The Board of Directors of Crosstown Civic Credit Union (CCCU), at this year’s Annual General Meeting, announced a return of $3.07 million was paid to its members in the form of surplus shares. This amount represents 2.75% in patronage allocations, an amount based on a member’s loan interest paid and eligible deposit interest received for all qualifying accounts, and 3.00% returns based on existing surplus shares owned by the member. The Board also announced a 20% cash redemption of existing surplus shares, which totaled $3 million.
“We are proud to be in a position where we are able to pay Member Rewards for the twenty-seventh consecutive year, in an increasingly competitive marketplace,” shared Ingrid Loewen, Board Chair. “This speaks to the passion, hard work and commitment of our employees, and it reflects the trust and loyalty our members have in us.”
This year’s allocations increase the total amount returned to members to over $64 million since the inception of the Member Rewards Program in 1992. More than $41 million of that value was paid out in cash.
“Our Member Rewards Program is a way to say thank you to our members, and demonstrates the additional value they receive by banking with Crosstown Civic Credit Union.” said CCCU CEO, Mona Forsen.
The Member Rewards Program is the credit union’s way to show appreciation to its members for their continued relationships and patronage. Because CCCU is a cooperative, members are true owners of the organization and are eligible to share in the annual profits. The amount received by each member is based on the amount and type of products they have with CCCU – the more business with CCCU, i.e. borrowing and saving, the bigger the reward.
Where can members find their payout?
Your statement will detail your Member Rewards payout under the “CRB” line, which is defined as your Cash Rebate. This same acronym will be displayed in your account activity in online banking and on the mobile app.