Servus Credit Union
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Formerly called
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Capital City Savings |
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| Credit union | |
| Industry | Financial services |
| Founded | 1938 in Edmonton, Alberta, Canada |
| Headquarters | Edmonton, Canada |
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Number of locations
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102 |
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Area served
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Alberta |
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Key people
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| Total assets | $14.8 billion CAD (2017) |
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Number of employees
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2,400 (2014) |
| Website | www |
Servus Credit Union is a member-owned, community-based financial institution based in Edmonton, Alberta, and in 2015 became the second largest credit union in Canada and the largest credit union in Alberta. Servus has around 380,000 members who are served by close to 2,400 employees from 102 locations in 59 communities across Alberta and as of 2016 has $13.2 billion in assets under its administration.
Servus was created through the merger of several smaller, regional credit unions in Alberta, the largest being Capital City Savings, based in Edmonton, which was formed in 1938. The various branches, however, have separate histories going back to 1937.
On November 1, 2008, it became Canada’s first province-wide credit union when it amalgamated with Community Savings and Common Wealth Credit Union.
As a credit union Servus does not have shareholders, rather to do business with Servus customers must become members of the credit union. Member-ownership in Servus Credit Union is represented by the purchase of Common Shares, and this is required to open an account with the financial institution. Membership includes the right to democratically elect and run for a position on the Board of Directors.
Instead of paying profits to shareholders, the company shares its profits with members, and paid $48.1 million to individual members through its profit sharing program in 2016.
Profit sharing is paid to members in both cash and common shares, based on how much profit the company earns and how much its shares are worth. The Profit Share program has three parts:
The total amount of profit share paid to members is based on the credit union's financial performance each year. The Board of Directors determines the total profit share pay out at the end of the company's fiscal year (October 31).
Based in Edmonton, the credit union also has regional offices in Lloydminster and Red Deer. The company provides a complete line of financial services including: loans, deposits, investments, telephone and online banking, ATMs, debit and credit cards, financial planning, insurance, trust, agricultural and commercial services.
Deposits held by Servus Credit Union are insured by the Alberta Credit Union Deposit Guarantee Corporation. This guarantee is more extensive than the $100,000 insurance carried by banks in Alberta because all deposit amounts are fully guaranteed, including accrued interest to the date of payout, and this includes chequing and savings accounts, RRSP deposits, RRIF deposits, foreign currency deposits, and term deposits, including those with terms exceeding five years.
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