At Westoba, we share our success with members. It’s our way of saying thanks for making us your financial partner.
Our Member Equity Plan rewards members for doing business with us through profit sharing payments that reflect your level of support for the credit union during the year.
After making sure we meet the credit union’s financial targets and regulatory obligations, Westoba’s Board may set aside a portion of our yearly earnings to reward members for their support. We typically distribute profit sharing payments to Member Equity Accounts. The amount paid to your account (or dividend) is a percentage of the interest you’ve paid on loans and interest you’ve earned on deposits.
As your Member Equity Account grows over the years, the money it holds becomes a part of the credit union’s capital base, along with our retained earnings. The decision to pay members a dividend is always based on our financial results. We need to make sure we have enough capital to meet regulatory obligations and support future growth and development.
Interested in seeing how Westoba is doing? Click here to see our latest full Financial Statement.