Lakeland Credit Union - Profit Sharing Program

Profit Sharing Program

The more business you do with us, the more you share in our profits!

Payment Dates

Patronage returns will be paid

December 5th, 2023.

Members earning a return will see a transaction called “Profit Share 2023 from acct XXXXXXXX????” for the deposit into your personal or business chequing or savings account.

Common Share Balance

In 2021 our members voted on bylaw amendments that increased the maximum aggregate balance for Common Shares from $10,000 to $65,000. The contribution limit remains at $10,000.

Patronage Payments

Dividends is paid into Common Share accounts, while patronage is paid into your personal or business chequing or savings account.

What's your share? Use our profit sharing calculator to find out.

When you open a membership with Lakeland Credit Union you become an owner. You make a choice to bank somewhere that makes an investment in your community; that makes an investment in you.

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.

Fiscal Year	2019	2020	2021	2022	2023
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!

Dividends are paid as a percentage of the balance in your Common Share account and are distributed in the form of additional Common Shares. If your Common Share holdings exceed $65,000 you will receive the additional dividends in cash. Your Common Shares represent your ownership and an investment in Lakeland Credit Union. Your investment grows over time.

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.

These amounts are determined after careful consideration by our Board of Directors each year.

Lakeland Credit Union’s Profit Sharing Program specifies all adult members own a minimum of 25 Common Shares. Shares have a par value of one dollar per share, so adult members must hold a minimum equity investment of $25. Members under 18 years of age and seniors over 65 need only 5 Common Shares.

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.

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 limitation 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 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.

Your common Share balance will be visible on your 2021 Profit Share Summary statement, which will be mailed out to you the week of December 6, 2021. If you’d like to be able to view your common share balance or statement online throughout the year, please contact your branch.