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Hubert / Sunova Common & Surplus Share Payout
January 22, 2012
6:03 pm
Yatti420
Guest
Guests

Saw this in the new version of brightnotes..

As a member of Sunova, you’re part of a vibrant,
innovative and friendly financial institution unlike any other.
Each encounter with our organization is a memorable
experience showcasing our distinct and unique service
offering. As a result of that brand strategy, we are happy
to offer an exclusive member share program designed
to reward our members for their investment in our
organization.
In addition to being part of a pretty cool organization, by
investing Sunova’s Member Share Program, you are eligible
to receive dividends in the form of surplus shares based on
the amount of common shares you held on December 31
of the previous year. Historically, our dividend payment has
been 2% higher than the average Sunova 7-year GIC rate.
This year, our Board of Directors has approved a dividend
payment of 5.50% for both common shares and surplus
shares. This is the first year in which the same rate has been
paid for common and surplus shares. Previously, the surplus
share rate was significantly lower than that of our common
shares, however, going forward our goal is that the same
rate will be paid for both. It doesn’t get much better than
that!
Just in case you were wondering, following is a brief history
of our common share dividend payments. Dividends are
declared and paid at the discretion of Sunova’s Board of
Directors, based on financial performance for the year.
Remember! Unlike your deposits, investments in both
common and surplus shares do not qualify for deposit
insurance under the Deposit Guarantee Corporation of
Manitoba. As a result, it is our goal to pay higher than
market rates on common shares as financial results
permit. Also keep in mind that the payment of dividends
is dependent on the financial success of the organization,
therefore, returns in our Member Share Program are not
guaranteed.
The deadline is approaching! The 2012 dividend payout will
be based on your minimum annual balance for the period
starting on December 31, 2011.

Will Hubert members get the same payout?

January 22, 2012
9:51 pm
Doug
British Columbia, Canada
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I would assume this to be the case as Hubert account holders must be Sunova Credit Union shareholders in order to hold accounts. I believe I purchased $100 in Sunova shares and each one is $5 a piece.

Cheers,
Doug

January 23, 2012
8:38 am
cmore
Guest
Guests

Hubert appears to be the only virtual offer by a credit union that I can see sell these shares. I spoke to my institution, Achieva Financial who do not promote these and then called Hubert, as no information can be fouind on their Web site. It is important for anyone buying these shares to understand they have to be purchased directly from Sunova, the shares are not liquid deposit and they are NOT protected by the Deposit Guarantee.

January 31, 2012
9:44 am
Yatti420
Guest
Guests

Hi Doug/Cmore..

These shares as Cmore points out aren't covered by any deposit guarantee. While Hubert lets you purchase additional surplus shares, Sunova members are enrolled in what seems like a lengthy share purchase agreement where every month you acquire more etc.. As I only hold the single share for Hubert I wonder what the actual return will be on the shares as it doesn't appear that partial shares are allowed.. Doug, have you received any extra shares yet? I'm assuming if you have purchased additional common/surplus shares manual you might now get some extra surplus ones.. I wonder if it will be difficult to redeem these..

January 31, 2012
7:34 pm
88kanaka
Guest
Guests

Yatti420 said:

Hi Doug/Cmore..

These shares as Cmore points out aren't covered by any deposit guarantee. While Hubert lets you purchase additional surplus shares, Sunova members are enrolled in what seems like a lengthy share purchase agreement where every month you acquire more etc.. As I only hold the single share for Hubert I wonder what the actual return will be on the shares as it doesn't appear that partial shares are allowed.. Doug, have you received any extra shares yet? I'm assuming if you have purchased additional common/surplus shares manual you might now get some extra surplus ones.. I wonder if it will be difficult to redeem these..

Here is your redemption answer.

https://www.sunovacu.ca/home/business/banking/member_share_program/

I have a friend that was a CU manager in BC. He said a long time ago, here, there was a life insurance policy that paid double upon death for shares. Would that be at Sunova?

February 1, 2012
12:48 pm
cmore
Guest
Guests

All I know is why would I want to buy shares in Sunova Credit Union, when I can't review their financial position, like I can with any of the banks?

Individual preferred shares of all the banks have a steady appreciation in value, are fully liquid and have a very long history of paying dividends.

