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Cambrian credits flexibility, technologyCo-WENDELL PHILLIPSMflNNIPEG TREE PRESSHerve Vermette says Cambrian’s goal is to have a branch in each of the city’s major areas.Cambrian Credit UnionFounded:1959 Ownership:Membership ownedProduct or Service:A full range of financial products and services, including bans, deposits, and mutual funds. Employees:128 (93 full time, 35 part time) Company growth:Assets have grown by 400 per cent during the last 10 years. Projected growth:Assets are expected to grow by a further 10’per cent in 1994.By Murray McNeillStaff Writer_CAMBRIAN CREDIT Union is no stranger to change,The Winnipeg-based financial institution started out in 1959 as a single, small, credit union located in the basement of the Red River Co-op store at 910 Wall Street,At that time it was known as the Co-operative Credit Union because its membership was restricted to members of Red River Co-op.Today the institution boasts a total of nine branches (eight in Winnipegand one in Selkirk), and a wide-open membership of about 30,000.Focus on serviceIts asset base also has undergone substantial changes over the years. In the last 10 years, for example, Cambrian’s assets have grown from $50.4 million to $251.0 million as of Oct. 1 of this year.And they’re expected to grow by a further 10 per cent in 1994, Cambrian general manager Herve Vermette said during a recent interview at the institution’s Marion Street headquarters.Vermette attributed Cambrian’s growth to a combination of things.For starters, I think a lot of it has to do with our focus on service,” he explained.He said the kind of service a financial institution provides is becoming increasingly important because “when you cut through everything, there’s not a lot of difference between your seven per cent (interest rate) and someone else’s.”Cambrian also tries to keep its services as flexible as possible, Vermette said, and to keep up with new technologies. For example, it was one of the first financial institutions in the city to begin offering its customers a telephone banking service.He said one advantage a locally-based institution like Cambrian has over large, national institutions is that it can respond more quickly to the needs of its local customers.'“And we have a better idea of whether our people would accept this type of technology,” he added.Another major reason for Cambrian’s growth has been its ability to take advantage of expansion opportunities when they arise, Vermette said.IN 1970, for example, it merged with the Selkirk District Credit Union to create its only branch outside of Winnipeg. And in 1988, it was able to acquire Winnipeg-based Heritage Credit Union (formerly Holy Cross Credit Union).The Heritage acquisition added $45 million to Cambrian’s asset base, and an additional three branches to its six-branch network, Vermette noted. It also helped boost Cambrian’s stature in the eyes of the public, he added, which can be important,“People like to deal with organizations that are not only successful, but look to be successful,” he noted.Geared forwGrowthAnd while it has nothing in the works at the moment, Vermette said Cambrian is on the lookout for other new expansion opportunities.“If a working partnership (merger) came along, we would certainly look at that, he said. “But opening a new branch from scratch is also definitely a possibility.”Although it’s keeping all of its options open, Cambrian’s goal is to eventually have a branch in each of the major areas of the city, Vermette said. And right now it doesn’t have one in the western part of the city, he noted, so that's an area it will be keeping a close eye on.No deadlines have been set for making the next expansion move, he added.“We'll just keep our eyes open and if the right opportunity is there. .In the meantime, Cambrian is in the process of converting to a larger, more modern, central data processing system for its existing branches.Vermette described the conversion as a “major undertaking.” But once it’s completed, Cambrian will be able to better gauge the needs of its members, he said, and to introduce new products and services much more quickly than before.
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Winnipeg Free Press
Winnipeg, Manitoba, CA
Fri, Dec 17, 1993
Page 50
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