Servus Credit Union shares a record $50 million with its members in 2014
EDMONTON, CANADA (December 8, 2014) — This year, Servus Credit Union is sharing a record $50 million of our profits. That’s up from $47.6 million in 2013 and is the largest amount ever paid to Servus members.
“We are extremely happy to reach the $50 million mark with our Profit Share program,” said Garth Warner, President & CEO of Servus Credit Union. “It’s an incredible amount to share with our members and proof that when Albertans bank with us, they get more than just great service and expert advice.”
Servus’ Profit Share program is a unique offering in the financial sector and the more business members have with the credit union, the more they receive in Profit Share. The 2014 program pays cash as well as a dividend on common shares and investment shares. Commercial and agricultural members receive a cash rebate on their service charges. “When we have a good year, our members have a good year,” added Warner. “This is the largest amount that any financial institution in Alberta has ever shared with its members.”
Since Servus’ amalgamation in 2008, over $270 million has been paid out through the Profit Share program. To be eligible for profit sharing, customers must become Servus members by simply opening an account and purchasing a minimum of $1 in common shares.
For more information, visit servus.ca.
About Servus Credit Union Ltd.
Servus Credit Union is a member-owned financial institution serving members from more than 100 locations in 62 communities. The credit union’s vision of building a better world – one member at a time inspires their commitment to provide sound, advice-based financial products and services; help members achieve personal satisfaction, enjoy financial stability and a good quality of life; and improve the communities where its members live and work. Background The Profit Share program has three components: Patronage, Common Share Dividends and Investment Share Dividends. Including common shares, investment shares, and cash patronage, Servus will pay its members $50 million in Profit Share in 2014. Of that number, patronage payouts are $28.3 million and dividends are $21.7 million. 2013 – $47.6 million 2012 – $46 million 2011 – $44.3 million 2010 – $43 million 2009 – $42.2 million SOURCE Servus Credit Union