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.
More Membership Perks
Keeping it Local
Your Money is Secure
Investing in our Youth
Frequently Asked Questions
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.
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:
- For balances over $65,000.
- Member moves from the trading area.
- A member, business or organization ceases operations.
- Upon death of the member.
- When a member reaches age 65.