OGDEN, Utah–Goldenwest Credit Union has announced it will pay members a year-end bonus dividend of $1,750,000. The latest payment brings to 14 the number of consecutive years Goldenwest has paid such a bonus, collectively returning $11,225,000 to members.
The one-time dividend of 4.20% annual percentage yield (APY) is paid on primary shares, secondary shares, Christmas Club shares, and IRA shares. Based on the average daily balance of shares during 2017, the Bonus Dividend is paid for the month of December only. The one-time dividend is paid in addition to the monthly dividend, which was declared by the board at 0.10% APY. The total dividend paid for the month of December will be 4.30% APY, the credit union said.
“Fourteen years ago, the board of directors voted to return a significant portion of the credit union’s earnings back to our member-owners in the form of a bonus dividend,” said GCU Chairman Bill Hart. “Since that time, it has become a point of focus for the board to provide a higher dividend at the end of each year. We believe the Bonus Dividend program is an important part of the credit union’s mission of a financial cooperative.”
“2017 has been a remarkable year for Goldenwest, with record financial performance in lending and insurance services,” added President/CEO Kerry H. Wahlen. “With more loan and insurance experts on staff to better serve members, our loan portfolio exceeded $1 billion, and our insurance division has surpassed $50 million in premium.”
In a statement on the credit union’s website, Wahlen noted that Goldenwest continues to be well-positioned to meet the needs of its growing membership, which is evident through the merger with Healthcare Credit Union, the addition of a health insurance brokerage, and the opening of three branches featuring personal teller machines in the past year.
“Goldenwest has invested in product offerings and technology upgrades to provide members with the resources they need to succeed wherever they are in their financial lives…from young people just getting started to mature individuals enjoying retirement, and everyone in between,” continued Wahlen.
The $1.4-billion Goldenwest Credit Union serves 127,000.
Other credit unions that have recently announced year-end dividends and loan interest refunds include:
- Summit Credit Union, Madison, Wis., which is paying out $2.08 million in what it calls a “Cash Boomerang, to its members.
- Ascend Credit Union, Tullahoma, Tenn., which is paying out $5 million in bonus dividends and loan interest refunds.
- Andigo CU, Schaumburg, Ill., which is paying a $1 million “participation dividend” to its members in January.