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Michigans largest CU gives 17 million dividend
DEARBORN, Mich. (10/31/08)--DFCU Financial FCU’s board of directors approved a $17 million dividend to be distributed the first week of January. The dividend is the largest in the history of credit unions, according to DFCU Financial. The minimum dividend eligible members will receive is $50. During the past three years, members had received more than $50, which is a considerable amount considering the difficult economic climate in Michigan, said the $1.991 billion asset, Dearborn, Mich.-based credit union. The special patronage dividend is a way for DFCU Financial to thank members, said Mark Shobe, DFCU president/CEO. “For the past seven years, we’ve worked hard to become an efficient, healthy and well-capitalized credit union so that we are able to give back and help our members in many ways--more branches, investment advisory services, free budget and credit counseling, our no-payment/no-interest loans for workers and the special dividend,” Shobe said. Roughly 133,000 people--125,000 who are Michigan residents--are scheduled to receive the dividend.
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