LANCASTER, S.C.–Two more credit unions have announced payouts to members totaling $24 million, bringing to nearly $260 million the amount returned this season to members in the CUToday.info Tracker.
In South Carolina, the $4-billion Founders FCU used a commercial during the Super Bowl to announce it was returning $20 million to its members in the form of what it called a “Super Loyalty Bonus Dividend.” The funds were paid to members of its to Loyalty Select accounts and was based on the dividends earned and interest paid by them in 2022.
Founders FCU said it is its largest payout to date and that it has now returned more than $100 million to members in the form of bonus dividends since 1995.
“Founders appreciates our members in substantial ways that truly give back to them and help them achieve their financial goals,” said President and CEO Bruce Brumfield. “We chose to announce this exceptional Super Loyalty Bonus Dividend during Super Bowl LVII because it was worthy of some extra fanfare. We wanted to reach as many of our members as possible and we wanted to create excitement for them as well. We couldn’t do this without our members and their loyalty to us. Plus, we knew it would be an excellent marketing message to any non-Founders members in the audience. I mean if you aren’t banking with Founders, we just gave you 20 million reasons to change that.”
Bonus in North Carolina
In addition, in North Carolina, Coastal Credit Union announced it has paid out nearly $4 million in special dividends to eligible members through its Loyalty Bonus program. In all, the payout was shared among more than 79,000 members, Coastal CU said.
Coastal CU’s payout brings to nearly $240-million the bonus dividends, loan interest refunds and other rewards returned to members at year-end 2022 as compiled by the CUToday.info Tracker.
Coastal added that it returned a total of $71.4 million to members during 2022.
According to Coastal, the total Loyalty Bonus dividend is based on the credit union’s overall performance during the year, with individual shares calculated based on each member’s aggregate relationship (a function of year-end loan balances and average deposits), as well as their length of membership. Individual members received anywhere from $5 up to $300.
Over the past 12 years, Coastal said it has returned $33.2 million to members as special dividends.
A ‘Good Neighbor’
“A fundamental part of being a locally-based cooperative and a good neighbor is, we aren’t paying dividends to Wall Street investors,” said President and CEO Chuck Purvis. “Instead, that money stays right here in our community, rewarding the members who choose to do business with us every day.”
Each year, Coastal CU reported it also looks at its overall Member Giveback, the cumulative positive impact it makes by helping members save money on their everyday financial needs. For 2022, Coastal said it was able to identify more than $71.4 million that ended up back in members’ wallets, an average of $221 per member.
‘Bank Better to Live Better’
“Member Giveback represents the real impact we have on the financial well-being of our members.” added Purvis. “It quantifies how we deliver on our mission of ‘Bank Better to Live Better,’ and both Loyalty Bonus and Member Giveback exemplify Coastal’s core value of ‘Share Generously’ and the cooperative principle of Members’ Economic Participation.”
Other Payouts
The $24-million in combined payouts by Founders FCU and Coastal Credit Union brings to $259,995,772.57 the bonus dividends, loan interest rebates and more tracked by credit unions this season. Other that have announced payouts 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
- ESL FCU in Rochester, N.Y. paid $25 million to members as part of its Owner’s Dividend program.
- In Albuquerque, N.M., Nusenda Credit Union paid out $7.8 million in “Earn Your Return” bonus dividends and business debit card rewards.
- OMNI Credit Union in Battle Creek, Mich. paid $1.8 million to members as part of its “Cashback Rebate” program.
- Valley Credit Union in Salem, Ore. returned an “Ownership Dividend” of $228,000.
- 4 More CUs Announce Bonus Dividends, Loan Interest Rebates; Total Tops $225 Million as Tracked by CUToday.info
- In Texas, American Airlines has paid out a more than $10 million bonus dividend for 2022. The credit union said the total paid to each member is calculated based on dividends earned on qualifying share accounts and/or interest paid on auto loans, credit cards, mortgages, personal loans or student loans. In addition, there’s a multi-product $25 bonus for participation in a number of product categories, AAFCU explained on its website.
- In Phoenix, Arizona Financial Credit Union distributed a $6 million year-end bonus to members as part of the credit union’s Member Bonus Payout program.
- In Sylacauga, Ala., Heritage South Credit Union paid a 5% bonus dividend on interest earned and interest paid. In total, almost $250,000 will be paid out to HSCU members, the credit union said.
- In Louisville, Ky., calling it “one of the most impactful differences between credit unions and banks--the way in which they are structured,” Advanz Credit Union that totaled $75,013, or $8.75 a member.
- In Oklahoma, TTCU FCU said it is paying out $3.9 million in member rewards dividends were paid out to TTCU members in 2022, an increase of 7% over the previous year.
- In Las Vegas, the $1.1-billion Clark County CU has paid out $2.6 million as part of its Bonus Dividend program.
- In Washington, Bank Fund Staff CU announced for funds for its members, paying out $3 million in the form of a supplemental dividend. The $6.5-billion credit union noted in announcing the payment that it marked its 75th anniversary last year.
- In Utah, American United Credit Union has paid out $380,000 to members in the form of reward dividends. “Based on your relationship with American United and the products and services you use throughout the year, we offer a special end of year dividend to our members,” the credit union said on its website.
- In Fort Atkinson, Wis., $300,000 was paid out to members of Fort Community Credit Union in the form of a patronage dividend.
- In Georgia, the $20-million Rome Kraft Employees CU paid members a bonus dividend of approximately $80,000.
- 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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