HOUSTON–First Service Credit Union here has paid a patronage dividend to members, with some receiving as much as $900.
First Service said that each member's portion of the credit union's earnings dividend was based on the number of financial products and services they used during 2015. In all, First Service has shared some $300,000 with members, with the money automatically deposited into member accounts on Dec. 31.
“Unlike banks, we are a cooperatively owned financial institution that exists solely for our member-owners,” said Dave Bleazard, president of First Service Credit Union. “It is because of our members’ loyalty we’ve been experiencing dramatic year-over-year growth in assets. The patronage dividend allows us to give back to our members part of the profits they helped us generate. We exist to serve and financially empower our members. This is just a small way we can thank members for their support.”
The $572-million First Service has nearly 56,000 members.
A list of other CUs that have paid bonuses and rebates this year can be found here.