Lakeland Credit Union - Experience the Member Advantage at Lakeland Credit Union

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Focusing on both current needs and long term benefits, our staff of trusted advisors put you first and banking second. We are proud to offer long term relationships based on sound financial advice with products and competitive rates. When determining your needs and wants, both personally and professionally, we ensure that communication is clear. We help you weigh your options.

Rewarding you for everyday banking

What separates us from any other financial institution though is our Profit Sharing. Because every single member of the credit union is also an owner, you are treated differently than any other financial institution - you get the profits. Profit Sharing works to our member’s advantage providing them with common shares that grow over time.

A portion of the interest paid on the products and services that you hold with the credit union are returned to your personal common share account, rewarding you for the loans and products you already have and need. In addition to this, the common shares that you hold grow as an investment and continue to reward you for the banking you are doing anyway.

The amounts that are distributed annually are determined by the fiscal year and our success is your success when it comes to profit sharing.

In 2021 we gave back over $1.6 million to our membership, the owners of Lakeland Credit Union.

Keeping it Local

We give back to local organizations both through volunteering as well as in financial donations and sponsorships & are dedicated to keeping our communities thriving and successful.

Your Money is Secure

The Credit Union Deposit Guarantee ensures that 100% of your deposits and any interest accumulated are protected - with no cap on the amount insured.

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Investing in our Youth

Every year, we give back multiple scholarships to extremely deserving students and assist in furthering their education.

Open Membership

Anyone can join, and have a say in the credit union thanks to the co-operative principals that we abide by.

Profit Sharing

Profits are shared among all members - both business and personal members.

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Equity is vital to the growth and ongoing operation of any business. The provincial government has also recognized the need for equity and has made it a requirement for all Alberta credit unions to have 4% of their assets as equity by 1999.

The money you invest in Common Shares strengthens the financial position of Lakeland Credit Union and is used to develop new products and offer services which will benefit the members.

Like Common Shares in any company, the equity raised becomes part of Lakeland Credit Union’s capital reserves. Common Shares are not considered to be deposits and are therefore not guaranteed by the Credit Union Deposit Guarantee Corporation.

The “equity” or ownership of any business is represented by the owner’s investment (Common Shares), along with earnings retained in the organization to help it grow. Members are “stakeholders” in the success and rewards of the Credit Union.

The Alberta Credit Union Act requires all members to own Common Shares.

Lakeland Credit Union specifies that all adult members own a minimum of 25 Common Shares. Shares have a par value of $1, therefore adult members are required to hold a minimum equity investment of $25. Members under the age of 18 and seniors over the age of 65 are required to own five Common Shares.

The Maximum purchase amount of regular common shares is $10,000. The aggregate value of such shareholding may not accumulate to greater than $65,000 as a result of the initial deposit and payment of dividends.

As a member of Lakeland Credit Union, you participate in the profits of our organization. Dividends are distributed to members in proportion to their business dealings.

In addition, equity dividends will be paid in the manner recommended by the Board of Directors.

Common Shares are an important part of the Credit Union’s Equity and Retained Earnings and are intended to support the long term strength of our organization. As such, Common Shares are subject to withdrawal restrictions and to the limitations within the Credit Union Act and our bylaws. The current policy established by the Board of Directors, allows for the redemption of common shares only under the following circumstances: