2023 Profit Share Letters are in the mail
This year members were returned 3.00% on common share dividend, 3.5% rebate on loan interest, 2.5% bonus on deposit interest and 8.33% rebate on service charges. Members earning a return will see a transaction called “Profit Sharing 2023” in their account.
Common Share Balance
What's your share? Use our profit sharing calculator to find out.
Because, some choices matter.
Banks, like all businesses, channel their profits to their shareholders. We do the same. The difference with Lakeland Credit Union is that you are the shareholder. You receive a portion of the profits through our annual Profit Sharing Program.
You also get to vote on the things that matter. You can elect (and/or stand for election to) the Board of Directors and can vote on decisions that affect our membership. Because what we do with your money, matters.
Dividend and Patronage Historical Returns
|Common Share Dividend||3.00%||1.50%||1.50%||3.50%||3.00%|
|Loan Interest Rebate||9.00%||4.50%||4.50%||4.50%||3.50%|
|Deposit Interest Bonus||12.00%||3.00%||3.00%||7.00%||2.50%|
|Service Charge Rebate||9.00%||3.00%||3.50%||8.33%||8.33%|
|Total $ Paid Out||$2,770,000||$1,320,000||$1,160,000||$1,588,000||$1,371,000|
|Avg. Prime Rate||3.95%||2.45%||2.45%||3.52%||6.76%|
|Avg. 5yr Term Deposit Rate||2.74%||1.56%||0.95%||3.24%||4.41%|
We’ve returned more than $49.6 million to members since 1995!
Frequently Asked Questions
Patronage is paid as a percentage of the interest paid on loans, earned on deposits, and the service charges paid over the year. It recognizes your contribution to our growth through your use of our products and services.
Patronage is deposited into your personal or business chequing or savings account.
The equity or ownership of any business is represented by the owner’s investment (Common Shares), along with retained earnings that help the organization grow.
- For balances in excess of $65,000.
- A member moves from the trading area.
- A member business or organization ceases operations.
- Upon death of the member.
- When a member reaches age 65.