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News Now

CU System
A number of CUs announce dividends
MADISON, Wis. (1/8/08)--Credit union members nationwide are starting the new year with dividends and bonus earnings from their credit unions. “Remember that credit unions are not for profit, and member-owned financial institutions,” said Charles Emerick, HealthNet FCU board chairman. “We are glad to be in a position to return excess revenues to our members.” HealthNet FCU, based in Memphis, Tenn., voted to return 15% of interest paid on certain loans and a bonus dividend of 15% on selected savings accounts to members (NetEffect January 2008). Other credit unions reporting dividends include:
* Mazuma CU, which issued more than $720,000 to its members Dec. 21. They received 3% of the interest earned on deposits and 3% interest paid on loans during 2007. Missouri Corporate CU in St. Louis also gave a $100,000 dividend to its members on Dec. 31 (CourierNet Jan. 4); * Blue Chip FCU in Harrisburg, Pa., which gave members a 2% bonus. Borrowers received 0.75% refund on interest paid during the year. Postmark CU, Harrisburg, voted to give its members 5% of the total dividends earned on deposit accounts and 5% of loan interest paid in 2007 (Life is a Highway Jan. 3); * Postmark CU, Harrisburg, Pa., which gave 5% of dividends earned on deposit accounts and 5% of loan interest paid in 2007 to members. The payout exceeded $65,000; * Fort Campbell CU, Clarksville, Tenn., which approved a $2 million dividend for its members. The money was posted to their accounts Dec. 13 (Leaf Chronicle Jan. 3); * MECU, Baltimore, which gave a dividend of $4.25 million to members. Loan interest rebates were deposited into members’ share accounts Dec. 3, and extraordinary dividends were deposited into their accounts Dec. 31. The amount that members received depended on the amount of interest they paid on loans in 2007; * Houston Police FCU, which reported a dividend of $2.9 million. The bonus dividend and interest refund was 15% of the dividends members earned on their credit union deposit accounts or 15% of the interest members paid on their loans and credit cards (LoneStar Leaguer Jan. 4); and * New Mexico Educators FCU, Albuquerque, N.M., which estimated its 2007 dividends, or “Member Rewards,” at $1.4 million. Members earned bonus dividends on the dividends they earned last year, based on interest paid on loans during the select time period.


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