ROCHESTER, N.Y.—Four more credit unions have announced bonus dividends, loan interest rebates and more, representing more than $34.8 million in total returned to members.
The payouts bring to more than $209 million the amount returned to members this season as tracked by CUToday.info.
Leading the way is ESL Federal Credit Union in New York, which announced a $25 million distribution to members as part of its annual Owners’ Dividend payout for 2022.
The payment was distributed to more than 390,000 members and is the second largest single payout in its history, the credit union reported.
With this latest distribution, ESL FCU said it has now shared more than $265 million with its members over the Owners’ Dividend 27-year history, including $100 million to members the last three years.
The ESL payout brings to more than $200 million the total payout in bonus dividends/loan interest rebates as tracked this season by CUToday.info.
“This payout based on 2022 financial results reaffirms our commitment at ESL to share our financial success with those who make it possible—our members,” said Faheem Masood, president and CEO of ESL Federal Credit Union. “We’re incredibly pleased to be able to deliver today’s $25 million Owners’ Dividend payout to our members, as we express our deepest gratitude for the trust and loyalty they show to us. Their support helps us stay on our path to helping Greater Rochester thrive and prosper.”
Changes to Distribution
The credit union said new with this distribution is that all members who are eligible to receive an Owners’ Dividend will automatically receive a $10 starting payout.
“This $10 payment allows more people to receive an Owners’ Dividend and effectively increases payouts for a significant portion of members,” the credit union said. “In addition to a $10 starting payout, ESL members receive an Owners’ Dividend based on established criteria, which includes account balances, card transactions, and relationships with the ESL Wealth Management teams.”
The $9.2-billion ESL FCU has more than 394,000 members.
Payout in Land of Enchantment
In Albuquerque, N.M., Nusenda Credit Union said it has paid out more than $7.7 million in “Earn Your Return” bonus dividends and Community Rewards to qualifying members.
In addition, qualifying business members received over $192,000 in Business Debit Card rewards, Nusenda reported, adding that since 2009, more than $65.4 million has been returned via dividends to the membership.
“We are proud to be giving back more than $7.8 million to our members this year,” said Nusenda President and CEO Joe Christian. “These rewards are a great example of the value we provide our more than 250,000 member-owners year after year as we focus on their financial well-being.”
Earn Your Return is a program based on the credit union’s economic performance as well as member’s use of credit union savings, deposits, and loans. Members can take advantage of higher savings rates and lower loan rates, and receive cash back each year.
‘Cashback Rebate’ in Michigan
In Battle Creek, Michigan, OMNI Credit Union said it has paid out approximately $1.8 million as part of its “Cashback Rebate” program.
“This is our 15th consecutive year of giving our members this rebate,” said CEO Ted Parsons. “We’re one of the very few financial institutions in Michigan that offers a rebate as a way of thanking our members for being a part of the OMNI family. It’s become a tradition and it’s one of our favorite things to do.”
‘Ownership Dividend’ in Oregon
In Oregon, Salem-based Valley Credit Union reported it paid its nearly 5,800 members an “Ownership Dividend” of $228,000. The payout was based on member usage of online services, checking and borrowing, plus a “legacy dividend” was paid to members of more than 20 years with the credit union, VCU said on its website.
The Industry Total
With the $34,828,000 million returned by the four credit unions, the total amount returned to members this season in the CUToday.info Tracker is now $209,070,759.57. In addition to the payout described above, other credit unions that have reported bonus dividends/interest 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.
- In Antigo, Wis., CoVantage Credit Union has paid out a $5-million Patronage Dividend to its members.
- In Sumpter, S.C., SAFE FCU paid $2.16 million to members
- In Pennsylvania, the $167.4-million Top Tier FCU is paying out $350,000 to eligible members this month.
- In Niagara Falls, N.Y., the $262-million Niagara’s Choice FCU said it is paying out $193,000 to its more than 24,000 members in the form of a bonus dividend and loan interest rebate.
- In Washington, PAHO/WHO FCU Paid a bonus dividend of more than $350,000
- In Texas, the $150-million Space City Credit Union has announced it is returning $175,000 to members.
- In Phoenix, Desert Financial Credit Union said it is paying out $16 million as part of its Member Giveback Bonus
- In Connecticut, Charter Oak FCU has awarded more than $815,000 in annual $100 cash bonuses to its Gold Rewards members
- In Kansas, the $391-million Skyward Credit Union has paid out a $300,000 bonus dividend.
- In Lenexa, Kan., CommunityAmerica reported it is returning a record-breaking $9.5 million back to its members through the CU’s Profit Payout program.
- In Nevada, Elko Federal Credit Union (EFCU) has announced a $500,000 bonus dividend and “community impact commitment.” The one-time bonus dividend consists of a $250,000 loan interest refund to EFCU’s borrowers, as well as a $50 per share dividend payment to its Moola Moola and Student Share Accounts, regardless of account balance.
- In Texas, evolve FCU said it is returning $1.75 million to members via a patronage dividend.
- In Jay, Maine, OTIS FCU said it has paid out a 5% bonus dividend and interest refund on to members, resulting in a total of $277,759.57 returned for the year 2022
- 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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