FOR IMMEDIATE RELEASE
Caisse Alliance pays out $5,000,000 in profit distribution to its members
NORTH BAY, ON – March 30, 2020: Caisse Alliance announces that 5 million dollars will be paid out to its eligible members in the week of April 6, 2020.
In this period of the COVID-19 pandemic, the true meaning of cooperation is at the forefront. Eligible members for the 2019 profit distribution will receive a letter by mail in the coming days.
“Again this year, 5 million dollars is going directly into our members’ pockets and being injected into our regions’ economies”, said Caisse Alliance President and Chief Executive Officer, Pierre Dorval. “The period we are currently experiencing is affecting us all. We are human and we understand the situation you are facing. Caisse Alliance is doing everything in its power to help ease your financial burden while ensuring everyone’s safety. This profit distribution will certainly offer relief to many.”
According to the Chair of the Board of Directors of Caisse Alliance, Philippe Boissonneault, this is excellent news for the members, especially in these difficult times. “With its strong sense of belonging to its communities and the spirit that inspires our employees, management and administration, the Caisse is still operating and continues to operate today despite the global situation while preserving the cooperative principles, as well as our mission: Within the development of our communities, we contribute to the success of our members through our cooperative values, the quality of our offer and the excellence of our services”, mentioned Mr. Boissonneault.
How profit is distributed
After a second year of operations, the Caisse’s financial results for the fiscal year ended December 31, 2019 allow us to distribute 5 million dollars to our members and communities again this year. This represents 10 million dollars in profit distribution in two years.
“The profit is distributed equitably from one branch to another, and the percentages are attributed as requested by the members of our financial cooperative”, explained Mr. Boissonneault. “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.
In compliance with regulatory requirements for the convening of the Annual General Meeting (AGM) and in order to contribute to the collective efforts to contain the spread of the virus, the Caisse announced on March 26, 2020 that its AGM will be held in virtual format on Tuesday, April 28, 2020 in the presence of the Board of Directors, the Caisse’s management team, the delegates representing the members and invited external guests. In addition, regional meetings will take place in our communities in the coming months. This will provide us with the opportunity to meet our members individually and answer their questions and concerns.
The Caisse wishes to thank its members for their trust and loyalty. “It is truly beneficial to be a member of our Caisse and to entrust your financial needs to us”, said Mr. Dorval. “Human, Available and Connected, we are proud to support our members and our communities. Caisse Alliance is here to guide you.”
- 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 nearly 300 employees.
- Caisse Alliance has 30 branches in 24 Northern Ontario communities.
- Caisse Alliance has in excess of $1.7 billion dollars in assets.
- Caisse Alliance offers quality financial services to approximately 50,000 members.
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