MADISON, Wis. (1/28/08)--More credit unions nationwide have declared year-end dividends returned to their members. David Adams, president/CEO of the Michigan Credit Union League, referring to Dearborn FCU’s special dividend, said: “When is the last time that a bank sent their customers a little extra after a profitable year? As an industry, we can tout this special dividend as the credit union difference in action. This dividend represents the hard dollar differences between credit unions and banks.” The following credit unions have announced dividends:
* Dearborn FCU, Dearborn, Mich., declared a special dividend for more than 125,000 members, ranging from $50 to more than $10,000; * Clark County CU, Las Vegas, gave members their respective portions of a $6.96 million dividend payment, deposited directly into their savings accounts Jan. 8. The money is distributed, based on the amount of interest paid or earned by each of the credit union’s 38,700 members in the past year (PR Newswire Jan. 8); * Financial Plus CU, Des Moines, Iowa, gave its 12,000-plus members a bonus dividend payment, averaging $32.20, with the highest single payment totaling over $1,300; * The People’s FCU, Amarillo, Texas, paid more than $225,000 back to its members in the form of a bonus year-end dividend--the first bonus dividend in the credit union’s 55-year history (The Amarillo Globe-News Online Jan. 12); * Hanscom FCU, Hanscom AFB, Mass., gave its members more than $1 million in loyalty dividends, representing a 3% bonus on dividends earned and consumer loan finance charges paid in 2007 (Business Wire Jan. 9); * Scott CU, Collinsville, Ill., issued about $240,000 to its members in bonus dividends and, for the first time, loan interest rebates (Belleville News-Democrat Jan. 8); * Capital Educators FCU, Meridian, Idaho, declared an extraordinary dividend of 0.50% for its members, improving the fourth-quarter yield to 2.16% annual percentage yield (APY) from the usual rate earned on share accounts, which is currently 1.66% APY; * GPO FCU, New Hartford, N.Y., declared a 5% dividend bonus and a 4% interest rebate for 2007, totaling $300,733 paid back to its members (UticaOD.com Jan. 13); * Glatco CU, Spring Grove, Pa., offered members a 5% bonus dividend, and a 2% interest rebate on Dec. 31 (Life is a Highway Jan. 9); * Patriot FCU, Chambersburg, Pa., issued another bonus for the fourth quarter of 2007, bringing the total distribution back to members at more than $1 million. On Dec. 31, members received a 3% bonus on checking and savings interest earned between Oct. 1 and Dec. 31. Members also received a 3% rebate on interest paid for qualifying loans during the same period (Life is a Highway Jan. 9); and * Riverfront CU, Reading, Pa., declared an interest refund equal to 3% of interest paid on qualifying consumer loans for 2007, and declared a bonus dividend equal to 3.4% of dividends paid in 2007 (Life is a Highway Jan. 22).