MADISON, Wis. (1/26/12)--As the first month of the new year, January is a prime time for credit unions to announce distribution of dividends to members.
Dividends or cash rebates are given to members as a thank you for their support over the year, say many of the credit unions who have announced dividends, which often are based on a percentage of deposits a member has with the credit union. Credit unions provide these dividends in addition to offering members better rates as an added benefit for their member-owners. News Now
reported earlier dividends last month and earlier this month as well.
Here are some of the more recent payouts by credit unions:
- The $3.2 billion asset Ent FCU in Colorado Springs, Colo., returned $10 million to its members through a one-time Special Member Dividend. Based on their use of credit union products and services in 2011, members will be rewarded with dividends ranging from $25 to $1,000.
- ACIPCO FCU in Birmingham, Ala., paid its members a rebate for the 19th consecutive year. In 2011, the $133 million asset credit union collectively paid $1.4 million to more than 7,400 members.
- MECU of Baltimore paid its members an extraordinary dividend of a combined $1 million on Dec. 31. The $1.12 billion asset credit union also paid a $1.1 million loan interest rebate in November and more than $2 million in cash bonuses in June. MECU paid its members more than $4 million in cash bonuses during 2011.
- Omni Community CU in Battle Creek, Mich. paid its fourth annual Cashback Rebate to members Jan. 13. The $264 million asset credit union returned nearly $1 million to its membership--its biggest CashBack Rebate ever (Michigan Monitor Jan. 23).
- Sierra Central CU, a $598 million asset credit union in Yuba City, Calif., announced Jan. 1 it had paid a total of $1 million into dividends into members' accounts at year-end.
- Two Maine credit unions--Otis FCU in Jay, and Acadia FCU in Fort Kent, collectively provided members nearly $650,000 in bonus share dividends and loan interest rebates, said the Maine Credit Union League (Weekly Update Jan. 20).
- DATCU in Denton, Texas, paid a 2011 bonus dividend of $363,940 on Jan. 1 to its members--the $556 million asset credit union's third consecutive annual bonus.
- Pelican State CU, a $185 million asset credit union based in Baton Rouge, La., announced Jan. 17 that its board approved payment of $172,000 in bonus dividends to its membership. The payout is through a Special Member Dividend--a distribution of excess earnings based on the amount of interest members earned on deposits and paid on loans.
- Dannemora FCU in Plattsburgh, N.Y., paid its members a bonus dividend of $226,000 for 2011--the19th consecutive year the $106.3 million asset credit union has paid its membership a bonus.