The North Shore Credit Union declared a 10 per cent dividend on shares last week, which all 38,000 credit union members will share.
"In the past few years the dividends have matched GIC rates," said Jane Milner, president and CEO of the NSCU. "This year interest rates are low. This has been an extraordinarily good year and, as a result, North Shore has set aside over $1 million for its 1995 dividend."
Credit union members own at least 25 shares as a condition of membership. The NSCU says the dividend, payable to those who were members as of Dec. 31, 1995, is a substantially better return than that offered by other investments, such as guaranteed investment certificates, Canada Savings Bonds and B.C. Savings Bonds.
Milner is leading an 18-month reorganization of the credit union. Her goal is to double the NSCU’s growth rate this year and to reposition it in an increasingly competitive marketplace.
The North Shore Credit Union has nine branches as well as four offices of NORCU Insurance Services Ltd. In 1984 the credit union became the first financial institution to establish a permanent branch in Whistler.
The North Shore Credit Union expects to post earnings of $3.7 million after taxes. It is the fifth largest credit union in B.C. and has assets in excess of $525 million.