The past year was a momentous one for the Niverville Credit Union, marking 75 years since its local founders first brought their dream to reality back in 1949. Celebrating this benchmark will be a key component of NCU’s upcoming annual general meeting on January 20.
Everyone is invited to attend the event at the Heritage Centre. Doors will open at 6:30 p.m. and the official meeting will commence at 7:00. Each guest will receive a special gift for their attendance, and a variety of door prizes will be presented.
The NCU has undergone many changes over 75 years. It has operated out of three different locations before landing at 62 Main Street, where it has undergone three expansions.
The NCU has also grown to open a second branch in Landmark in 1983 and a third in Steinbach in 2017.
In 1949, this modest banking institution carried $27,000 in assets. It now exceeds $536 million. Likewise, the original membership of 163 people has increased to nearly 10,000.
The prime lending rate set by NCU in 1949 was 4.5 percent. Like every other banking institution, NCU has since seen many highs and lows. Few of its older members will forget interest rates hitting an unprecedented 22.75 percent in 1981. In 1990, once again, rates jumped to 12.75 percent. By 2016, they had dropped to 2.7 percent.
Acting CEO Ken Rempel has managed the NCU for the past 13 years. Only four have served in this role in the credit union’s history. Most notable among them is George Sawatzky, who held the position for 45 years.
Ironically, Rempel shares family ties with one of the founding shareholders, Jacob F. Wiebe. Wiebe was Rempel’s step-grandfather and the local postmaster at the time.
NCU’s History
Residents of Niverville, like most rural Manitobans in 1949, had no access to banking services without travelling to a major city. Local shopkeepers often had to act as financiers, providing credit for goods purchased.
For many business owners, though, this model was unsustainable. As shops transitioned to a cash-only model, it became difficult for customers to access necessities.
In 1948, credit unions were rising in popularity. Hyman Bronstone of Niverville initiated a village meeting in January 1949 in order to spread awareness of the concept. Two months later, the Niverville Credit Union Society was formed. A total of $150.75 in shares was collected from its first 23 members.
The first board of directors was formed, including Bronstone himself alongside Henry L. Friesen, William G. Leppky, Charles Church, and Norman Wittick. Friesen was elected president and other locals were chosen for positions in the newly formed Credit Committee and Supervisory Committee.
“The reason why this credit union and a lot of other ones started is because there was a segment of the population that were unbanked,” Rempel says. “[Traditional] banks were more focused on commercial business.”
Prior to the creation of the NCU, he says, it was a fairly common practice for wealthier members of the community to provide personal loans to others. Even after the NCU Society was formalized, generosity and trust were major factors in its success.
“There was a time when NCU’s lending wasn’t collateralized,” says Rempel. “[Instead] local people cosigned for each other.”
This was a time when everyone knew everybody else. Honouring a debt was a virtue to live and die by.
The first NCU Society office was established in an eight-by-twelve-foot room in the B.A. Service Station, a gas bar located near where the NCU stands today. The office contained a small desk and cashbox.
Retired farmer Peter Koslowsky was hired to manage the tiny office, although he worked for no pay for the first year. By the second year, the NCU was able to provide him with a modest annual income of just under $300.
Board meetings took place in this office, too. Since the majority of the board were smokers, according to historical records, the tiny enclosed room became an almost unbearable smoke incubator for those who didn’t smoke.
Living at the back of the service station was B.A. Leppky and his wife. When board meetings ran late, attendees could expect a rap on the other side of the office wall, reminding them that “working people need their rest.”
The NCU operated like that for seven years before finally moving to a slightly larger space at 480 Main Street, known today as the former civic building.
By 1967, the NCU had assets of $1 million, finally putting them in a position to build a dedicated space. That first building was 2,800 square feet located on the same site that the NCU still occupies today. The new digs had room for three employees, safety deposit boxes, and a night depository.
In 1977, with a membership base of almost 2,600, the building underwent a major renovation and almost doubled in size. Two more additions followed in 1997 and 2005.
Stored in the basement of the NCU to this day are the archives of paper ledgers and board meeting notes dating back to 1949. They stand as testament to the institution’s vast changes over time.
The NCU Today
According to Sandy Charette, NCU’s manager of Deposit Services, the benefits of belonging to the Niverville Credit Union are the same today as they were 75 years ago. For one, members are owners in this cooperative model. Secondly, the staff work hard to keep interest rates competitive with others throughout southeastern Manitoba.
“We’re not a really large credit union,” says Charette. “[But] we are large enough to stay nimble when it comes to technology and change, and I think that’s really helped us. We are not the first out of the gate with technology, but we are fast followers.”
On the cusp of their seventy-fifth annual general meeting, the board welcomes anyone interested in sharing in NCU’s successes.
“Throughout our history, Niverville Credit Union has been a pillar of support for individuals and businesses, contributing to the overall prosperity in the southeast Manitoba area,” the AGM invitation reads. “By adapting to changes in the financial landscape while staying focused on local needs, NCU has built a loyal member base and earned a reputation for reliability and member care.”
