FAIRBORN, Ohio, and PENSACOLA, Fla. (12/2/11)--Two credit unions announced this week they will be giving back to their members in the form of dividends.
Wright-Patt CU, with $2.2 billion in assets, in Fairborn, Ohio, will pay a $5 million "patronage dividend" to its 210,000 members on Jan. 4.
"Returning $5 million to members is unique in this industry because a for-profit institution would not likely give money back to the very customers who helped them make it, said Doug Fecher, Wright-Patt CU CEO.
The credit union has paid dividends to its members since 2008. This year's dividend, $1 million more than last year, brings the four-year total to more than $16 million.
Some members will receive $15 for having an active debit card, using home or mobile banking and receiving eStatements. Others will receive hundreds of dollars for having more products and services with the credit union.
Gulf Winds FCU, with $396 million in assets, Pensacola, Fla., paid a bonus dividend pool of more than $1,000,000 to its 46,000 members Nov. 30.
"Any way you look at it, putting this $1 million bonus dividend back into the community will have a very positive effect on our members and the local economy," said Chris Rutledge, Gulf Winds FCU president/CEO. "Most of this money will be spent right here and will impact the communities we serve."