Interior Savings Credit Union pays over $2.8 million to members

Many people, particularly in B.C., are not familiar with how credit unions differ from banks

KELOWNA – Saturday, March 14, Interior Savings shared over $2.8 million in earnings with its members.

“You aren’t likely to see a bank sharing profits with its customers,” said Kathy Conway, Interior Savings’ president and CEO.

In a year of low interest rates and tight financial margins, Interior Savings grew their total assets by over $10 million in 2014. That growth, coupled with continued strong earnings, enabled the local credit union to pay just over $2.8 million in dividends and patronage rebates through their Member Rewards Program. When you include bursaries awarded through its Million Dollar Bursary Program, the amount shared with members reaches over $3 million.

Further to her comment about banks not sharing their profits, Conway said she has found that many people, particularly in B.C., are not familiar with how credit unions differ from banks.

“I might say there are 2.8 million ways that credit unions are different from banks,” teased Conway, “but the most significant difference is that we are 100 per cent member-owned.”

As a co-operative organization, Interior Savings’ profits are returned to members, reinvested in strengthening the credit union and invested in community programs. Last year, Interior Savings invested over half a million dollars in community support.

According to Conway, “When people join Interior Savings, they become owners of a local credit union that puts members and communities first. As you can see by the payout we shared this past weekend, they also get their share of the rewards.”

Until April 10, 2015, Interior Savings’ members are encouraged to vote in the board of directors election and on a special resolution rule change. Members can visit interiorsavings.com to vote online or pick up a voting package at any branch.

Also, on Tuesday April 28, 2015 at 7 p.m. the credit union will host its 75th annual general meeting at the Ramada Lodge Hotel in Kelowna. Members can attend to learn about Interior Savings’ accomplishments in 2014, to meet the board and to have a say in the future direction of their credit union.

About Interior Savings

Interior Savings Credit Union is the largest credit union based in the Interior of BC with assets exceeding $2.0 billion. Through its 21 branches, 15 insurance offices, Member Service Centre, and two Commercial Services Centres, the credit union offers personal and commercial banking and a full range of insurance and wealth management services to members in 14 communities.