SIDNEY, Mont. —Richland Federal Credit Union has declared a special dividend of $300,000 to be distributed to its share account holders.
The payout represents a 0.50% interest payment on 2023 average share account balances, according to the $106.1 million Richland FCU.
“While direct payments to members are relatively rare in the financial industry, this is the second time in the last five years that RFCU, a financial cooperative, has distributed a dividend to its member- owners,” the credit union said.
Richland FCUI said a prior distribution of $250,000 was made for fiscal year 2018.
“It is a pleasure to once again be able to say thank you to our members for entrusting their money with us,” said Board Chair Beth Redlin. “It is gratifying to reward our members for investing in our cooperative and its future, especially given the modest returns depositors at banks and financial cooperatives have received on their money over the past several years. This is a unique feature of financial cooperatives where earnings go to benefit our member-owners, when conditions allow, through dividends paid directly to our member-owners, not to outside investors.”
‘Very Loyal Members’
Added CEO Korey Hagan, “Special circumstances create these opportunities in the credit union world and that is what we have here at RFCU again in 2023. We have very loyal members that throughout the year trust in our financial management and decision-making and believe in our continual commitment to bringing value to our members today and those in the future.”
Richland FCU has approximately 5,000 members.