Sudbury Credit Union

Community Banking With A Heart

A Legacy Of People Helping People

For over 70 years, Sudbury Credit Union has been at the heart of Greater Sudbury’s financial community. Over time, the institution has grown to support approximately 15,000 members across 6 branches. Chief Operations Officer, Michael Moore notes, “We’ve been around since 1951, serving the financial needs of our community. We serve a diverse mix of personal memberships, small businesses, organizations and charities.”

At the core of the credit union’s mission is a deep commitment to people. Stating, “With pride and excellence, Sudbury Credit Union is dedicated to identifying and fulfilling the financial needs of our community,” this mission is anchored in its open bond structure, allowing membership from anyone who lives or works in Greater Sudbury and beyond.

A People-First Approach

While financial services is a highly regulated industry, Sudbury Credit Union’s philosophy is simple – people helping people. This core belief drives every interaction, from frontline services to back-office operations. As CEO Mimi Regimbal explains, “Even though much of what we do is complex, with staff from multiple departments involved, it really all comes back to people helping people. That’s the focus of all that we do.”

Regimbal emphasizes that this philosophy extends to the internal culture at Sudbury Credit Union, creating a supportive and collaborative work environment. “We’ve always been focused on employees because they’re the face and the lifeblood of the organization,” she stresses. “We need to ensure they are taken care of, and that they know the fulfilling work they are doing is helping people.”

With 72 employees, this supportive work environment hasn’t gone unnoticed. Sudbury Credit Union was recently recognized with a Business Excellence Award for being ‘The Best Place To Work’ in the region. Regimbal attributes this to the institution’s long-standing focus on employee well-being. “Thanks to our Board of Directors, we are guided by our vision of being committed to the well-being of our employees, our members, and our community,” she adds. “That does lead to happy, engaged employees, which ultimately is seen by our membership and our community.”

Local Outreach

Sudbury Credit Union’s impact extends beyond financial services, and the institution is deeply committed to initiatives that support the community. Moore points out that the credit union adheres to cooperative principles, including the idea of cooperatives helping other cooperatives. “We recognize that we have a role to fulfill as Sudbury’s credit union,” he acknowledges. A prime example of this is their support for a local independent co-op cinema. Sudbury Credit Union has embraced this fellow cooperative over the years with regular financial support and, in October 2023, the theatre within the cinema became known as the Sudbury Credit Union Theatre with a sponsorship of $20,000.

One of Sudbury Credit Union’s most significant community initiatives has been its partnership with the Sudbury Hospice Foundation. In 2018, the credit union provided a $50,000 sponsorship to support the hospice’s capital building projects. “After that initial donation, we made an additional commitment to become the title sponsor of the annual Hike for Hospice fundraiser, with the latest Hike, which took place in May 2024, raising more than $130,000,” Moore adds. “The hospice provides a much needed service in our city and we are proud to say that we are a part of their community of supporters.”

Financial Independence and Flexibility

In addition to supporting community initiatives, Sudbury Credit Union also prioritizes the financial independence of its members. The institution encourages open conversations between its advisors and members, ensuring that financial decisions are made with a long-term perspective in mind. “A member might come in for one particular request and be excited for that new truck loan, for example, but the advisor will sit with them and talk about what else is in their future plans. It’s important for the advisor to have a whole picture of the member’s unique situation. Our employees aren’t incented to get that next loan out the door. They are focused on having meaningful conversations with our members,” Regimbal conveys.

As part of the personalized approach, attempts will always be made to help members find a financial solution. “Our goal is not to rack up the credit losses and have somebody’s credit history turn bad. Our goal is to keep them in a less stressful financial position,” she affirms. Along with overdraft protection and personal lines of credit, Sudbury Credit Union offers what they term, a “Helping Hand Loan.”

Slightly outside the box, this loan was introduced in 2024, to offer members an affordable solution in times of financial stress. “This provides members with an alternative to using one of the more expensive options, such as cheque cashing stores. We can still take care of them and provide them with the proper credit counseling from a credit union perspective, where we’re just interested in helping them out,” Regimbal shares.

This tailored approach extends to self-employed individuals and entrepreneurs. Sudbury Credit Union knows and understands the specific challenges faced by local small businesses, which provides the opportunity to look at each situation objectively. “Some small businesses may not fit into a nice, neat box where finances are concerned.” Regimbal says. “We get to know the member, get to know how they manage their company. It is more than just hard numbers.”

Technology and Engagement

When it comes to technology, Sudbury Credit Union is moving with the times, offering online banking and mobile app services to meet the needs of its members. “Our members are looking for online and mobile banking services, so we work hard to ensure that we’re offering a seamless user experience with the features and functions that members require,” says Regimbal. The institution partners with Central 1 for online banking, making it accessible for members across multiple platforms.

Of course, the pandemic saw an increase in online banking usage, as members had to shift when branch traffic was restricted. “The move to online services in 2020, has held pretty steadfast. We’ve seen members come back into the branches, especially our senior membership, but many people who moved to online banking have continued to use that platform,” says Moore.

As a way to engage with members, the institution employs social media, primarily LinkedIn and Facebook. Moore explains “You’ll rarely see our posts focus on rates. We use these platforms to stay connected to our community, to educate our followers on important things like common scams and how to avoid falling victim to them, and we share our sponsorships of local organizations and events. Our members really enjoy seeing what we’re up to in the community and are proud to let others know that they’re a part of SCU by sharing our content.”

Growth and Opportunity

As Sudbury Credit Union remains true to its commitment to both its members and the community, Regimbal remarks on the continuous opportunities within their organization, mentioning recent internal promotions that have opened up positions.

For each of the six locations, the focus remains on refining current operations. Regimbal confirms, “We have absolutely no plans at this point to reduce any services, nor do we have any plans right now to increase the number of branches. We are looking to renovate some existing branches, because we need to increase our back office support for our organization. There will be more exciting opportunities to add some new jobs in our Sudbury community. So that’s exciting.”

In terms of the broader credit union landscape in Canada, Regimbal expresses optimism, especially with younger generations.

“More and more, people are looking for ways to ensure that their everyday interactions with other people and business align with their own values. How they live, the products they buy and even where they bank. I think there’s a huge opportunity for credit unions, because our values and their values will likely align well,” she portrays. “It’s a fabulous movement, the cooperative movement, and we’re very lucky that we have such a strong presence in Sudbury.  It goes beyond looking after the financial health of the members to trying to build a better community for everyone who lives here.”

Looking ahead to the next 18 months, Moore says the focus will be on financial health and making sure members can weather the financial turbulence they are presently experiencing due to high interest rates. He emphasizes, “The key importance to us is our members’ financial stability.”

Regimbal concludes, “We are a financially stable credit union, and we work to maintain that position. Without a strong foundation, your house will crumble, and we have that strong foundation. There is a lot going on to keep us busy, but we will keep focusing on our members, being responsive to our community, and doing what we do well.”

AT A GLANCE

Sudbury Credit Union

What: A Credit Union serving 15,000 memberships across 6 branches.

Where: Greater Sudbury, ON

Website: www.sudburycu.com