Here is some information about our Additional Membership Shares. As a member, you already hold at least the minimum of one hundred and twenty five dollars in Regulatory Capital Shares. Did you know Credit Union members are permitted to deposit up to one thousand dollars in addition to the minimum?
Why you should consider this investment opportunity: Your Credit Union has been looking over your financial needs for over 80 years. We continue to show strong growth and financial results, have maintained a clear vision of our future and continue to deliver you quality and value-added services. You may choose to work toward the one thousand dollar Additional Membership Shares maximum in increments of your choosing (perhaps $50.00 per pay or some other amount) or you may choose to make one convenient lump sum deposit.
Why your Credit Union is informing you of this opportunity at this time:Your Additional Membership Shares investment will provide us with additional capital in order to fund our aggressive business expansion activities planned for the future. With more members doing business with us, we can continue to provide you with innovative products, services and added convenience. Under provisions of the Credit Union and Caisses Populaires Act, proclaimed on October 1st 2009, a unanimous approval of our by-law amendments by the members on April 9th, 2010 and subsequent filings to the respective government bodies, we are able to provide this wonderful opportunity to you!
Are there limitations?Similar to your existing Regulatory Capital Shares, the Additional Membership Shares are not covered by the deposit insurance provided by the Financial Services Regulatory Authority of Ontario (FSRA). Also, in the unlikely event that the Credit Union fails to maintain adequate regulatory capital, it will be unable to release the Regulatory Capital Shares and Additional Membership Shares until adequate capital is restored. The Additional Membership Shares purchase does not entitle the holder to additional voting privileges. The maximum you may invest is $1,000.00 in addition to your existing $100.00 Regulatory Capital Shares. The Additional Membership Shares are not RRSP eligible. Withdrawals of Additional Membership Shares are restricted exactly like your current Regulatory Capital Shares, meaning you will receive them back in the event that you choose to close your Credit Union account.
You have reason for Confidence. Your Credit Union continues to show outstanding fiscal management and commitment to high quality member service. Our assets grew by over $6.2 million last year to over $85 million! Your board of Directors and Management work diligently to provide you with strong results to continue to merit that confidence and the future is no exception. It is your Board of Directors’ goal to pay a dividend of 3.00% on the shares in order to compensate more than adequately for any risk attached to this investment opportunity The dividend for the preceding year will be guaranteed once our audited financial results are available and approved by the membership at the Annual General Meeting (AGM) in April 2022. At the Virtual AGM held in April of 2021 it was announced that the dividend paid on the previous year’s shares would be 3.65%.
Interested? Have additional questions or concerns? Call or email us at your earliest convenience and remember the opportunity is optional. If you choose not to participate you can still maintain your $125.00 shares and continue to enjoy the privileges of membership.
Thank you for your support and ongoing patronage.
The Energy Credit Union Limited