Connect First and Servus Credit Union Ltd. Shares $88 Million in Profits with Members in Year of Historic Merger

Connect First and Servus Credit Union Ltd. (CFSCU) has announced its first profit share payout following their historic merger on May 1, 2024. This milestone marks an exciting chapter for one of Canada’s largest and strongest credit unions, as it shares over $88 million in profits with member-owners across Alberta. In a year marked by industry challenges, this payout is an indicator of CFSCU’s sound performance and commitment to rewarding members’ loyalty.

“To be able to share our profits back with our members, where it can make the most impact, is especially meaningful,” says Ian Burns, President and CEO of Connect First and Servus Credit Union Ltd.  “The holiday season is a time of reflection and togetherness, and we hope that this payout can provide members with a little extra joy and financial flexibility as they plan for the months ahead.”

Since the Profit Share ® Program began in 2009, CFSCU has returned over $860 million to Albertans through cash and dividends. Profit sharing has been a defining value for both credit unions, reflecting their shared commitment to supporting members’ financial well-being. Looking ahead, Connect First and Servus Credit Union is excited to keep building on this legacy of sharing success with members. “Our profit-sharing model is one of the differentiators that sets credit unions apart,” Burns adds. “In a world where people have many options, it’s incredibly validating to see so many members choose to bank with us. It’s a testament to the strength of our relationships and the trust our members place in us.”

Profit Share® payments are comprised of common share dividends, investment share dividends and Profit Share® Rewards cash, and are calculated as per the policies and guidelines of the two respective legacy credit unions.

Servus and connectFirst are trade names of Connect First and Servus Credit Union Ltd. All rights reserved.

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 61 communities throughout the province as well as options for online, mobile and telephone banking. Servus's 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.

About connectFirst Credit Union Ltd.
connectFirst Credit Union, one of the largest and most successful credit unions in Canada, is a full-service financial institution with over $7 billion in assets under administration. connectFirst employs 750 Albertans who provide a wide range of financial products and advice in more than 40 communities across central and southern Alberta. It serves over 125,000 members through a community-focused approach to banking.

Media contact:
media@servus.ca
825.402.0740