Servus prepares to share $47.6 million under profit-sharing program
Servus Credit Union members will share in $47.6 million this year, the Edmonton-based financial institution announced on Monday.
The money is being distributed under Servus’s profit sharing program, which pays cash to members — as well as a dividend on common shares and investment shares — based on the volume of banking they do.
Commercial and agricultural members receive a cash rebate on their service charges.
Wade Bendfeld, Servus’s public relations manager, said the money owed to each member under the program is being deposited into their accounts now. This process is expected to be completed by Dec. 8, he said.
Last year, the profit sharing program resulted in $45.8 million being dispersed to members. Servus currently has nearly 390,000 members, with these banking at more than 100 locations in 62 Alberta communities.
Financial results for Servus’s 2013 fiscal year, which ended Oct. 31, are not expected to be announced until early next year. But at the end of the credit union’s third quarter, it reported that income was up 11.6 per cent over the same period in 2012.
Garth Warner, Servus’s president and CEO, hinted in Monday’s release that the final quarter was also profitable.
“We finished very strong in 2013 and we are in a good position to thank our members for their business with a little more in their accounts.”
Servus’s annual general meeting is scheduled for March 12 in Lloydminster.