EL PASO, Texas–Credit unions in Texas and Maine are the latest to announce bonus dividends and loan interest refunds.
For the second year in a row, evolve Federal Credit Union has returned $2 million to its members with a Patronage Dividend.
“As a thank you to the membership for their loyalty to the credit union, evolve has once again given back a special Patronage Dividend,” the credit union said. “This dividend was determined by each member’s product relationship – each product was given a percentage value in the calculation of the Patronage Dividend – the more services used, the higher the return.”
More than 12,500 members received a deposit in their main share account.
"This Patronage Dividend is for those members who have made evolve Federal Credit Union their financial institution of choice,” said Ken Walters, president and CEO. “2016 was an exciting and very successful year for the credit union. As a cooperative, evolve understands we are only as successful as our membership makes us. With the implementation of our Membership Plan in 2015 and the loyalty of our members, evolve FCU is still the only credit union to give back a dividend of this magnitude in El Paso."
Separately, in Jay, Maine, Otis FCU has returned nearly $350,000 to its members in the form of a bonus dividend and interest refund. It is the 12th consecutive year the credit union has returned the funds through its “Cooperative Community Advantage Program.”
The program pays back 8% of the interest paid on consumer loans, real estate loans and VISA credit cards. In addition, the credit union gave a bonus of 8% on all dividends earned in 2016. Over the past 12 years, Otis FCU has given back over $4.25 million to its members.
“The recent news of the 190 mill workers that will be faced with layoffs in January made the decision to proceed with the Bonus Dividend and Interest Refund very easy for our board of directors and management team,” said OFCU CEO Roland Poirier, in a statement to the Maine Credit Union League. “At a time when many of our members are in limbo with the future of their current career, the Bonus Dividend and Interest Refund is a small token of our appreciation for the business they bring to Otis FCU.”