2008 Patronage Rebates Awarded

London Civic awarded $24,000 to our members. On January 13, qualifying London Civic members received $25,000 in Patronage Rebates. Each year, the credit union distributes approximately 25% of profits to our members by awarding Patronage Rebates.  It’s our way of saying thanks for your patronage and a tangible way to be recognized for choosing London Civic to be your financial service provider. To learn more about our Patronage Rebate membership award program please see below.

Patronage Rebates

Your Credit Union – Your Profits!
London Civic; it’s your credit union and all members are eligible to share in the credit union profits. From the inception of our profit sharing program, London Civic has awarded $290,000 in patronage rebates to over 1,400 members.

How do I earn a Patronage Rebate?
In 2008 members received a Patronage Rebate based of 1.0% of their taxable interest earned (T5 interest) and 1.0% of their interest paid on loans. Qualifying members must earn or pay a minimum level of interest, to qualify for a Patronage Rebate. Only Patronage Rebates of $5 or more will be distributed to members.

How do I calculate a Patronage Rebate? 
Assume you had a $25,000 car loan throughout 2007 at 6.5%. That means you would have paid $1,625 in interest. Your Patronage Rebate is 1% of loan interest paid or $16.25.

How do I receive a Patronage Rebate?  
Qualifying members receive their Patronage Rebates in the form of Patronage Shares. For each $1 earned in Patronage Rebates you receive $1 in Patronage Shares. Patronage Shares are retained and accumulate in your Patronage Share account. Patronage Shares are not cashable unless the Board elects to distribute Patronage Shares in cash. In 2006 and 2007 over $140,000 of Patronage Shares were distributed to the membership.  Now that’s a real tangible benefit of being a credit union member!  

Do Patronage Shares earn income?
Yes. Members who have received Patronage Shares are eligible to receive a return on your shares. Members holding Patronage Shares will receive interest annually. For 2008, your board of directors authorised a payment of 5.25% on the Patronage shares, well above any interest rates offered by any bank or credit union!

With each Patronage Rebate, the value of your share investment in your Credit Union is enhanced. London Civic Employees’ is committed to distributing Credit Union profits to its members. For 2008, approximately 25% of your profits were distributed to qualifying members in the form of Patronage Shares.

It’s your Credit Union. It’s your profit!

Patronage Rebate Examples