Preferred Shares


We are so pleased to be able to offer our members this opportunity to invest in their Credit Union.

Please contact your local branch for details.


The unprecedented growth over the last two years have seen a decrease to the Credit Union’s capital position.  While we are still above the minimum required under the act, the board of Progressive have decided to offer a Preferred Share Offering to their membership so that we can improve our capital position.  Presently equity is sitting at 5.20% and the requirement is 5% under the Credit Union Act.  The approval of the Members for the Preferred Share Offering was granted at the AGM on April 20, 2022.

Series 1 - Preferred Share Offering – June 1 – 30th, 2022

Preferred Share Criteria:

  • 15,000 shares issued for total value of $1,500,000
  • $100 par value per share
  • they will be issued on a first come first served basis, once the offering is full no further shares will be available
  • the shares can not be held jointly
  • maximum purchase amount 500 shares per member or $50,000
  • minimum purchase amount 10 shares or $1,000
  • rate on date of issue at Bank of Canada prime plus .50 basis points to a maximum rate of 5%
  • term of the issue is 3 years with interest dividend paid annually as long as it would not negatively affect the operations of the Credit Union.
  • there are no voting rights to these shares.
  • in the event of the Credit Union closing or going out of business these shares would be paid after all debts and liabilities of the Credit Union have been paid and after the member shares and Class A Preferred Shares have been paid.
  • There is no beneficiary form, the investment would form part of your estate.
  • All members will be required to sign a Risk Acknowledgement Statement which is an acknowledgement of the Disclosure Statement provided.