ALBUQUERQUE, N.M.—Two credit unions have announced year-end bonuses for members that in total amount to $15 million.
Nusenda Credit Union reported its annual "Earn Your Return" program is giving back $8 million to members, which is $1 million than was returned last year.
The credit union credited part of its success to growth stemming from a rebranding in 2015 from New Mexico Educators FCU. Nusenda reported a 50% increase in deposits year-over-year and a 35% increase in loans. Membership also grew 9%.
This is the 11th consecutive year Nusenda has paid the bonus/refund to members. The CU said more than 150,000 members will receive a dividend with an average return of $85 and a maximum return of $2,000.
Meanwhile, in Kansas City, CommunityAmerica Credit Union said it is returning $7 million to members as part of its “Profit Payout,” with an average of approximately $90 going to every qualifying CACU household.
This is the fourth straight year the credit union has returned at least $5 million, and the 20th consecutive year overall that it has issued a dividend.
“The Profit Payout is such a differentiator for CommunityAmerica, and in recent years, it’s gone up nearly 40% annually,” said CEO Lisa Ginter in a released statement. “This is just one key way we help contribute to financial-peace-of-mind for this community. The growth of Profit Payout is the result of individuals and families discovering us and doing more business with us. We are fast-approaching our 200,000 member milestone, which is evidence that more and more of our community is embracing all the benefits that come with the credit union model that puts people first.”