JAY, Maine–Credit unions in Maine and New York are the latest to announce bonus dividends and loan interest refunds based on their 2019 performances.
In Maine, OTIS Federal Credit Union said it posted a 9% bonus dividend and interest refund resulting in a total of $520,678.73 paid out to members for 2019. Over the past 15 years OTIS FCU said it has returned over $5,143,654 to both its savers and borrowers via this annual practice.
“We are thrilled to post our fifteenth bonus dividend and interest refund, surpassing the $5-million mark,” said Kim Turner, president/CEO of OTIS FCU. “Our existence and success are a result of our loyal members and dedicated employees. We know how hard our members work for their money. We want to ensure that they keep as much of their hard-earned money in their own pockets as possible, and our Bonus Dividend and Interest Refund is just one more way that we do that. This is a great way to say, ‘Thank you!’ to both our borrowers and savers – thank you!”
Payout in New York
Separately, in Silver Creek, N.Y., Northern Chautauqua Federal Credit Union has paid out an interest refund and bonus dividend for 2019.
The credit union is paying a 5% interest refund on all non-delinquent loan accounts, and a 2% for the fourth quarter.
The interest refund and dividends paid to members for the year totaled $10,994.37. NCFCU said it is proud the interest refund has been granted 47 times in its 50-year history.
The credit union, which was established in 1970, has as its membership base the employees, board members and families of the Silver Creek and Forestville school districts. It has 611 members and more than $3.6 million in assets. It is led by manager and CFO Edward Gallivan, who, with the board of directors, are “dedicated to the idea of affordable loans, high dividends, low interest loans and the greatest possible return to the members. The credit union has been able to accomplish this by keeping to the original principals of the credit union movement, which is a member owned savings and loan operation,” it said in a statement.