Patronage paid to members
Based on 2019 financial results, Kootenay Savings Board of Directors has declared a two per cent patronage and share dividend, which will see over $615,000 shared with members through the credit union’s Profit Sharing Program.
“Credit unions, like Kootenay Savings, operate differently than traditional banks. As a financial co-operative, every member is also an owner, which means when we profit, they do too. The concept is pretty simple – the more business members do with us, the more Profit Shares they’ll be eligible to earn each year. It’s our way of thanking members for their commitment, loyalty and trust,” shared Kootenay Savings’ President and CEO, Brent Tremblay.
In addition to the Profit Sharing Program, the credit union also distributed over $410,000 in donations, sponsorships, grants and youth education and leadership awards in 2019, helping fund numerous community projects, programs and initiatives all across the Kootenays.