Patronage Allocations: A Million Reasons To Smile
Over $1 Million Happy Returns For Fusion Credit Union Members.
At the 2020 Annual General Meeting Fusion announced the allocation of $550,000 in patronage allocations to its members, plus $815,000 in cash payouts to members under 19, age 65 and over, and members who hold over $15,000 in surplus shares. In total, Fusion Credit Union will return $1,365,000 to its members this year.
“We have all weathered a tumultuous year,” says Darwin Johns, CEO. “We are thrilled to be paying over $1 million to provide support to our members as we continue to navigate this ever-changing economy.”
A patronage allocation is value returned to a member of Fusion Credit Union based on their relationship. The amount for each member is different, as it represents a portion of their interest paid and earned during the past year.
“Our members’ loyalty is the reason we can continue to pay out patronage allocations,” adds Johns. “We promised to always put our members and community first, and this is one way we do that. Since Fusion’s amalgamation, we’ve shared over $5 million in patronage returns with our members, and we’ve been completing patronage allocations and cash payments for years.”
Members will see their allocation on their next monthly statements. Business and Personal account holders will see the change by the end of June.
Members’ patronage allocations are retained in a Surplus Share account. Fusion’s Board of Directors set a policy to additionally pay members aged 65 and over, and members under 19 based on their historical proportion of each patronage allocation.
This year, we are paying out $815,000 in cash across these two member groups and members who hold over $15,000 in surplus shares.
The balance of the $1,365,000 is allocated to our members through allocations, cash redemptions of Surplus Shares and Preferred Share Dividends.
“Fusion’s slogan is ‘here for good,’ and that encompasses our beliefs, policies, actions and decisions,” adds Johns. “Fusion belongs to its members and we take pride in being there for them year after year.”