The Holiday Season is Dividend Time for Credit Unions | 2019-12-30


Members of many credit unions have another reason to celebrate this holiday season: extra dividends. Many credit unions celebrate the end of the year by distributing excess capital to their members. It’s just another way that credit unions differentiate themselves from their for-profit competitors.

$ 2.5 billion of assets Ascend Federal Credit Union, Tullahoma, Tennessee, will return an estimated $ 8.7 million to its members in bonus dividends and loan interest repayments. With the addition of this year’s statement, Ascend’s board of directors voted to return more than $ 85 million to members of the credit union since 2004.

For the second year in a row, $ 6 billion of assets CEFCU in Peoria, Ill., has distributed an “Extraordinary Dividend” of $ 50 million for its members. Over the past 20 years, CEFCU has returned $ 330 million to members through sponsorship dividends.

A record over $ 4 million in sponsorship has been deposited into the accounts of members who borrowed and saved $ 1.9 billion CoVantage Credit Union, Antigo, Wis. This is more than double what was paid five years ago; and an increase of 19%, or $ 600,000, over last year.

Dow Chemical Employee Credit Union, with $ 1.7 billion in assets, Midland, Michigan, distributed more than $ 20 million in the form of rebates and rewards to its members. This is the largest return ever made by DCECU, which has returned a portion of its earnings to members every year since 1980 and in all but one year since 1955. Over the past 20 years, DCECU has returned nearly $ 200 million to members. members through rebates and rewards.

Nearly 100,000 members of an asset of $ 2.1 billion Credit Union for Educators, Mount Pleasant, Wis, earned a total of $ 3.4 million in member loyalty rewards this year. Members “unlocked” their reward by having an active checking account each month and the rewards accrued based on the products and services used. Over the past three years, Educators has deposited more than $ 10 million into member accounts through the program.

Eastman Credit UnionWith $ 4.9 billion in assets, Kingsport, Tennessee, will distribute a record $ 14 million to members this year, bringing its total to more than $ 132 million since it began distributing payments in 1998.

$ 1.7 billion members Goldenwest Credit Union, Ogden, Utah, will collectively receive a bonus dividend of $ 2 million. Goldenwest has returned more than $ 15 million in earnings to members since 2004.

PSCU, a credit union services organization (CUSO) in Saint Petersburg, Florida, announced a fiscal year 2019 sponsorship dividend of $ 25.9 million, with a quarter to be distributed in cash. PSCU’s cash distribution to owners so far this year is $ 15.3 million, with $ 8.9 million in principal repayments.

Whitefish Credit Union (Mont.), with $ 1.5 billion in assets, it announced a 1.5% dividend for the six-month period ending December 31. This dividend is well above the average national savings account rate of 0.09% and represents the credit union fulfilling its commitment to provide substantial value to its members. Whitefish Credit Union paid more than $ 20 million in dividends to its more than 55,000 owner members in 2019.

Wright-Patt Credit Union, with $ 4.9 billion in assets, Beavercreek, Ohio will distribute more than $ 10 million to eligible members in the form of a Special Sponsorship Dividend on January 3, 2020, marking the largest dividend distribution in the history of the credit union. Since 2008, the credit union has returned more than $ 75 million in excess earnings to its members over 11 years of consecutive dividends.

For the 10th year in a row, members of $ 189 million assets Federal Premier Credit Union, Greensboro, NC, received 5% of the interest paid in 2019 on eligible loans. More than 10,400 members received a portion of the $ 304,825 returned through a deposit to their savings account. Over the past ten years, $ 2,599,454 has been returned to members in the form of annual interest reimbursement.

For 12 consecutive years, $ 422 million of assets OMNI Community Credit Union, Battle Creek, Michigan is expressing gratitude for member loyalty through the Cashback Rebate program. A new addition to the celebration is a drop-down tab ticket combination game and a winning game for members to have a chance to increase their winnings. Pull tab tickets will be available at all OMNI branches and several lucky members will have a chance to win the grand prize of tripling a member’s refund amount.

Otis Federal Credit UnionWith $ 182 million in assets, Jay, Maine, posted a 9% bonus dividend and interest repayment on January 1, resulting in a total of $ 520,678.73 paid to members for 2019. Over the past few 15 years, Otis FCU has returned $ 5,143,654 to its two members.

Coastal Credit Union issued more than $ 3.7 million in special dividends to eligible members through its Loyalty Bonus program. The payment was shared among more than 69,000 members, making it Coastal’s largest bonus dividend in terms of dollars paid and number of recipients.

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