I don't beleive Sunova's shares appreciate, they are not immediately liquid, are not deposit insured and will only pay an annual dividend based on what is declared by their board of directors???

No thanks, I'll keep my savings in true deposits and will buy shares of the banks.

February 1, 2012
5:18 pm
Doug
British Columbia, Canada
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December 12, 2009
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They publish annual reports including audited financial statements and management's discussion & analysis in accordance with either IFRS or GAAP accounting principles, just like the Big Five banks. As for how many shares they have outstanding, you can always send an e-mail to them and find out what they have in terms of share capital issued.

Cheers,
Doug

October 16, 2012
5:10 pm
Doug
British Columbia, Canada
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A cross-post of sorts (from my reply in an unrelated thread) on the share payouts. Dividends are paid annually in December based on your total relationship/deposit balances in December of the prior year. They are based on the number of shares you hold but also your total relationship with Sunova/Hubert. So, essentially, why I didn't receive a dividend in December 2011 was because I didn't become a member until July 2011 and in order to receive the 2011 dividend, I would've had to have been a member in December 2010.

Hope that clears things up! If not, more details below. :)

An update on Hubert Financial dividends from CSR "Tara" via an online chat session:
"Tara says:
Yes and here was my response. Our dividends are paid annually based on the previous years ending balance. You will be paid a dividend in December this year. If you provide me your member number and secret password I can confirm"

"Doug says:
So the reason no dividend was paid last year (2011) in mid-December was because I was not a member in 2010. Gotcha.
Tara says:
Exactly. Historically the dividends have paid very well so it is always exciting to find out. I will be sure to let you know."

I'll keep you guys updated on what the dividend amount will be for me (I have $100 in member equity shares; each share is $5).

Cheers,
Doug

October 17, 2012
2:47 pm
Yatti
Guest
Guests

Doug said

A cross-post of sorts (from my reply in an unrelated thread) on the share payouts. Dividends are paid annually in December based on your total relationship/deposit balances in December of the prior year. They are based on the number of shares you hold but also your total relationship with Sunova/Hubert. So, essentially, why I didn't receive a dividend in December 2011 was because I didn't become a member until July 2011 and in order to receive the 2011 dividend, I would've had to have been a member in December 2010.

Hope that clears things up! If not, more details below. :)

An update on Hubert Financial dividends from CSR "Tara" via an online chat session:
"Tara says:
Yes and here was my response. Our dividends are paid annually based on the previous years ending balance. You will be paid a dividend in December this year. If you provide me your member number and secret password I can confirm"

"Doug says:
So the reason no dividend was paid last year (2011) in mid-December was because I was not a member in 2010. Gotcha.
Tara says:
Exactly. Historically the dividends have paid very well so it is always exciting to find out. I will be sure to let you know."

I'll keep you guys updated on what the dividend amount will be for me (I have $100 in member equity shares; each share is $5).

Cheers,
Doug

So you have purchased additional shares with only a Hubert account? So I'm assuming you now have 1 standard and remaining as surplus shares? As far as I know I thought the dividend was paid with more shares!?

October 17, 2012
3:46 pm
Doug
British Columbia, Canada
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hey Yatti,

Yeah, that's what I thought too (re: dividends paid based on number of shares only) but Hubert's response seems to indicate otherwise - or is at least a bit ambiguous. I'll have to follow-up with them on this (unless you want to instead?) and also on how come I was never given an opportunity to vote for Sunova Credit Union's Board of Directors (is that based on the same methodology as the dividend payout?).

As for my shares, yes I purchased additional shares with only a Hubert Financial account as even Hubert account holders are considered Sunova Credit Union members, I'm assuming. However, they are not "surplus" shares; purchased $100.00 in shares which show all in my "share" account and $0.00 shows as "surplus". It sounds like "surplus" is only for the shares that are paid as part of the annual member dividend.

Given the stated historical dividends you quoted above, if indeed the payout is only based on one's "share" holdings, it may be worthwhile buying maybe $10,000 in "shares". Sure, they're not Manitoba CUDGC insured, but it's unlikely Sunova Credit Union is going to fail.

