The Board of Directors has returned $3.2 million to its members in the form of surplus shares. The amount represents 3.5% in patronage allocations, based on a member's loan interest paid and non-registered deposit interest received; plus 2.75% on existing surplus shares owned by the member.
The Board also declared a 20% cash redemption of existing surplus shares, which totalled $3.4 million.
Board Chair Alan Janzen said, "I'm very pleased that, depsite these challenging economic times, Crosstown Civic continues to grow. The members who are responsible for that growth deserve to share in our profits, and we are committed to maintaining and prioritizing our Member Equity Program."
This year's allocations bring the total amount returned to members to over $58 million since inception of the Member Equity Program in 1992, with almost $38 million paid out in cash.
CCCU CEO Mona Forsen added, "Without the trust and support of our members, 2016 would not have been such a successful year. The Member Equity Program rewards their trust and demonstrates the mutual support between our credit union and our members."
Crosstown Civic Credit Union was established in 1943. Today, CCCU is the 4th largest credit union in Manitoba with 31,000 member/owners, $2.3 billion in managed assets, and service delivered through a network of nine Winnipeg branches and the CCCU Commercial Department.