On October 31, 2007, Wainwright Credit Union Ltd. made its biggest payout ever with a return of $1,057,500 to members for the fiscal year ending October 31, 2007. The Board of Directors was pleased to give members a 5.5% common share dividend, a loan interest rebate of 4% and a deposit interest bonus of 4% on the 2006-2007 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 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.