PEORIA, Ill.–Four more credit unions have announced new extraordinary dividends and loan interest refunds to members, including a record $50 million from CEFCU.
For CEFCU members, the amount each member received was determined by dividends earned and interest paid during the first 11 months of the year.
Over the last 19 years, CEFCU has returned $280 million in Extraordinary Dividends to members.
“Credit Unions exist for members, not for profit. When business is good, those benefits are returned to the member/owners, and the Extraordinary Dividend is just another affirmation of CEFCU’s commitment to members,” said President/CEO Mark Spenny. “It is rewarding to directly share our financial success with members, the people that made it happen.”
The $5.9-billion CEFCU has more than 336,000 members.
Meanwhile, in Sumter, S.C., SAFE FCU has paid out more than $1.2-million in bonus dividends and interest rebates to its members.
The payments were based on members’ account usage. Deposit accounts, including certificates, received a 10% bonus based on dividends received in 2018. Loan accounts (except credit cards) received a 3% rebate based on total interest paid in 2018.
SAFE said it has paid more than $31 million in bonus dividends and interest rebates to its members over the last 22 years.
“That’s part of what makes credit unions different and it’s what helps SAFE stand out from other choices you have when it comes to banking,” said SAFE’s president and CEO, Darrell Merkel.
The credit union has approximately 125,000 members.
Andigo, Scott Pay Bonuses
In Schaumburg, Ill., Andigo Credit Union said it has paid out an “Owner Participation Dividend” of $1 million. It is the sixth time the credit union has made such a payout since 2010.
And in Edwardsville, Ill., Scott Credit Union has declared a bonus dividend and loan interest rebate of $570,000 to members.
Scott Credit Union said it gave active members an additional 1.00% annual percentage yield bonus dividend on their deposits and a rebate of 1.00% on interest paid this year on any loan or credit card.
Over the past 11 years, Scott Credit Union noted it has given bonus dividends and loan interest rebates back to members totaling over $11 million.