EDMONTON, Alberta, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Servus Credit Union shared $68.1 million from its profits with members across the province yesterday. The credit union has been seeing steady growth in 2023 that enabled another year of record-setting profit payout.
The payment is part of Servus's Profit Share® program in which every Servus member can receive a percentage of the financial institution's profits by way of cash and dividends. Since starting the program in 2009, the credit union has returned more than $760 million to Albertans.
"When Servus profits, our members profit. We are proud to continue our tradition of returning cash and dividends to our member-owners," says Ian Burns, President & CEO of Servus Credit Union. "We hope our Profit Share® rewards can help relieve some financial pressures that families across Alberta have been facing this year with inflation and increased costs of living."
Of the total amount shared this year, $31.5 million was paid to members in Profit Share® Rewards cash. Servus also returned $29.5 million in common share dividends and $7.1 million in investment share dividends to members.
"2023 marks another year of strong profit payout, which could only be made possible by member owners putting trust in Servus to act with their best financial interests at heart. We hope the Profit Share® program will bring some early holiday joy for members across the province," says Burns.
Profit Share® Rewards cash payments are based on an individual member's average balance of loans, deposits, investments, service fees paid, and for having an Aviso Wealth account and / or a Servus MasterCard.
ABOUT SERVUS CREDIT UNION
Servus Credit Union provides a full line of secure financial services with more than 100 branches in 59 communities throughout Alberta. The financial institution offers online, mobile and telephone banking. Founded more than 80 years ago, Servus's noble purpose is to help members reimagine their financial fitness so that they feel good about their money. For more information about Servus, call 1.877.378.8728 or visit servus.ca.
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