Please visit this link since your browser does not support meridian credit union investments. Please forward this error screen to sharedip-1487229254. This article needs additional citations for verification. Servus was created through the merger of several smaller, regional credit unions in Alberta, the largest being Capital City Savings, based in Edmonton, which was formed in 1938.
The various branches, however, have separate histories going back to 1937. On November 1, 2008, it became Canada’s first province-wide credit union when it amalgamated with Community Savings and Common Wealth Credit Union. As a credit union Servus does not have shareholders, rather to do business with Servus customers must become members of the credit union. Member-ownership in Servus Credit Union is represented by the purchase of Common Shares, and this is required to open an account with the financial institution. Membership includes the right to democratically elect and run for a position on the Board of Directors. 1 million to individual members through its profit sharing program in 2016.
Profit sharing is paid to members in both cash and common shares, based on how much profit the company earns and how much its shares are worth. Patronage: Cash payments based on a percentage of the interest the member paid on loans and earned on deposits, plus the average balance they hold in their chequing and savings accounts. Common Share dividends: Common share dividends are paid as additional common shares. Investment share dividends: Dividends paid as additional investment shares that may be redeemed in cash. The total amount of profit share paid to members is based on the credit union’s financial performance each year.
Based in Edmonton, the credit union also has regional offices in Lloydminster and Red Deer. The company provides a complete line of financial services including: loans, deposits, investments, telephone and online banking, ATMs, debit and credit cards, financial planning, insurance, trust, agricultural and commercial services. Deposits held by Servus Credit Union are insured by the Alberta Credit Union Deposit Guarantee Corporation. 100,000 insurance carried by banks in Alberta because all deposit amounts are fully guaranteed, including accrued interest to the date of payout, and this includes chequing and savings accounts, RRSP deposits, RRIF deposits, foreign currency deposits, and term deposits, including those with terms exceeding five years. Servus Credit Union’s Board of Directors consists of 12 members from around the province, elected by the credit union’s membership. Perry Dooley, Iris Evans, Doug Hastings, Jonathon Holt, Darcy Mykytyshyn, Simon Neigum, and Penny Reeves. Servus Credit Union – Vision, mission and values”.