Members of Servus Credit Union will receive $44.3 million under the financial institution’s 2011 profit-sharing program.
The Edmonton-based credit union announced the amount on Thursday. It will be allocated among Servus’s nearly 390,000 members based on the number and size of their deposit and loan accounts, among other factors.
“The more business you have with us, the more profit sharing you receive,” summed up Garth Warner, the credit union’s president and CEO.
Service charge rebates are provided to commercial and agricultural members, and dividends paid on common shares and investment shares.
Last year, Servus paid out $43 million under its profit-sharing program, and in 2009 the tally was $42.2 million.
Warner said the 2011 profit-sharing monies are expected to be deposited into members’ accounts in December.
Financial results for Servus’s 2011 fiscal year, which ended Oct. 31, have not yet been finalized. But Warner said he’s pleased with the credit union’s performance.
“We had a pretty good year.”
He said the November 2008 merger of Red Deer-based Community Savings, Servus Credit Union and Common Wealth Credit Union to create the current Servus has proven to be “an outstanding success.” It helped the institution weather the recent economic downturn, added Warner.
“We achieved a greater geographic diversity, and a good mix of urban and rural in our portfolio, branches and locations.”
He said Red Deer has played a key role in Servus’s success.
“It’s a very big portion of our business in the province.”
Servus’s annual general meeting is scheduled for March 15 in Medicine Hat. The meeting is expected to be available online and at central locations in major Alberta centres, said Warner.
Servus has operations in more than 100 locations in 62 Alberta communities.
— copyright Red Deer Advocate