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News Now

CU System
Several CUs announce dividends
MADISON, Wis. (12/17/07)--A number of credit unions announced the distribution of dividends to their members, including a dividend of $6 million by CEFCU in Peoria, Ill. CEFCU’s dividend was based on members’ savings and loan activity during 2007, with $3 million going to borrowers and $3 million to savers. The amount each member received was determined by dividends earned and interest paid as of Nov. 30. On Dec. 10, CEFCU dividends were deposited into members’ accounts. “Members have been extremely responsible in handling their loans, and staff continue to be diligent in their efforts to control expenses, which allows CEFCU to return more to members,” said Helen J. Young, CEFCU board chairman. CEFCU has $3.3 billion in assets. Eastman CU in Kingsport, Tenn., recently approved a $4 million dividend, which will be deposited into members’ savings accounts in 2008. The dividend was so large because of the institution’s capital position, cost-effective management, and members’ extensive use of products and services, said Eastman CU CEO Olan O Jones Jr. (TimesNews.net Dec. 13). SB1 FCU of Philadelphia gave its members a dividend worth more than $1 million last week (Life is a Highway Dec. 14), and Hawaii State FCU in Honolulu distributed $2 million to members in bonus dividends and loan interest rebates. The bonuses and rebates were based on dividends earned and interest paid from Jan. 1 through Sept. 30. This year is the 12th consecutive year that Hawaii State FCU has returned money to its members, according to President Deborah Kim (Honolulu Advertiser Dec. 12).


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