Patronage shares
Patronage share redemption requests will be accepted starting August 1, 2026.
Initial redemption requests may be submitted between August 1 and August 31, 2026, for consideration during the September 2026 redemption period. Requests received after August 31, 2026, and on or before February 28, 2027, will be considered during the March 2027 redemption period.
Thereafter, redemption requests must be received by February 28 or August 31 each year. Eligible requests will be reviewed by the Board at its March and September meetings and, if approved, redemptions will be processed by April 1 or October 1, respectively.
Patronage shares that are not redeemed remain eligible to earn an annual dividend, subject to Board approval paid annually in March.
To redeem patronage shares
The following conditions apply:
- All redemption requests must be submitted in writing.
- Redemption requests are processed on a first-come, first-served basis.
- The total number of patronage shares redeemed in any fiscal year cannot exceed 10% of the outstanding patronage shares as of the previous fiscal year-end (5% per redemption period).
- If redemption requests exceed the annual redemption limit, eligible requests will be carried forward and considered during the next redemption period.
- Eligible redemption requests are reviewed by the Board at its March and September meetings each year.
- Shares redeemed during a redemption period do not qualify for accrued dividends for the year in which they are redeemed. If shares are redeemed in September, dividends will not be paid for the current year. If shares are redeemed in March, dividends will be paid for the previous year.
- All redemptions are subject to Board approval and will not be processed if doing so would cause FirstOntario Credit Union to fall below regulatory capital or liquidity requirements.
