East Coast Credit Union Distributes $1 Million Among its Members
One Million Reasons to Celebrate Being an Owner of East Coast Credit Union!
(Baddeck, NS, Feb 4, 2011) East Coast Credit Union is pleased to announce its members will receive $1 million through the credit union’s Patronage Rebate Program . “Payment of the rebate is the result of continued strengthening in the credit union’s overall financial position and the highly successful operating results experienced during fiscal 2010,” explained Doug Hastings, President & CEO of East Coast Credit Union. The rebate will be paid out to members before the end of April 2011 and payment will be made via a direct deposit to the members credit union account. The minimum amount of rebate has been set at $5.00. A personal letter will be distributed to each member indicating the amount of rebate they will receive as well as a calculation indicating how the amount was determined. The more business a member does with East Coast, the greater the Patronage Rebate.
This member rebate is the first to be paid to its members since the formation of East Coast Credit Union in January of 2003.
However, it is important to recognize that during this seven year period, more than $850,000 has been distributed by the credit union to local communities in the form of donations/sponsorships and student bursaries.
“Our members have been most supportive during the past seven years and as a result the credit union has not only grown by close to $80 million during this period but improved its equity position from just over 5% to over 8%. The Patronage Rebate program is one way we can say thank you to our members for doing their financial business with East Coast. This Patronage Rebate represents the credit union’s commitment to serving our members as well as a major investment in our local communities, where we work and live”, stated credit union Chair, Don Pottie.
Being a member of a credit union also means you are an owner of a financial institution. This is a characteristic unique to credit unions and one that gives the members of East Coast, One Million reasons to celebrate being an Owner! Visit any one of their thirteen branches to become a member and you too, can begin experiencing the benefits of ownership.