(Edmonton, AB) – Servus Credit Union announced it paid from its profits over $60 million to members via its Profit Share® program. Reflective of strong performance in 2022, this is a record-setting high for the program. Payments were made to the roughly 380,000 Albertans who are Servus members.
Since starting the program in 2009, Servus has returned more than $700 million to Albertans through this program which enables every Servus member to receive a percentage of the financial institution's profits by way of cash and dividends.
"Servus is delighted to continue our tradition of paying members from our profits," says Ian Burns, President & CEO of Servus Credit Union. "Returning cash and dividends to our member-owners underlines our commitment to working for the benefit of our members and to demonstrating that Servus is different than other financial institutions."
The payout of over $60 million this year is an increase of more than $5.4 million from the $54.6 million paid in 2021. Contributing factors to the record-setting payout were strong growth in terms of membership with Servus as well as uptake of the organization's programs and services.
"This year's record payout reflects our efforts to help members reimagine their financial fitness. By providing advice, support and tools that enable informed money management decisions, our members succeed and so do we," says Burns. "And we are committed to sharing this success with the people who make it possible, our members. This commitment is our key differentiator and I'm proud of our credit union for helping members earn cash rewards and feel good about their money."
Profit Share® Rewards cash payments are based on an individual member's average balance of loans, deposits, investments, service fees paid, and for having an Aviso Wealth account and / or a Servus MasterCard.
Of the over $60 million shared this year, over $32 million was paid to members in Profit Share® Rewards cash. Servus also returned over $22 million in common share dividends and $6 million in investment share dividends to members.
About Servus Credit Union Ltd.
Servus Credit Union has served Albertans for over 80 years with a full line of secure financial services. The financial institution has more than 100 branches in 59 communities throughout the province as well as options for online, mobile and telephone banking. Servus' noble purpose is to help members reimagine their financial fitness so that they feel good about their money. For more information about Servus, call 1.877.378.8728 or visit servus.ca.
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