KS pays profit shares for 28th consecutive year
Based on 2020 financial results, Kootenay Savings (KS) Board of Directors has declared a 1.25% patronage and share dividend, resulting in nearly $350,000 being shared with members through the credit union’s Profit Sharing Program.
“There’s no doubt 2020 was a challenging year and the pandemic has had a significant impact on individuals and small businesses financially. That we’re still able to reward our members with a profit sharing dividend speaks to the diligent work our employees did throughout the past year to ensure our financial position remains strong, while having our members backs through difficult times,” shared Kootenay Savings’ President and CEO, Brent Tremblay.
“Credit unions operate differently than traditional banks and sharing profits with members is something only credit unions offer within the financial industry. The concept is simple – the more business members do with us, the more profit shares they’ll earn each year. It’s our way of thanking members for their loyalty and commitment to Kootenay Savings.”
Profit Sharing Highlights
- 2021 marks the 28th consecutive year that Kootenay Savings has issued a profit sharing dividend.
• Since 1992, over $72.5 million in profit sharing dividends have been paid through the Profit Sharing Program.
• Dividends are calculated based on amount of interest earned on deposits and amount of interest paid on loans.
In addition to the Profit Sharing Program, the credit union also distributed over $277,000 in donations, sponsorships, grants and education awards in 2020, supporting numerous community initiatives, and providing much-needed assistance to local non-profits most impacted by the pandemic.
Lead image: Kootenay Savings in Kimberley. e-KNOW file photo