East Kootenay Community Credit Union announces $125,000+ in Patronage Awards

— Photo courtesy steelworkers1-405.ca

East Kootenay Community Credit Union’s (EKC) board of directors announces the 2012 Patronage Awards. In making the announcement, board chairman Don Holt said, “We are delighted to announce the return of $125,939 to our members in the form of member patronage awards for 2012.”

All members are eligible to receive patronage awards. The amount awarded depends on each member’s individual activity with EKC. For example, a member with their mortgage, RRSPs and accounts with EKC will receive more in patronage than a member who has a loan. Patronage dividends are paid from November 1, 2011 to October 31, 2012 and are as follows:

• Loans, Lines of Credit and Mortgages – 1.0%
• Deposits GIC, Community Bonds, Demand (RRSP/RIF/Term, Variable and Non-registered) -1.2%
• Service Charges – 3.74%

EKC is “more local” than the big banks; they make local lending decisions, local policies, they have a local board of directors, they donate on average $100,000 annually to community groups and pay patronage and dividends to members.

Since 2000 EKC has paid $3.2 million in patronage awards to its members. Holt said, “Sharing success with the people who make it possible is a fundamental principle of being a credit union. As companies and corporations pay dividends to their stock holders, EKC pays patronage rewards to our members-owners.”