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

Because what you do with your money, matters.

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.

What's new for 2021?

Changes to Common Share Balance
At our March 2021 Annual General Meeting 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.


Changes to Patronage Payments
Dividends will continue to be paid into Common Share accounts; however, all patronage will now be paid into your personal or business chequing or savings account.

With the introduction of your patronage being paid directly into your account, we will no longer be offering the annual 20% Common Share Cash Back withdrawal option.

Changes to Payment Dates
In recent years our Profit Share Program made payments to member’s Common Share accounts in early January. New for 2021, dividends will be paid to Common Share accounts and patronage to a member’s personal or business chequing or savings account in early December. Common Share Summary statements will arrive in the mail the week of December 6th.

FAQ

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.

Profit Sharing Calculator

Check out what your potential dividends and patronage could be.

Dividend and Patronage Historical Returns

 Fiscal Year 

2017

2018

2019

2020

2021

 Common Share Dividend

3.00%

3.00%

3.00%

1.50%

1.50%

 Loan Interest Rebate

9.00%

9.00%

9.00%

4.50%

4.50%

 Deposit Interest Bonus

12.00%

12.00%

12.00%

3.00%

3.00%

 Service Charge Rebate

9.00%

9.00%

9.00%

3.00%

3.50%

 Total $ Paid Out

$2,500,000

$2,600,000

$2,800,000

$1,300,000

$1,160,000

 Avg. Prime Rate

3.20%

3.41%

3.95%

2.45%

2.45%

 Avg. 5 yr Term Deposit Rate

2.20%

2.64%

2.74%

1.56%

0.95%

We’ve returned more than $46.8 million to members since 1995!

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