Based on 2014 financial results, Kootenay Savings Board of Directors has declared a 1.25% patronage and share dividend. The dividend will see $665,000 distributed to the credit union’s member-owners, bringing the total dollars shared through the Member Rewards Program to $69.4 million since it was introduced in 1992.

Profit sharing dividends are calculated based on the amount of interest earned on deposits and the amount of interest paid on loans. To make the most of their share, member-owners are entitled to withdraw up to 20% in cash, and can invest the remainder in an RRSP, earning them a tax credit.

“The current economic environment has created financial challenges for many, however our commitment to the health of our communities has not wavered,” explained President and CEO Brent Tremblay. “That we are able to once again pay a profit sharing dividend, which sees our profits stay here in the Kootenays, is a testament to the devotion of our employees and the loyalty of our membership.”

The Member Rewards Program is just one example of Kootenay Savings’ community commitment. Last year alone the credit union, along with the Kootenay Savings Community Foundation, helped fund numerous community projects, programs and initiatives across the Kootenays, awarding over $383,000 in donations, sponsorships, grants, fundraising events and youth achievement and education awards.

“We are confident that our local ownership, local decision-making and local knowledge will help us ensure the region continues to grow and flourish,” shared Board Chair Forrest Drinnan. “Like our members, we’re dedicated to working hard to help build thriving communities and look forward to sharing in a prosperous and profitable future with them.”

Kootenay Savings

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