MADISON, Wis. (12/14/15)--Credit union members enjoy the benefits of being a member year-round with consumer-friendly rates and fees. And credit unions’ cooperative business model means member-shareholders often benefit with year-end extraordinary dividends.
For example, on Friday, Peoria, Ill.-based CEFCU announced another record-setting extraordinary dividend for its members. For the second year in a row, CEFCU’s board decided to return $40 million to eligible members.
“Every time you bring your business here, you invest in CEFCU’s success,” President/CEO Mark Spenny told members in a video announcement. Over the past 16 years, CEFCU has returned $155 million to members based on dividends earned and interest paid as well as the credit union’s strong financial results.
Partner Colorado CU, Arvada, Colo., is distributing a record $1 million in pre-holiday bonus dividends to its members. More than 25,000 members will share in the credit union’s success with an average bonus dividend of $59.27 and a high of $200. Dividends were calculated based on the number of products and services, loan and deposit balances, and number of years as a member.
A $1.3 million bonus rebate was given to members of Scott CU, Edwardsville, Ill. Active members received an additional 3% annual percentage yield bonus dividend on their deposits and a rebate of 3% of the interest they paid this year on any loan or credit card as a thank you for their loyalty.
Members of Summit CU, Madison, Wis., could choose to use their portion of the $1.7 million Cash Boomerang to benefit the community. Dividends could be redirected as a tax-deductible donation to the credit union’s new charitable fund, the Summit Money Smarts Fund, which this year will support A Fund for Women.
Look for more coverage of the unique ways credit unions give back to their member-shareholders in upcoming weeks.