WINNIPEG, MB The Board of Directors of Crosstown Civic Credit Union (CCCU) declared at this year Annual General Meeting a return of $3.1 million to its members in the form of surplus shares. The amount represents 3.25% in patronage allocations, based on a member’s loan interest paid and eligible deposit interest received for all qualifying accounts, plus 2.75% on existing surplus shares owned by the member.
The board also declared 20% cash redemption of existing surplus shares, which totalled $3.2 million.
“Crosstown Civic experienced another year of strong financial results, despite these challenging economic times,” said Board Chair Alan Janzen. “The members who are responsible for our success deserve to share in our profits. It’s nice to be able to reward our members for their continued patronage.
This year’s allocations bring the total amount returned to members to over $61 million since the inception of the Member Equity Program in 1992, with over $41 million paid out in cash.
CEO Mona Forsen added that, “Our continued success relies on the support of our members. The Member Rewards Program is our way of letting members know how much we value their business and an opportunity to say thank you for their ongoing commitment to our credit union.”