DEARBORN, Mich. (12/12/11)--Michigan's largest credit union, DFCU Financial CU, has declared a special patronage dividend of $21 million in cash to be paid to eligible members on Jan. 4.
The $3.05 billion asset, Dearborn-based DFCU Financial says the dividend is the largest payout in the nation to credit union members. Nearly 7,000 members in Ann Arbor will receive the dividend, as well as 5,000 in Grand Rapids, 3,000 in Lansing, and 70,000 in Metro Detroit.
"People are still struggling in our area so instead of raising fees, we're putting more money in members' pockets," said Mark Shobe, president/CEO of the credit union. "The cash payout is our way to thank them for choosing DFCU Financial as their primary financial institution."
Payment is based on the member's total relationship with the credit union. The greater the relationship, the larger the dividend. Qualifying members will receive 0.5% dividend on their average loan and deposit balances, with each eligible member receiving at least $50. The dividend includes all savings accounts and loan balances.
DFCU Financial says it is the only credit union in the nation to pay members an average $18 million to $20 million for the past six years--for a total of $110 million.
"The dividend can't be matched by banks," said Shobe. "As a credit union, we do our best to take care of members and provide them with outstanding benefits of membership like the special patronage dividend, discounted insurance programs and access to affordable health-care programs. We invest in our members, not shareholders."