When you purchase common shares in Legacy Savings, you become an owner. As an owner of the credit union, you share in our profits through common share dividends and / or patronage rebates as declared by the Board of Directors. Over the last ten years Legacy Savings & Credit Union has approved close to $950,000 in Common Share Dividends and / or Patronage Rebate Dividends.
Each adult member of Legacy Savings & Credit Union Ltd. is required to maintain $100 in Common Shares or equity in the Credit Union. When you first open your membership, you must purchase a minimum of $25 of the required $100 in Common Shares. The additional $75 can be purchased in equal amounts over the following three years*.
The Credit Union will provide minors with $25 in Common Shares to become a member. When a minor reaches the age of majority, they must purchase $25 in Common Shares for three years until the $100 amount has been achieved.
* Members from amalgamated Credit Unions will be grandfathered for the $100 minimum.