At the Annual General Meeting held on April 20, 2022, Fusion announced a patronage
allocation of $725,000 to members, plus $858,500 in cash payouts to select members, for a total return of over $1.58 million to its members.
“We endured quite a storm this past year with the pandemic,” says Darwin Johns, CEO of Fusion Credit Union. “Our members weathered the uncertainty with us, demonstrating their confidence in our financially strong credit union that is focused on their needs. Putting cash back in the hands of our members is our way of saying “thank you” for your confidence in our ability to make decisions that matter to you and your communities.”
A patronage allocation is a value returned to a member of Fusion Credit Union based on their relationship with the credit union. The patronage amount is a portion of interest paid and earned during the past year and varies from member to member. All patronage allocations are retained in a Surplus Share account and select member groups receive cash payouts.
This year, $858,500 will be paid out in cash to members 65 years of age and older and those under age 19, as well as members who hold over $15,000 in surplus shares. Eligible members will see their patronage allocation on their April statement; any cash payouts will be reflected on their May statement.
“We had an incredible year of growth and development at Fusion,” states Johns. “Our members are true owners, and we are both happy and honored to share our accomplishments with them. Our success is proof that when we all work together towards a common goal, we collectively emerge stronger.”