ECU News

We're Renovating and We're Excited!
Dividend and Participatory Savings Rates for 2009

We’re Renovating and We’re Excited!

For a number of years, Eckville District Savings and Credit Union Limited has been considering its options in modernizing its building facilities. One of the drivers behind these considerations was the fact that the credit union was experiencing considerable growth and the board wanted to be proactive in their approach to ensure that our facilities would meet the needs of the membership well into the future. Even more important, though, was the need to build conveniences and efficiencies for our members.

A more formal process was initiated in 2009 to research the benefits of making some changes to our existing facilities. After much research and deliberation, the board of directors has decided to proceed with a major building upgrade project.

Although the project does carry a budget of $650,000, there will be major direct benefits to the membership. Not only will members no longer have to climb stairs to access our loans department, but they will also have the added convenience of a sit-down transaction wicket, a coffee bar and an internet banking kiosk. And the savings created by internal efficiencies will be given right back to the membership and our community, just like we’ve always done.

As with any major renovation project, we expect there will be some minor inconveniences to both members and staff as construction progresses. However, we will make every effort, in close consultation with our building project manager, to ensure that these inconveniences are kept to an absolute minimum.

As you may have seen, construction has already begun and we expect the project to last 3 – 5 months. We are very excited about this project and we want our members to be excited about it as well. If you would like to comment on the project or would like further information, feel free to contact our General Manager or any one of the board of directors.

Dividend and Participatory Savings Rates for 2009

October 27, 2009 - Eckville: The board of directors has declared the dividend rate on Eckville District Savings and Credit Union Limited common shares at 5.00% for the fiscal year ended on October 31, 2009. This rate applies to both regular Common Shares and RRSP Common Shares.

The Participatory Savings interest rate was also declared at 1.00%. Changes to the Participatory Savings product have also been made effective November 1, 2009. For more detail into these changes, see the notice on the main page of our website or call the office.

Payments to most accounts were made on November 3, 2009 while the remaining accounts will be paid before November 30, 2009.

For more information, please call the branch at (403)746-2288