Cornerstone Credit Union announces $1.38 million paid back to members through the Member Ownership Program. The Board of Directors of Cornerstone Credit Union is proud to declare the payment to members based on the financial success of 2011.
Kevin Lukey, Chief Executive Officer of Cornerstone Credit Union comments, “With Cornerstone Credit Union being a member-owned institution, we are always excited when we can share the success of our credit union by paying a portion of our profits back into the hands of our members and owners.” Lukey adds, “There are many reasons to be a member of Cornerstone Credit Union, but one of the most tangible benefits is the Member Ownership Program. Our Member Ownership Program is based on Member Patronage – in other words, the profits are returned to members based on the amount of business they have conducted with our credit union in the previous year.”
Based on business from 2011, members of Cornerstone Credit Union receive patronage calculated on 4.25% rebate on interest paid on loans and lines of credit, 4.25% bonus on interest earned on savings and term deposits and 10% on qualifying service charges.
The $1.38 million patronage payment to members is only one way Cornerstone Credit Union shares their success. Another way is the commitment to the community, demonstrated through the numerous contributions that Cornerstone Credit Union provides to local community groups, events and organizations throughout the region. Cornerstone Credit Union is a community-minded credit union, providing support and contributions to hundreds of local events, organizations and groups each year. In 2011, Cornerstone Credit Union gave over $213,000 to over 450 community groups, events and organizations throughout the Cornerstone Credit Union region. Cornerstone Credit Union’s community investment program supports a wide range of initiatives including youth, education, sports, agriculture, arts and culture, healthcare, economic development, non-profit organizations and charitable donations.
Lukey comments, “Community leadership is about so much more than financial support. It is about leading the way and making a difference in our communities.”
Cornerstone Credit Union employees give thousands of hours each year, as volunteers in our communities. The staff of Cornerstone Credit Union invested over 6,100 hours of volunteer time to worthwhile local initiatives throughout the Cornerstone Credit Union region in 2011. Lukey adds, “Our staff give back to their communities, not because they had to, but because they wanted to – it’s the Cornerstone way.”
Cornerstone Credit Union currently serves over 24,000 members with total managed assets exceeding $917 million. Cornerstone Credit Union employs 198 people with branches located in the following communities: Archerwill, Bjorkdale, Elfros, Ituna, Kelliher, Lestock, Rhein, Rose Valley, Saltcoats, Springside, Theodore, Tisdale, Wishart, Wynyard and Yorkton.