TRAVERSE CITY, Mich.—Two more CUs have announced year-end bonuses totaling nearly $5 million.
4Front Credit Union paid a $1,051,834.24 bonus dividend to its 33,000 members, for an average of about $32 per member.
"This is particularly significant for us because we were able to deliver it after really only a year of operating as a single organization," said Keith Carey, vice president of marketing at 4Front, in a statement. 4Front was formed by the merger of Members Credit Union and Bay Winds Credit Union.
"We hit most all of our targets," said 4Front CEO David Leusink, in a statement.
Meanwhile, in Syracuse, N.Y., Empower FCU said it is returning $3.25-million to its members as part of a “giveback” dividend and interest rebate. For eight years in a row, Empower reported it has given back a total of $20.75 million to its members.
John D. Wakefield, president/CEO of Empower, said strong financial performance in 2015 contributed to the increase in the giveback amount.
“This year was marked with many projects, enhancements and the merger with FocalPoint FCU. The changes that were implemented in 2015 will assist us in meeting the digital access needs of our members,” said Wakefield. “The giveback is a way of sharing Empower’s success with its member-owners, and a way to thank them for their membership.”
The amount each member receives represents a percentage on savings account dividends earned and a rebate on loan interest paid throughout the year.
Editor’s Note: In an earlier report CUToday.info incorrectly reported the bonus dividend paid by Clark County Credit Union in Las Vegas. It paid $3.081 million to members. Since 2000 the credit union has returned $53 million to members.