WYOMISSING, Pa. (5/16/14)--Utilities Employees CU, a $1 billion branchless credit union serving America's utility and energy industry, has issued a $10 million dividend to its members.
Utilities Employees CU, based on Wyomissing, Pa., has made the branchless model work to its advantage since 1934, when the cooperative financial institution was formed to serve America's utility workers and their families, long before the development of the Internet and online banking. Today, the credit union serves more than 44,000 members in all 50 states, from its single facility in Pennsylvania.
"In 2013, we launched new services that add an even greater level of personalization to the UECU membership experience--all to help members achieve greater financial wellness and conveniently manage their family's finances from anywhere, at any time," said President/CEO Glen A. Yeager.
"On top of these new initiatives, our commitment to member giveback remained strong, with members receiving more than $10 million in financial benefits through UECU's 2013 Member Loyalty Bonus, rewards programs, and earnings on their savings," he said, adding, "Members saved millions more through lower loans rates and fewer fees than if they'd dealt with a bank."
Yeager credits his members' financial success to the organization's cooperative structure, and without shareholders or branches to maintain, the credit union is able to return a greater share of profits to its member-owners.
The credit union's annual meeting was held at its Wyomissing, Pa., headquarters and broadcast on the UECU YouTube channel for its nationwide membership.