As the holiday frenzy starts to wind down, thousands in the local region are thrilled to receive their share of Lakeland Credit Union’s (LCU) $2.5 million in annual profit sharing distribution.
“We’ve given back $39 million in profit sharing to our 10,000 members since 1995. Additionally, through sponsorships and donations, we’ve reinvested another $110,000 in the community in the past year alone,” said LCU Board Chair Charmaine Code. She added that while the locally owned and operated institution has certainly been affected by the economic downturn in the past few years, the credit union is in a strong and stable financial position and poised to support the next wave of growth and activity in the marketplace.
Anyone can become a lifelong member of the credit union when they open a ‘common share’ account with a minimum investment of $25. Based on the amount of business they do, members receive annual profit sharing from the credit union. Code says it would not be unusual for a 5 year member with a mortgage, chequing, and savings account to have $1,500 or more in their common share account. For most members, that full balance is not redeemable all at once but a significant percentage is available in cash each year. “Profit sharing is just one element of many that sets your banking experience with our credit union apart from any experience with a bank. The more business you have with the credit union, the more you share in our success.” explained Code.