FOR IMMEDIATE RELEASE
Caisse Alliance pays out $5,000,000 in profit distribution to its members
NORTH BAY, ON – March 31, 2021: Caisse Alliance announces that 5 million dollars will be paid out to its eligible members in the week of April 5, 2021.
Once again this year, cooperation is of great importance in order to overcome this difficult time. Members eligible for the 2020 refund will receive a letter in the mail in the coming days.
“For the third year in a row, we are returning 5 million dollars to our members’ pockets and into the Northern Ontario economy,” explains Pierre Dorval, President and Chief Executive Officer at Caisse Alliance. The pandemic has affected us all, and we are proud to offer financial support to our members and to remain an important economic driver for our regions in these uncertain times. “
Mr. Dorval also wishes to thank all employees for their vigilance regarding regulatory measures. “Thanks to the commitment and collective effort of our team, we have been able to keep everyone safe and serve our members and our communities well.”
Mr. Philippe Boissonneault, Chair of the Board of Directors of Caisse Alliance, adds “that a wellanchored mission and shared values within our organization allow the Caisse to generate excess revenue in order to contribute to the success of our members and to the development of our communities despite the current global situation.”
How profit is distributed
After a third year of operations, the Caisse’s financial results for the fiscal year ended December 31, 2020 allow us to distribute 5 million dollars to our members and communities again this year. This represents 15 million dollars in profit distribution in three years.
“As requested by the members of the Caisse, the profit is distributed equitably in all the branches, said Mr. Boissonneault. We invite our members to consider investing or spending their refund in the local economy to help small and medium-sized business owners get through these difficult times.”
The Caisse pays a portion of its surplus earnings to its members: 4 million dollars to our members, $600,000 to our communities and $400,000 to our preferred shareholders. The profit is distributed according to the members’ use of selected financial services at the Caisse and allocated as follows: 10% of the interest paid on personal residential mortgages and interest paid on residential mortgage-secured lines of credit (*up to $750 per account), 0.20% on term deposits and 0.10% on High Interest Savings Accounts.
The Annual General Meeting (AGM) will be held in virtual format on April 27, 2021, in order to meet regulatory requirements related to COVID-19. This year, members will be invited to join the Caisse’s board of directors and management team at the AGM. An invitation will be sent to all members during the week of April 12th, and they will need to register in advance if they wish to attend the AGM.
“We would like to thank our members for their confidence and loyalty regarding their financial needs,” says Mr. Dorval. We are proud to accompany and support you. We are Human, Available and Connected “.
- Caisse populaire Alliance limitée was established on January 1, 2018, following the merger of the 12 caisses of L’Alliance des caisses populaires de l’Ontario.
- Caisse Alliance employs over 300 employees.
- Caisse Alliance has 30 branches in 24 Northern Ontario communities.
- Caisse Alliance has in excess of $1.9 billion dollars in assets.
- Caisse Alliance offers quality financial services to approximately 50,000 members.
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