Profit Share

Your share in the bounty?

Wainwright Credit Union is a member-owned financial institution where members vote for the board of directors and enjoy the benefits of profit sharing. To become a member, individuals must purchase common shares; as a result, the member gets to share in the profit.

Wainwright Credit Union returned over $1,000,000 to its members in November of 2011.

This included a 3.0% common share dividend, a loan interest rebate of 5.0% and a deposit interest bonus of 5.0% on the 2010-2011 year.

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 2011 fiscal year-end, assets stood at over $365 million which was an increase of more than $25 million from the previous year.