Based on 2015 financial results, the Kootenay Savings Board of Directors recently declared a one per cent patronage and share dividend, which will see $479,425 in profit shares distributed through the credit union’s Member Rewards Program.

“That we are once again able to pay a profit sharing dividend, in what continues to be a challenging economic environment, demonstrates our employees’ commitment to our Member Experience Strategy and shows the loyalty of our membership,” stated President and CEO Brent Tremblay in a Jan. 29 press release.

Dividends are calculated based on amount of interest earned on deposits and amount of interest paid on loans.
 Member-owners can withdraw up to 20% in cash and invest the remainder in an RRSP to earn an instant tax credit. Since 1992, over $69.8 million in profit sharing dividends have been paid through the Member Rewards Program.

In addition to the Member Rewards Program, the credit union also distributed $360,000 in donations, sponsorships, grants and youth achievement and education awards in 2015, helping fund numerous community projects, programs and initiatives across the Kootenays.

Submitted