As the credit card bills from Christmas start to roll in, many area residents are glad to see their share of Lakeland Credit Union’s (LCU) $2.5 million in profit sharing distribution. “We’ve given back $36.5 in profit sharing to our 10,000 members since 1995. Additionally, through sponsorships and donations, we’ve reinvested $125,000 in the community this year,” said LCU board chair Charmaine Code. She added that while the locally owned and operated institution has certainly been affected by the economic downturn, it is still in a ‘strong and stable’ position.
LCU members open ‘common share’ accounts when they join the credit union. Based on the amount of business they do, members will see cash back deposited in their common share account. The percentage returned varies by year. Code says it would not be unusual for a 5 year member with a mortgage, chequing, and savings account to have $1,500 in their common share account. For most members, that full balance is not redeemable all at once.
“Last year members could cash in 15% of their common share balance. This year we’ve raised it to 20%. It works out to an average of $250 per member each year. This profit sharing is what sets us apart from the completion. The more business you have with us, the more you share in our success.” explained Code.