With corporate offices in Traill, Kootenay Savings is a member-owned financial cooperative with eleven branches throughout the Kootenays, including one in Kimberley. Bulletin file.

Kootenay Savings announces member dividends

Kootenay Savings Credit Union Board of Directors have declared a two per cent patronage share dividend, based on 2019 financial results.

This means over $615,000 will be shared with members through the credit union’s Profit Sharing Program.

“Credit unions, like Kootenay Savings, operate differently than traditional banks,” said Kootenay Savings President and CEO Brent Tremblay. “As a financial cooperative, every member is also an owner, which means when we profit, they do too. The concept is pretty simple — the more business members do with us, the more Profit Shares they’ll be eligible to earn each year. It’s our way of thanking members for their commitment, loyalty and trust.”

This is the 27th year that Kootenay Savings has issued a profit sharing dividend. That’s over $72.2 million in total. Member dividends are calculated based on the amount of interest earned on deposits and the amount of interest paid on loans. Members can withdraw up to 20 per cent of the dividend in cash and invest the remainder in an RRSP for a tax credit.

Kootenay Savings is also pursuing an amalgamation of Kootenay, Columbia Valley and Boundary credit unions. Columbia Valley, East Kootenay Community Credit Union, Grand Forks, Heritage, Kootenay Savings and Nelson and District Credit Unions began discussion around the design and potential of a new united credit union in 2017.

The six credit unions are undergoing an in depth regulatory review. If the regulator provides consent, the next move would be for the credit unions to proceed with a membership vote to see if members support the merger.

RELATED: Kootenay, Columbia Valley and Boundary region credit unions proceed with merger plans


Like us on Facebook and follow us on Twitter


Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Interior Health officials outline pandemic response in virtual town hall

Kelowna-Lake County MLA Norm Letnick moderates digital discussion, Q&A with Interior Health leadership

MP Morrison touts non-partisan effort to provide relief amid COVID-19 pandemic

The federal government has announced a slew of economic initiatives for those impacted by the pandemic

Local business provides first responders with 22 bottles of hand-sanitizer amid shortages

By: Jesse Heinrichs A hand-sanitizer shortage has hit some of the people… Continue reading

Veterinary clinics considered essential services, continue to help animals

The B.C. government recently released an official list of businesses that are… Continue reading

B.C. COVID-19 contact restrictions working, Dr. Bonnie Henry says

’Not out of the woods yet’ as next two weeks are critical

Trudeau announces 75% wage subsidy for small businesses amid COVID-19

This is up from the previously announced 10 per cent wage subsidy

World update, 9:30 p.m. March 27: Positive news in Korea as U.S. hits 100,000 cases

The United States now has the most coronavirus cases of any country in the world

VIDEO: Penguins roam empty halls of Vancouver Aquarium

COVID-19 has forced the Vancouver Aquarium to close access to guests – leaving room for its residents

Kids get back to learning in B.C., online

Ministry of Education rolls out new tool for school

67 more B.C. COVID-19 cases, two more deaths in Vancouver region

Positive tests found in Surrey, Langley long-term care facilities

‘Now is not the time to bag that peak’: BCSAR manager discourages risky outdoor adventures

Call volumes are not going down, even as the COVID-19 pandemic persists

Food Banks BC already seeing surge in demand due to COVID-19 pandemic

Executive director Laura Lansink said they expect applications will keep increasing

Nanaimo couple caught aboard cruise ship with four dead and COVID-19 present

Four ‘older guests’ have died on Holland America’s Zaandam; cruise line confirms two COVID-19 cases

Frontline workers receiving COVID-19 isolation exemptions prompt concerns

Provincial Health Authority staff exempt from self-isolation upon return from international travel

Most Read