In January 1940, a financial cooperative in northern Manitoba was just getting its sea legs, having newly incorporated from its small home office in Flin Flon.
75 years later, that same cooperative, then the Alpha Credit Union Society, now the Flin Flon Credit Union, is still going strong as a one-branch credit union directed by a local board.
Last Thursday, April 14, the Flin Flon Credit Union celebrated its diamond anniversary with a cocktail reception and supper attended by 88, including members, guests and the last three managers of the credit union, with 41 years of service among them: current manager Kory Eastman, Jim Stevens, and Dianne Harris.
Eastman said a highlight of the evening was a presentation from Wilson Griffiths of Credit Union Central of Manitoba. He presented the president of the Flin Flon board, Rod Gourlay, with a painting in honour of the occasion, and spoke about successes in the credit union and challenges on the horizon for financial institutions.
Eastman said improving service in the technology age is one of the major pressures facing credit unions today. He referred to Griffiths’ presentation, where he noted that the country’s five major banks spent over $9 billion in technology costs last year.
“Small community owned institutions have to keep up somehow,” said Eastman.
In response, the Flin Flon Credit Union recently launched a new website, and is also developing mobile apps for members, which are scheduled to be launched by the end of the year.
Eastman identified a number of successes for the institution in its recent history, including steady growth over the past two decades.
“We are about 49.5 million in size right now,” he said, a figure which includes money on deposit, plus retained earnings from the history of the credit union.
Eastman counts among the branch’s successes its community contributions, including consistent support for the Flin Flon Trout Festival and Main Street Days, and $8000 in donations to A Port in the Storm, a medical hostel that provides affordable accommodations for Manitobans who need to travel to Winnipeg for treatment.
“We continually donate at least five per cent of our pre-tax profit into sponsorships and donations locally,” said Eastman.
“We try and spread it out a fair bit, whether it’s small in-kind donations to meat draws and socials or cash donations to fundraising events such as the MS walk.”
Over three-quarters of a century, the Flin Flon Credit Union has changed locations three times: from its initial home office, to the North of 53 Co-Op Building, where it relocated in 1949, to its current location at 36 Main Street, where it has operated since the 1960s.
In 2014, the credit union building underwent a modern facelift, with a renovated members area and façade.
As the face of the credit union has changed, the board and staff have also had to adapt to ups, downs, and seismic shifts in the financial industry over the years.
“There were some tough times for credit unions…in 1980 when interest rates skyrocketed, the board stuck it out and worked through it,” said Eastman.
“It’s a testament to the work of everyone hired that we are still standing and strong.”
When asked about the difference between a credit union and a bank, Eastman explained that a credit union is owned by its members, so additional profits go back to members.
“There is an old adage: ‘The banks provide service to make profit, where the credit unions make profit to provide service,’” he said.
“It is locally focused, so the money generated from investments, mortages and loans goes back into the local community in terms of jobs, donations, and sponsorships.”
As he and the credit union look to the future, Eastman said the cooperative is focusing on improving service while remaining independent and community-oriented.
For the moment though, staff, board members and credit union members are honouring the institution’s resilience over the years.
“We just wanted to take some time to celebrate the success,” said Eastman. “We are still profitable, and we look forward to continuing for a long time.”
