It’s taken a couple of years of planning, but the Mennonite Savings and Credit Union has put down roots with its first full service bank outlet in northern Wellington County.
There were no theatrics at the official opening of the Credit Union outlet, a building that formerly housed the Roxy Theatre.
Instead, those who packed the main street bank on March 7 were given some insight into the process that led to the opening of the full-service bank.
Credit Union chief executive officer Brent Zorgdrager said the intention of the credit union board is to provide daily service to customers who are also members of the bank and to increase its customer and membership base.
Zorgdrager explained the philosophy behind the credit union, which is owned by its members and governed by a board, is decisions are made by the board in consultation with the members.
“If you’re dealing with a (regular) bank you’re either a customer or a shareholder. Here at the credit union, you’re a member and you’re also the people who own us,” Zorgdager told those assembled at grand opening in the completely refurbished theatre.
He compared the credit union to the way a cooperative functions. As a policy, half of the profits generated by bank operations annually is returned to its members.
The main philosophy is faith driven, he added.
“What’s unique about us is we start from a centrality of our faith,” Zorgdager said. He explained the bank operates with “faith, integrity, compassion and responsible stewardship.”
Zorgdrager also said, “We think the market place we live in and serve needs a faith-based approach.”
The close working relationship between the credit union and its members allows the bank to fit loan and mortgage payments to meet members’ needs even in difficult times.
“When members are in difficult situations, we don’t call credit collections immediately,” he said.
Branch manager Wanda Heibein said the credit union has eight employees dealing directly with members’ banking needs, including business and personal loans, mortgages and foreign exchange.
Heibein said the credit union was open once a week prior to the opening of the Mount Forest branch. Several businesses, like Maple Lane, served as drop-off spots for the area.
“The members in this area stuck with us for a long time (when) we served them from a distance,” she said.
According to Heibein, the credit union conducted focus group studies and discovered a need for a full-time, full-service branch.
“We perceived there was a lot of growth,” she said of opening a branch to serve members from north Wellington County and South Grey.
Officials thanked the work done by local tradesmen, general contractor Domm Construction and by members.
“There’s no way we could have opened the branch without the support of our members,” Zorgdrager said.
“Since opening, membership has increased by 13 percent from a start number of 500 … In the last month we’ve opened 65 new memberships.”
Wellington North Mayor Ray Tout welcomed the new business.
“What a major investment in our community,” the mayor said of branch and services offered. “It’s a brand new tooth in the smile of our businesses.”
Congratulations were sent from Perth-Wellington MPP Randy Pettapiece and Perth-Wellington MP Gary Schellenberger, who were unable to attend the event.
