SUMTER, S.C.–SAFE FCU said it has paid out annual bonus dividends and interest rebates totaling more than $2.16 million—one of the highest givebacks in its history.
The SAFE giveback brings to more than $145.1 million the amount returned to CU members so far this season as tracked by CUToday.info.
According to SAFE, the 2023 bonus marked the 26th anniversary of its Member Giveback Program. Since the program’s inception it has paid its members more than $37 million in bonus dividends and interest rebates.
“Thanks to our members, 2022 was a record year for SAFE in many ways,” said President and CEO Michael Baker. “We are delighted to share a portion of SAFE’s net earnings directly with the amazing members who made it possible.”
How Payouts Were Calculated
SAFE said payments were calculated based on members’ account usage. Deposit accounts were given an 8.5% bonus based on dividends collected in 2022, while loan accounts received a 3.25% rebate based on total interest paid in 2022.
Unlike years past, SAFE said it extended its giveback criteria to include more than deposits and loans. In addition, this year members also were paid for using their debit card on average, more than 30 times per month.
“We are delighted to share such a large portion of SAFE’s earnings with our members this year,” said Board Chair Kay Oldhouser Davis.
Other Member Payouts
The payout by SAFE FCU brings to $145,110,000 million the amount reported by CUToday.info to date as being returned to members at year-end 2022.Other credit unions that have announced bonus dividends and loan rebates 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.
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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.
- 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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