ANTIGO, Wis.—The $3.7-billion CoVantage Credit Union this year returned a record $6.5 million in a patronage dividend to its members, the CU reported.
In the last five years, over $27 million has been returned to members specifically through patronage, CoVantage said.
“I am grateful to be part of a credit union that truly lives their mission like we do at CoVantage,” said CoVantage Board Chair Dennis Haltinner. “As the credit union grows and more members come to us with their savings, checking and other deposits, we loan those dollars out, so other members can buy a home, purchase a car, or in some cases, start a business.”
Haltinner explained that when he and the board and I meet at year-end, the team evaluates how much income is needed in reserves to protect the credit union, cover operating expenses and fund regular dividends.
“Because of our financial strength, we were thrilled to be able to give back $6.5 million—a $500,000 increase over what was provided last year and the largest patronage payment ever,” he said.
The year-end patronage payment includes a bonus on dividends earned for those who save, and a loan interest rebate for those who borrow. CoVantage depositors received a bonus on dividends earned on eligible certificate, money market, and savings accounts. Borrowers received a rebate of their total 2024 interest paid on eligible vehicle, home equity, in-house mortgage, credit card, and commercial loans.