ANTIGO, Wis.–CoVantage Credit Union deposited a record $4.2-million in patronage dividends at year-end to members who borrowed or saved with the CU. The payout marks the largest patronage payment in the history of CoVantage Credit Union, which over the last five years has returned $17 million to members through the patronage. In all, the credit union has been paying out the special patronage for the past 40 years.
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 2020 interest paid on qualifying vehicle, home equity, in-house mortgage, credit card, and commercial loans.
In addition to patronage, CoVantage also provided nearly $100,000 to members through the CoVantage match for those enrolled in Change it Up, a debit card savings program. CoVantage said its members used their debit card more than ever, and collectively saved over $2 million through Change it Up.
“Part of our mission is to provide outstanding everyday value, and I am humbled to share that in September 2020 CoVantage was ranked second out of 5,200 credit unions nationally for providing great rates and low fees (by Callahan & Associates),” said President Charlie Zanayed. “This was the 14th year in a row CoVantage was honored to be in the top 1% of credit unions for outstanding member value. We are thankful for our members for allowing us to serve them and for the support they have provided us throughout this unusual year.”
The $2.3-billion CoVantage has more than 125,000 members.