DUCA shares $5.9 million profits with members

Some banking customers in Orangeville got a surprise deposit on New Year's Day.

Toronto-based DUCA Financial Services Credit Union, which has a brand on Orangeville's Broadway, distributed $5.9 million in Bonus Shares, giving as much as $1,000 to customers who are its members.

"The Bonus Share program rewards our members for our success. We have shared our profits with them since 1999." said Jack Vanderkooy, President and CEO. The program has paid over $41 million since the first issue.

"We are an alternative to the banks. So it is key that people know it pays to bank at DUCA," added Mr. Vanderkooy. "The Bonus Shares are one way DUCA shows its unique approach to banking. We invite people to come bank with us. It works. Our members are very loyal."

The interest paid or received by each member determines how many Bonus Shares they get. This year, DUCA paid out 10 per cent of the interest paid and received by each member.

The maximum per member for this year was set at $1,000. DUCA also paid a five per cent dividend on existing Bonus Shares. Some members have received more than $16,000 since 1999.

In 2007, its membership grew to more than 34,000 and DUCA's assets rose 11 per cent to $843 million.

DUCA was founded in 1954. Since then it has grown into a full service financial institution, with 12 branches in Southern Ontario offering banking alternatives through a variety of channels.

These include the Internet, ATMs, the telephone and the branch network.