This is a reminder to all members that at our AGM in April members voted unanimously to increase membership Capital shares. For full info please click this link.
Membership shares are important to the Credit Union because your shares provide us with additional capital in order to continue to fund business expansion activities planned for the future and strengthen our overall reserve position. With more members doing business with us, we can continue to provide you with innovative products, services and added convenience.
Over the next 4 years, the Energy CU capital shares will be increased to a total of $200, up from the previous $100. This will be done in stages of $25 increments. Each April, from now until 2024, all current member accounts and new member accounts will need to have the required amount of capital shares in their account as per the special resolution approved at the 82nd AGM on 16 April 2021. So this year, all new accounts opened at the Energy CU will require $125 capital shares. Current members are asked to contact us to increase your current capital shares to the required $125. If you prefer to set aside the full amount to reach $200 right now we can help you do that. Please see CU staff for full details and to make arrangements
Don’t worry if you forget, on 28 May 2021, any member who has not yet topped up their capital shares will have it done automatically for them.
And here comes the legal part! Members should note that, these Capital Shares (and Additional Shares) are not covered by the deposit insurance provided by the Financial Services Regulatory Authority of Ontario (FSRA). Also, in the unlikely event of the Credit Union failing to maintain adequate regulatory capital, it will be unable to release the membership shares for withdrawal until adequate capital is restored. BUT it is your Board of Director’s goal to continue to pay an annual dividend on these shares. The dividend for the preceding year will be established once our audited financial results are available and approved by the Board and accepted by the membership at the Annual General Meeting. This year it was announced that a dividend of 3.65% will be paid on all CU shares!
If your $125 Capital Share investment isn’t enough for you, why not purchase Additional shares (up to $1000) and take advantage of this great investment opportunity? These additional shares allow the CU to increase its capital position and grow stronger together.
If you have any questions, please do not hesitate to contact Credit Union staff.