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​EKC Patronage Rewards

EKC is growing local prosperity


​When you bank at EKC, profits are returned to your community and to you, the member, by way of patronage rewards and dividends. 

It’s easy, the more you bank at EKC, the more money stays local, and in turn builds local prosperity.

  • Get into the loop…the local loop at EKC offering a better way to bank!
  • Over $5.2 million has been given back to Cranbrook and Elk Valley communities since 2000

​Issued July 2020


The Profit Allocation Policy is focused on the long-term success of EKC and delivering on EKC Mission of “providing our communities with quality service from a secure financial base in a professional and caring manner”. The policy ensures profit allocation is distributed to our members, community and retained earnings in a balanced method to deliver long term success for EKC and that this policy is communicated to our members. 


The dividends are paid on the minimum quarterly balance in the share account. The payment of the dividend is effective dated to the 1st of the month following the end of the quarter.

  • Class “A” Membership Equity Shares 1.5%
  • Class “C” Voluntary Equity Shares 2.0%
  • Class “D” Non-Equity Shares 0.5% This took effect July 1, 2020 which was the start of the 3rd quarter of 2020.

This took effect July 1, 2020 which was the start of the 3rd quarter of 2020.

Patronage Rewards: 

As set out under Section 69 of the Credit Union Incorporation Act (CUIA) and the deductibility of patronage allocations from income, for income purposes, governed by Section 137 of the Income Tax Act, East Kootenay Community Credit Union Patronage Rewards Policy is as follows: 

Payout Trigger:

All three of the following criteria must be met for patronage rewards to be paid. 

  1. Net operating income as a percentage of assets greater than or equal to .90% system ROA
  2. Capital Adequacy rate greater than or equal to 13%
  3. Retained Earnings as a percentage of risk weighted assets greater than or equal to 8%

Payout Amount:

90% System ROA Meets 100% System Average ROA Meets 110% System Average ROA Meets 120% System Average ROA Over 120% System average ROA
5.0% 9.0% 12% 15.0% Board Discretion

Payout Amount: is a percentage of Net Operating Income, not percentage of Patronage as a percentage of Assets 

Payout Method: members’ equity share accounts will be credited within the month of December of each year. 

Calculation Period: January 1 to October 31 for years where no payout was done in the previous year and November 1– October 31 for ongoing payout purposes 

Patronage Allocation: Interest paid on personal and commercial borrowings; Interest earned on savings, term and RRSP accounts; Service charges paid


Contributing to the growth and vitality of our communities is a core value of East Kootenay Community Credit Union. Through our Community Giving Strategy, we provide support and funding to numerous charities and non-profit organizations through the communities we serve. Our donations are focused primarily on health, education, sports and projects that benefit our communities as a whole. 

The annual budget for donations will be up to a maximum of 5% of the average of the previous year’s operating income and the current year’s budgeted operating income to be charged to administration. 

Branch budgets allocated on assets.


  • Scholarships/Bursaries
  • Community Programs
  • Youth Education/Services
  • Festivals and Tournaments
  • Health Initiatives
  • Recreation Programs
  • Philanthropy 

Approval Process:

As part of the annual business plan approval process, management will recommend the branches Goodwill plans for the coming year to EKC Board. Large Donations of $10,000+ will be excluded from this budget and presented to the Board for approval.

Retained Earnings

At all times EKC will comply fully with all regulatory capital requirements. EKC will follow its strategic objectives in arranging its capital structure, including Retained Earnings. Exposure to capital inadequacy will be properly assessed. The capital requirements of EKC’s new business ventures and its expected growth and expansion will form an integral part of the planning process. Such ventures will not go ahead unless capital support has been identified. Adequate monitoring and reporting on capital position and adequacy will be maintained and compliance responsibilities will be adhered to. For further detail on EKC Retained Earnings guidelines, compliance and reporting, see ERM Policy 6 – Capital Management Policy.


This policy will be communicated to our members annually through the EKC annual report and the EKC website. 


Patronage Rewards 2021

Over $637,000 has been given back last year!

Patronage rewards have been paid as of November 1, 2021

Check your statement or contact your branch.

This is a very important part of who we are and how we are different than the banks. Our ability to share our profits are very much dependent on our subsidiaries, KIS and MoneyWorks. 

  • Patronage Rewards calculated on any non registered deposit accounts will be deposited in your A shares.
  • Patronage Rewards calculated on registered accounts (RRSP/RRIF/LIF/TFSA) will be deposited to your registered savings accounts.
  • Patronage Rewards calculated on month-end service charges will be on your November statement.If you would like the number in advance of the November statement, please contact your branch.

Patronage Rewards

Non-registered deposit accounts are deposited into A shares account, registered deposits accounts (RRSP, RRIF, LIF, and TFSA) are deposited into the registered savings account. 

  • Loans, Mortgages and Lines of Credit 2.00%
  • Deposit Interest earned 7.00%
  • Rebate on Month End Service Charges 37.00%


  • Posting dates started and finished in November 2021
  • Patronage Reward deposits will be effective dated as of November 1, 2021


Over $243,000 given back


Over $316,000 given back


Over $405,000 given back


Over $292,000 given back
  • ​Patronage Rewards calculated on any non-registered deposit accounts will be deposited in your A shares
  • Patronage Rewards calculated on registered accounts (RRSP/RRIF/LIF/TFSA) will be deposited to your registered savings accounts
  • ​Patronage Rewards calculated on month-end service charges will be on your December statement
  • If you would like the number in advance of the December statement, please contact your branch