(Edmonton, AB) – Servus Credit Union is paying a record $54.1 million to member-owners through the credit union’s annual Profit Share® program. This includes $30.8 million in patronage (Profit Share® Rewards cash), $18.1 million in common share dividends and $5.2 million in investment share dividends.
Since 2009, Servus has paid more than $472 million to Albertans through the Profit Share program. Servus’s Profit Share program is a unique offering, unmatched by banks, and one of the biggest payouts by Canadian credit unions. The more business members have with the credit union, the more they share in its success. Individual members receive the payments as cash and dividend deposits into their accounts, while commercial and agricultural members receive a cash rebate on their service charges.
"As a credit union, we share our profits with members after investing in the continued development of the business," says Garth Warner, President and CEO of Servus Credit Union. "Profit sharing contributes cash directly to their financial fitness. We encourage them to use these funds to create financial plans, save or reduce debt to increase their financial resiliency."
"This year we made changes to how we calculate Profit Share, which means more profits to put toward members' financial fitness," says Warner. The change was to the calculation of patronage on retail accounts. Rather than base it on the percentage of interest earned or paid, it's now based on the average balances held.
"Profit Share helps members improve their financial fitness and injects millions into Alberta's economy," says Warner. "This is a very concrete example of how Servus helps members feel good about their money, a benefit no bank can equal."
About Servus Credit Union Ltd.
Servus Credit Union is a member-owned financial institution serving members from more than 100 locations in 59 communities. Servus aspires to build a better world — one member at a time — by shaping member financial fitness to help Albertans feel in control, be financially resilient and pursue opportunities.
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® Profit Share is a trademark of Servus Credit Union Ltd.