Michigan Credit Union League issued the following announcement on Dec. 30
Members at many credit unions have another reason to celebrate this holiday season: bonus dividends. Many credit unions celebrate the year-end by distributing surplus capital to their members. It’s just another way credit unions differ from their for-profit competitors.
$2.5 billion asset Ascend Federal Credit Union, Tullahoma, Tenn., will return an estimated $8.7 million to its members in bonus dividends and loan interest refunds. With the addition of this year’s return, Ascend’s board of directors has voted to give back more than $85 million to the credit union’s members since 2004.
For the second year in a row, $6 billion asset CEFCU in Peoria, Ill., has distributed a $50 million “Extraordinary Dividend” to its members. Over the past 20 years, CEFCU has returned $330 million to members through patronage dividends.
A record of over $4 million in patronage has been deposited into the accounts of members who borrowed and saved with $1.9 billion CoVantage Credit Union, Antigo, Wis. This is more than double what was paid out five years ago; and a 19%, or $600,000, increase from last year.
Dow Chemical Employees' Credit Union, with $1.7 billion in assets, Midland, Mich., distributed more than $20 million in the form of rebates and rewards to its membership. This is the largest-ever giveback for DCECU, which has returned a share 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 through rebates and rewards.
Nearly 100,000 members of $2.1 billion asset Educators Credit Union, Mount Pleasant, Wis, earned a collective $3.4 million in member loyalty rewards this year. Members "unlocked" their reward by having an active checking account each month, and rewards accumulated based on products and services used. Over the past three years, Educators has deposited more than $10 million into member accounts through the program.
Eastman Credit Union, with $4.9 billion in assets, Kingsport, Tenn., will distribute a record-breaking $14 million to members this year, bringing its total to over $132 million since it began distributing payouts in 1998.
Members of $1.7 billion Goldenwest Credit Union, Ogden, Utah, will collectively receive a $2 million bonus dividend. Goldenwest has returned more than $15 million in earnings to members since 2004.
PSCU, a payments credit union service organization (CUSO) in Saint Petersburg, Fla., has announced a patronage dividend for fiscal year 2019 of $25.9 million, and one-fourth of it will be distributed in cash. PSCU’s cash distribution to owners so far this year is $15.3 million, with $8.9 million in capital redemptions.
Whitefish (Mont.) Credit Union, with $1.5 billion in assets, announced a 1.5% dividend for the six-month period ending on Dec. 31. This dividend is well above the average national savings account rate of 0.09% and represents the credit union delivering on its commitment in providing substantial value to its members. Whitefish Credit Union paid over $20 million in dividends to its more than 55,000 member-owners in 2019.
Wright-Patt Credit Union, with $4.9 billion in assets, Beavercreek, Ohio, will distribute more than $10 million among eligible members in the form of a Special Patronage Dividend on Jan. 3, 2020, marking the largest dividend distribution in the credit union’s history. Since 2008, the credit union has returned more than $75 million in excess earnings to its members across 11 years of consecutive dividends.
Original source can be found here.
Source: Michigan Credit Union League
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