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News Now

CU System
CUs dole out millions in member dividends
MADISON, Wis. (1/9/12)--Five credit unions have paid out millions of dollars in dividends to their members.

DFCU Financial CU, a $3.05 billion asset credit union based in in Dearborn, Mich., distributed a $21 million patronage dividend among its members on Wednesday. The credit union said on its website that it has returned $110 million to its members since 2006. Qualified members earn one-half percent (0.50%) cash back on average yearly deposit balances.

Wright-Patt CU in Fairborn, Ohio, Wednesday paid its members more than $5 million with a Special Patronage Dividend. The payment followed an announcement made on Dec. 1 that the $2.14 billion asset credit union would return excess earnings to its members for the fourth consecutive year. The dividend, which is $1 million more than the previous year, is possible because more than 215,000 member-owners brought more of their savings, checking, auto loans, mortgages and credit card accounts to the credit union.

Other credit unions returning money to members include:

  • CoVantage CU's board Thursday announced the $907 million asset, Antigo, Wis.-based credit union distributed a $1.5 million patronage dividend to its members (Antigo Daily Journal Jan. 5).
  • AMOCO FCU's board, for the 16th consecutive year, said Tuesday it would pay out this year roughly $1 million in bonus dividends in loan-interest refunds to its membership (CUinsight Jan. 3). Based in Texas City, Texas, AMOCO FCU has $560.6 million in assets.
  • Bay Winds FCU, a $129 million asset, Charlevoix, Mich.-based credit union, announced a $520,764 bonus dividend was distributed to members on Dec. 31.


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