ANTIGO, Wis. — CoVantage Credit Union said it has paid out a record $4 million patronage dividend to its members.
The credit union noted the amount is more than double what was paid out five years ago, and a $600,000, increase over what it paid at the end of 2018. CoVantage said it has paid a patronage dividend to members for the past 39 consecutive years.
“In the last three years alone, our patronage program has returned over $10 million to members,” said CoVantage Board Chairman Lee Siler, “On behalf of the directors, I want to extend my thanks for new and long-time members, and for all who make their loan payments on time, as ongoing low delinquency was also a factor in this record return.”
CoVantage CU’s patronage includes a bonus on dividends as well as a loan interest rebate. CoVantage depositors received a 5% bonus on dividends earned on eligible savings, term share certificates and variable rate accounts. Borrowers received a rebate of 5% of their total 2019 interest paid on qualifying vehicle, home equity, in-house mortgage, credit card, and commercial loans.
More Spending on ‘Change it Up’
CoVantage said it also provided nearly $100,000 to members through the CoVantage match of the Change it Up debit card savings program.
“This year more members than ever are spending and saving with their CoVantage debit card and have collectively saved over $2 million through Change it Up,” the credit union said.
Added President Charlie Zanayed, “Part of our mission is to provide outstanding everyday value, and I’m humbled to share that in September 2019, CoVantage was ranked 4th out of 5,400 credit unions nationally for providing great rates and low fees. This was the 13th year in a row CoVantage was honored to be in the top 1% of credit unions for providing outstanding value. Thank you for allowing us to serve you and for allowing your credit union to continue to do well by doing good.”