Servus Credit Union

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Servus Credit Union
Credit Union
Industry Financial services
Founded 1987
Headquarters Edmonton, Alberta, Canada
Total assets $14.2 billion CAD (2015) [1]
Number of employees
2,400 [2]
Servus Edmonton Alberta

Servus Credit Union is a member-owned, community-based financial institution based in Edmonton, Alberta,[3] and in 2015 became the second largest credit union in Canada[4] and the largest credit union in Alberta.[5] Servus has nearly 400,000 members who are served by close to 2,400 employees from more than 100 locations in 62 communities across Alberta[6] and as of 2015 has $14.2 billion in assets under its administration.[7]


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 1987. 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.[8]


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 he right to democratically elect and run for a position on the Board of Directors.

Profit Sharing[edit]

Instead of paying profits to shareholders, the company shares its profits with members, and paid $50 million to individual members through its profit sharing program in 2014.[9][10]

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:

  • Patronage: Cash payments based on a percentage of the interest the member paid on loans and earned on deposits, plus the average balance they hold in their chequing and savings accounts.
  • Common Share dividends: Common share dividends are paid as additional common shares.
  • Investment share dividends: Dividends paid as additional investment shares that may be redeemed in cash.

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.[11]

Board of Directors[edit]

Servus Credit Union's Board of Directors consists of 12 members from around the province, elected by the credit union's membership.[12]

2015 Servus Credit Union Board of Directors: Dianne Brown, Ken Cameron, Amy Corrigan, Perry Dooley, Iris Evans, Doug Hastings (Board Chair), Jonathon Holt, John Lamb (Vice Chair), Darcy Mykytyshyn, Simon Neigum, Penny Reeves, and Alison Starke.

Executive Leadership Team[edit]

  • Garth Warner, President & CEO
  • Yves Auger, Chief Information Officer
  • Dan Bruinooge, Chief People & Corporate Services Officer
  • Ian Glassford, Chief Financial Officer
  • Darcy Peelar, Chief Credit Officer
  • Gail Stepanik-Keber, Chief Brand & CSR Officer
  • Caroline Ziober, Chief Operating Officer
  • Taras Nohas, Vice President Strategy & Governance


Credit Union of the Year as awarded by Alberta Central at the 2014 AGM and Conference[13]

Member of the Platinum Club of Canada’s 50 Best Managed Companies six years running (2009 - 2015)[14]

Member of the Venture 250, which recognizes Alberta’s highest grossing companies[15]


As of April 30, 2015, Servus reported assets of $14.2 billion, deposits of $12.5 billion, loans of $12.5 billion, and $30.3 million in income (before patronage and income taxes).[16]


  1. ^
  2. ^ Management’s Discussion and Analysis For the year ended October 31, 2014
  3. ^
  4. ^ "" (PDF). 
  5. ^
  6. ^ "" (PDF). 
  7. ^ "" (PDF). 
  8. ^ "Servus 2013 Annual Report". Retrieved 2015-09-16. 
  9. ^
  10. ^ "" (PDF). 
  12. ^ "Servus Credit Union - Board of Directors". Retrieved 2015-09-16. 
  13. ^ "ACCA | AGM marks credit union trends for 2014". Retrieved 2015-09-16. 
  14. ^ "". 
  15. ^ "The Venture 250". Alberta Venture. Retrieved 2015-09-16. 
  16. ^ "Servus Credit Union - Performance". Retrieved 2015-09-10. 

External links[edit]