Cheers,
Doug

October 18, 2012
3:49 pm
Yatti
Guest
Guests

I've thought about it in the long term.. I'm closing my TFSA however and keeping regular savings so we will see.. I like keeping my taxes simple since im young.. As for the vote I did email them I can't remember what they said in response.. I'm pretty sure we had the right to vote.. That should be followed up on.. I misspoke earlier I think.. I do believe the the calculation is based on previous shares you hold.. If most members hold 1 share I guess partials will be paid.. I'd have to go read through everything I posted so far and yes you purchase common and are given surplus.. Sunova members seem to have to acquire shares at quite a pace so i'm curious to see what happens come share payment time this year and I have to re-read because if "cash dividends" are paid off surplus could be interesting.. I might summarize everything eventually and follow up..

October 19, 2012
11:26 pm
Doug
British Columbia, Canada
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December 12, 2009
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Thanks, Yatti, for the update. Keep us updated when you hear more and are able to summarize things!

I'll try posting my two, general questions to Hubert via Sunova's Facebook page and follow up with everyone here, but until then, stay tuned to that page and feel free to copy and paste their response here (in case I don't get a chance to soon enough!). :)

Cheers,
Doug

November 7, 2018
6:06 pm
SG
Member
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Member Since:
December 18, 2008
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I know this is a 6 year old thread, but I just purchased additional shares in Hubert. For those members who have been with Hubert for a few years...what was your experience with dividend payouts?

November 7, 2018
6:32 pm
Norman1
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April 6, 2013
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This is the dividend record from the bottom of their Member Share Program page:

YEAR COMMON
SHARE
SURPLUS
SHARE
2017 4.27% 4.27%
2016 4.25% 4.25%
2015 4.47% 4.47%
2014 4.63% 4.63%
2013 4.50% 4.50%
2012 4.71% 4.71%
2011 5.50% 5.50%
2010 5.65% 2.89%
2009 5.76% 2.92%
2008 6.81% 4.30%
2007 7.07% 4.84%
2006 6.31% 3.97%
2005 5.17% 2.63%
2004 5.33% 3.07%

Have any Hubert Financial clients received the dividend payments on their one share? I think I received just one dividend payment over the years!

November 8, 2018
6:04 pm
SG
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December 18, 2008
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I purchased the max $1000 worth of shares (200 shares at $5}... So I'm curious if anyone else bought more than the one $5 share.

November 8, 2018
8:18 pm
frugal lady
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February 20, 2013
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Norman1 said
This is the dividend record from the bottom of their Member Share Program page:

YEAR COMMON
SHARE
SURPLUS
SHARE
2017 4.27% 4.27%
2016 4.25% 4.25%
2015 4.47% 4.47%
2014 4.63% 4.63%
2013 4.50% 4.50%
2012 4.71% 4.71%
2011 5.50% 5.50%
2010 5.65% 2.89%
2009 5.76% 2.92%
2008 6.81% 4.30%
2007 7.07% 4.84%
2006 6.31% 3.97%
2005 5.17% 2.63%
2004 5.33% 3.07%

Have any Hubert Financial clients received the dividend payments on their one share? I think I received just one dividend payment over the years!  

I have never received a dividend payment on the 1 share. Member since 2015.

November 9, 2018
5:32 am
Mhooper
Member
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July 31, 2012
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1 Share, member since 2011. The last activity was .09 in 2014, for a total of .48

November 9, 2018
6:11 am
SG
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December 18, 2008
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Do you guys keep alot of funds with Hubert? I only have about 5k with them at the moment.

November 9, 2018
4:16 pm
rhvic
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May 28, 2013
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I do not have that much CDN cash at Hubert as of late since I can get better (temporary) rates at other FIs. But I do have a fair bit of US$ there as Hubert's US rate (now 0.75%) seems the best available - I'd move it if a better rate was available elsewhere.

November 9, 2018
6:05 pm
Joe
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June 3, 2015
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rhvic said
I do not have that much CDN cash at Hubert as of late since I can get better (temporary) rates at other FIs. But I do have a fair bit of US$ there as Hubert's US rate (now 0.75%) seems the best available - I'd move it if a better rate was available elsewhere.  

Do you have a brokerage account?.....you can get 1.45% on a HISA or over 2% on a money market fund. I read here on this site that Bank of Nova Scotia is offering 2.5% on a 1 yr GIC, and RBC is offering 3% on a 1 yr GIC. Tangerine is now offering 2% on a one year GIC.

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