OLEAN, N.Y.–To mark hitting the $300 million in assets threshold, Olean Area FCU is paying out a $1 million dollar “special member dividend” to reward members for their participation.
It is the first special dividend to be paid to members by Olean Area FCU, founded by the employees of Dresser Clark in 1972, according to the Olean Times Herald.
Each member’s share in the $1 million is being deposited into their primary share savings, the credit union reported. Dividends are from $5 to $100 on deposit and/or loan balances.
The credit union has created an online calculator (oleanareafcu.org/member-dividend) that allows members to enter deposit- and loan-related information to determine how much they will receive.
CEO Stephen Foster told the publication that as a member-owned cooperative the credit union is in a “unique position to be able to give back, we are well capitalized and financially sound.”
The credit union has approximately 19,000 members.