Class A Membership Equity Shares Update



Changes to Class A Membership Equity Shares are coming soon!

As of January 1st, the Class A Membership Equity Shares requirement for legacy Prospera members has been reduced from $25 to $5 per individual or business entity.

Overview

Overview



We’re currently reviewing member accounts to ensure that each individual and business entity holds the correct number of shares. With the reduction of the requirement from $25 to $5, many members will have an excess number of shares. Excess shares will be redeemed and deposited into your account on June 7th.



FAQ

Frequently Asked Questions



What’s an equity share and why do I need it?
As a member of a credit union, you’re an owner. Unlike banks that are owned and run by shareholders, credit unions are owned by its members. To be a voting member of the credit union, you must hold a $5.00 class A equity share. This gives you a vote in the future direction of Prospera. The money in your equity-shares account is returned to you if you close your account.

What's changing?
On January 1, 2020, Westminster Savings and Prospera Credit Union officially merged. As a result, both predecessor credit unions are a single legal entity, Prospera Credit Union. In accordance with the new credit union rules, membership share requirement decreased from 25 shares to 5 shares. This means that most of our members hold an excess number of shares that will be redeemed and returned to them.

If I have an account at what was previously Westminster Savings and at Prospera, do I have to hold shares under both accounts?
No, members who hold accounts at both predecessor credit unions will be required to hold 5 equity shares only. On June 7, shares in excess of $5 per member will be redeemed, and we will notify members who hold shares at both legacy institutions when the remaining $5 will be redeemed.

What about joint accounts?
Each member is required to hold shares. For joint accounts each joint member must hold $5.00 in shares. For example, an account with one joint member there will be $10.00 in shares. If you are on an account as a power of attorney, executor, or co-signer, you are not required to hold shares.

What happens to the excess money in my share account?
Once we have reviewed your account to determine how many shares must be held (for your and any other joint account holders), the excess shares will be deposited to your highest interest-bearing account.

The shares in my main account have been redeemed, where can I find my shares?
The share redemption took place sequentially starting with accounts with the highest excess share value. This means your membership equity shares may have been assigned to an account that you are joint on, as opposed to what you would consider your main account.

If you wish to move your equity shares to another account, or if you aren’t sure under which account you are holding your equity shares, please contact us for assistance.

What if I don’t have enough shares?
We’ll contact you.

Do business accounts need shares?
Corporations, registered societies, and partnerships must hold 5 shares. Sole proprietors must hold shares as a personal member and unincorporated associations need two sponsoring members who hold shares under their personal accounts.