You get paid TWICE in 2008!

Due to our banking system conversion and the need to close books on the old system, at the beginning of July, 2008, Wainwright Credit Union shared the bounty with our members. The Board of Directors declared a common share dividend of 5%, a loan interest rebate of 3.5%, and deposit interest bonus of 3.5%. Members can check their July statements to see the growth in their individual common share accounts.

Profits are normally shared at the end of the fiscal year October 31. Profit share payments were made to your account in July (for the period November 1, 2007 to June 30, 2008) and will be paid again on October 31, 2008 (for the period July 1, 2008 to October 31, 2008). This November we’ll let you know what the total combined payout to our members will be… watch for details!

How Profit Sharing Works

The profit share program was started in the 1980’s and it has been very successful. The Board of Directors designed the program to stabilize earnings during fluctuations in the economy or changes in interest rates, and as a means to most effectively distribute surplus to the members. Simply stated, the Board of Directors examines the profit, the amount before taxes and patronage allocation, and determines how much can be distributed to the membership. Each member receives a different amount, depending on the number of common shares, the amount of loan interest paid, and the amount of interest received from non-registered investments.

The Big Picture

In spite of normal fluctuations in the local economy, members continue to show confidence in Wainwright Credit Union Ltd., and it pays off. At the 2007 year-end, assets stood at about $293 million, an increase of more than $18 million from the previous year. Wainwright Credit Union Ltd. has shown an annual growth rate of approximately 6% per year for the past 10 years.