About Lakeland Credit Union
Vision Statement
To be the financial provider of choice.
Mission Statement
Enhancing lives by providing superior service and quality financial products.
We commit to the following core values in support of our mission and vision.
Our Members
- Ensuring ultimate ownership and control of Lakeland Credit Union rests with our member owners.
- Delivering services that fulfill real needs, provide superior value and contribute to the economic well being of our members in a cost beneficial and ethical manner.
- Ensuring the future strength and economic viability of the Credit Union by managing its affairs in a prudent and strategically sound manner.
- Building capital reserves by allotting surplus earning firstly to general reserves/retained earnings and secondly, by payment of profit driven dividends.
- Encouraging thrift, self help, free enterprise, financial planning and the wise use of credit by providing guidance and counselling to assist members in making well informed decisions when managing their financial affairs.
The Ownership Advantage
Common Shares - Building Equity in Your Credit Union
As a member of Lakeland Credit Union you must participate in the equity program by purchasing common shares which entitle you to use our services and grant you voting privileges. Common shares make you an owner of Lakeland Credit Union along with the other members. They give you the opportunity to share in the accumulated reserves and prosperity of our Credit Union.
Credit Unions are required by law to maintain a reserve fund. Common shares help make up that fund and ensure Lakeland Credit Union has a strong, stable, base from which to operate.
Common share funds are owned by individual members and a statement showing all contributions is issued annually. The Board of Directors retains control of the common share funds and determines the dividend and account bonuses to be paid after each financial year-end.
Common share funds are guaranteed by Lakeland Credit Union to the extent of our own reserves. They are not guaranteed by the Credit Union Deposit Guarantee Corporation.
Total Deposit Protection
The Credit Union Deposit Guarantee Corporation guarantees repayment of all deposits with Alberta Credit Unions, including accrued interest. Additionally, the Credit Union Act provides that the Government of Alberta will ensure that this obligation of the Corporation is carried out.
