over 6500 members and assets had reached the milestone of $100 million.
In 2001 Civic converted to its own banking system, thereby dramatically reducing expenses and increasing efficiency. Also in 2001 Civic members were among the first in Canada to be offered an online brokerage service through Qtrade Investor.
In 2003 the Board of Directors and management of Civic Credit Union met with their counterparts at Safeway Credit Union and their deliberations led to the conclusion that a merger would best serve the members of both organizations. The amalgamation was approved by the members and successfully implemented on November 1, 2003. Safeway Credit Union had commenced operations in 1951, serving employees of Canada Safeway Limited and subsidiary companies. In 1999 Safeway opened its bond to the general public and evolved over the years to offer a wide array of financial products and services similar to those offered by Civic. The two credit unions also utilized the same banking system, making a merger more feasible and attractive to both credit unions. At the time of the amalgamation Safeway had a membership of 3,276 members with assets of $50 million, operating from a single branch location at 937 St. James Street. The merger resulted in a three branch credit union that retained the name Civic Credit Union serving over 10,500 members with $205 million in assets.
The fourth branch of Civic was opened on Regent Avenue West in 2005. Also in 2005, an industry survey showed Crosstown Credit Union and Civic Credit Union to be the two fastest growing credit unions in Canada. This added impetus to merger talks that commenced in 2006 and eventually resulted in the successful merger with Crosstown on July 1, 2007. This amalgamation created an 8 branch credit union with over 31,000 members and $835 million in assets.
From humble beginnings in 1943, with 10 founding members and $10 in assets, Civic Credit Union has evolved, grown and amalgamated in order to continue to offer members the best possible service at rates that remain superior to those generally available in our marketplace. At the time of amalgamation the total assets of Crosstown Civic Credit Union rated among the top twenty five credit unions in Canada.
The Presidents of Civic Credit Union from inception until the merger with Crosstown:
- 1943-44 – Nathan Bubbis
- 1946 – Alvin Srigley
- 1947-49 – James Deegan
- 1950 – James White
- 1951 – R. Slater
- 1952-53 – John Melnick
- 1954-55 – George Gilmour
- 1956-57 – L. Johns
- 1958 – Robert Carphin
- 1959-61 – Robert MacCallum
- 1962 – Ray Fulford
- 1963-65 – James Allen
- 1966-67 – Cam Pratt
- 1968 – Gladys Abbott
- 1969 – Robert MacCallum
- 1970-71 – Walter Purcha
- 1972-78 – James Allen
- 1978-79 – James Deegan
- 1980-84 – Walter Purcha
- 1985-02 – E. G. Lysak
- 2002-04 – Jeanine Henson
- 2005-07 – Bill Chambers
The managers (CEOs) of Civic Credit Union from inception until the Crosstown merger:
- 1943-47 – Volunteers
- 1948-60 – Winnona Smith
- 1961-64 – Tom Kaminski
- 1965-90 – Bob Tooke
- 1991-07 – Jack Johnston