Interior Savings Credit Union is sharing $2 million in profits with its members.
Member Rewards were automatically deposited into members’ accounts Saturday.
“Our members are our owners and our success is shared,” said chief executive officer Kathy Conway.
“That’s a big part of the credit union difference. Banks are motivated by share price and shareholder wealth, whereas a credit union’s success is driven by the success of its members and the strength and vibrancy of the communities it serves.”
This year, the credit union is giving 22 per cent of 2016 profits to its members, which amounts to $2 million in patronage rewards and dividends, plus another $500,000 in bursaries to be awarded through its Million Dollar Bursary Program.
Since 2002, Interior Savings has shared $56.5 million with members and invested another $8 million in support of local community projects and events.
Conway credits Interior Savings’ ongoing success to its members.
“We are grateful to our members for putting their trust in us for their financial needs and for being part of a cooperative that is putting local money to work right here at home,” she said.