Patronage Program

The purpose of the Patronage Program is to provide each member with an opportunity to share in earnings while maintaining ERICKSON CREDIT UNION's strong equity position.

It is important in any business to have adequate capital, or ownership equity. ERICKSON CREDIT UNION has developed a strong capital position over the years and is committed to continued growth and a strong equity base in the future.

Members will become involved in this plan by having part of earnings allocated to a Patronage Refund. This pool of earnings gives members the opportunity to participate in the success of their Credit Union while providing an equity base for stronger operations.

The amount received by any member is based on patronage of Credit Union services, since it is the members' patronage that makes the earnings possible.

The Articles of Incorporation and by-laws provide the Board of Directors of ERICKSON CREDIT UNION with the authority, at their discretion, to distribute part of the Credit Union's annual net earnings to members based on their patronage with the Credit Union. Therefore, if the Board of Directors decide to distribute part of the net earnings of the Credit Union to the members, the amount of shares to be received by each member would depend on the amount that the Board decides to distribute and the amount of deposits or borrowing each member has with the ERICKSON CREDIT UNION.

Commonly Asked Questions