For the second year in a row, $6 billion asset CEFCU in Peoria, Ill., has distributed a $50 million “Extraordinary Dividend” to its members.
CEFCU disbursed the dividend to members on Dec. 2, with $25 million going to borrowers and $25 million going to savers. The amount each member received was determined by dividends earned and interest paid during the first 11 months of the year.
“Success in 2019 is a result of two things: members and staff,” says CEFCU President/CEO Mark Spenny. “Members continue to see the value CEFCU provides and bring us a large share of their business. And they handle their financial obligations very responsibly. Staff works diligently to make smart financial decisions, knowing that everything we spend belongs to members, delivering a low expense ratio. This continued dedication to both member value and operating efficiency made 2019 another excellent year for CEFCU members.”
Another $50 million…that’s the amount of the Extraordinary Dividend shared by CEFCU member/owners this year! We hope you do something extraordinary with your dividend! Learn more at https://t.co/x67pPvh7RP. pic.twitter.com/XBk6W20AI7
Over the past 20 years, CEFCU has returned $330 million to members through Extraordinary Dividends. Patronage dividends like CEFCU’s can be a clear and tangible way to demonstrate the value of membership.
“Every credit union gives back to its membership in some way, because that’s what the not-for-profit, cooperative model is all about,” says Illinois Credit Union League President/CEO Tom Kane. “It is incredible how CEFCU has taken this to the level they have for so many years in the form of the Extraordinary Dividends, which are truly extraordinary. It’s a great example of the credit union difference and how CEFCU gives back to its owner members.”
On its microsite for the Extraordinary Dividend, CEFCU invites members to share what the dividend means to them and how they plan to use it. CEFCU features some of these submissions on its Member Stories page in the form of videos and written testimonials.
“I really like the Dividends we’ve been getting at the end of the year,” reads one submission. “CEFCU’s awesome and has been a good place to do business.”
Tell us how you demonstrate the value of membership. Send us your story.
Credit Union Magazine’s Spring 2022 edition highlights inclusive lending, succession planning, fair lending and artificial intelligence, and the use of environmental, social, and governance (ESG) as a competitive differentiator.
