ANTIGO, Wis.–CoVantage Credit Union has paid out a $5-million Patronage Dividend to its members.
The payout marks the 42nd consecutive year it has paid out a patronage payment. Over just the past five years, the credit union has returned over $20 million to members, CoVantage said.
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 2022 interest paid on eligible vehicle, home equity, in-house mortgage, credit card, and commercial loans.
In addition to patronage, CoVantage Credit Union reported it also provided over $115,000 to members through the CoVantage match for those enrolled in Change it Up, a debit card savings program. CoVantage members saved nearly $2.3 million through Change it Up, the CU said.
The $2.9 billion CoVantage CU has more than 150,000 members.
A ‘Simple Mission’
“Part of our simple mission is to provide outstanding value, which we do through everyday great rates and low fees, including not charging overdraft fees on checking,” said President Charlie Zanayed. “I’m humbled to share that Callahan and Associates recently ranked CoVantage 3rd out of over 4,000 credit unions nationally for having great rates and low fees. As a direct result of our members’ feedback, CoVantage was also ranked the Best-in-State Credit Union in Wisconsin by Forbes and received the highest ranking of all credit unions in their national study.
“I want to be clear, that while this recognition is nice, what’s really rewarding is reading the terrific feedback our member-owners provide in our monthly surveys,” Zanayed continued. “For instance, our average Net Promoter Score this year is 89, among the best scores nationally for any business.”
Other CU Payouts
The payout by CoVantage CU brings to more than $138 million the amount reported by CUToday.info to date as being returned to members at year-end 2022.Other credit unions that have announced bonus dividends and loan rebates include:
- In Warner Robins, Ga., Robins Financial Credit Union has distributed $18 million in rebates to members, the fifth straight year the special payout has been made. Over that time, Robins Financial said it has returned to members more than $73 million to members.
- In Ogden, Utah, Goldenwest Credit Union paid out more than $3.75 million with its 2022 year-end bonus dividend.
- Wright-Patt Credit Union said it is paying an $11 Million Special Patronage Dividend this year, the largest in its history. The individual payouts are dependent upon relationships with the CU, with WPCU saying members can earn $15 just by having a debit card, using online or mobile banking, or having e-statements.
- In North Carolina, Fort Bragg FCU said it is paying $1 million to members as part of a “Loyalty Dividend,” bringing to $3.775 million the total it has paid out over the last five years. Payouts are based on deposit and loan relationships with the credit union, with some members receiving up to $500, FBFCU said.
- In Peoria, Ill., a $20-million Extraordinary Dividend is being paid out by CEFCU. Over the last 21 years, CEFCU said it has returned $380 million in Extraordinary Dividends to members.
- In Tennessee, Eastman Credit Union members will share in a $15 million Extraordinary Dividend. The payout will bring the total it has paid out since 1998 to $177 million returned to members since it began in 1998. We are excited to return this money to our members. This announcement is a direct result of our members’ loyalty, our employees' hard work, and our board's leadership," said Kelly Price, ECU's president and CEO.
- Empower CU in Syracuse, N.Y. is paying out a $4.5 million member giveback.
- In Philadelphia, Police and Fire FCU, which announced it returned $22-million to its members as part of its Member Bonus program during 2022.
- In California, Firefighters First CU said it paid out $2.1 million in “profit-sharing proceeds” to its nearly 60,000 members.
- In Illinois, the $1.7 billion Scott Credit Union paid its members a bonus dividend and loan interest rebate totaling $1 million.
- Panama City, Fla.-based Tyndall FCU, which paid out $13.7 million to more than 70,000 qualifying members.
- Tullahoma, Tenn.-based Ascend Federal Credit Union, which is returning $5 million to members in the form of bonus dividend payments, loan interest refunds and reward payments for loyal debit card use.
- Racine Wis.–based Educators Credit Union, which returned a record $5.1 million with its 2022 “Member Loyalty” payout.
- Midland, Mich.-based Dow Credit Union has announced a Member Giveback for 2022 of $14 million.
- In Indiana Beacon Credit Union has announced a $1.8-million bonus dividend to members.
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