TULSA, Okla.–TTCU has announced it is paying out $3.5 million in bonus dividends. The credit union said the payout is a 10.5% increase over its payout one year earlier.
"Despite the pandemic, TTCU had an exceptional year," President and CEO Tim Lyons said. "This is a testament to the trust our members place in us in good times and bad."
TTCU reported deposits increased 20% over the course of the year, leading to an increase in member rewards payouts. TTCU said it also had a record year in mortgage production, as home loan rates remained relatively low throughout the year, leading to a 13% increase in overall loan balances, which further contributed to more members qualifying for member rewards dividends payouts.
"Our member rewards program is unique in that it pays dividends on loan balances," added CFP Shelby Beil.