JAY, Maine—Two more credit unions have announced year-end bonuses/refunds for members.
OTIS Federal Credit Union said it has paid its members an 8% bonus dividend and interest refund, resulting in a total payout of $392,239.
Over the past 14 years, OTIS FCU reported it has returned $5,015,215 to both its savers and borrowers via this annual practice.
“We are so excited to post our 14th Bonus Dividend and Interest Refund!” said OTIS President/CEO, Kim Turner. “I love how we can truly embrace the power of the Member Economic Participation Cooperative Principle by not only offering low loan rates, higher yields on deposits and maintaining lower fees, but we can give back to our owners, our members, a portion of our annual profit in the form of the bonus dividend and interest refund. This couldn’t be possible without the amazing team of employees at OTIS who work day-in and day-out to help our loyal members with their deposit and loan needs.” Added Darice Dubreuil, Vice President, “As far as we know, we are the only credit union in the state of Maine to do this. When we began this in 2005, I thought that this was a great way to reward our members for banking with us, especially where it rewarded both our savers and our borrowers. I am glad we can continue to do this year after year and am thrilled that we surpassed the five-million-dollar mark. This is simply amazing! This is another reason why banking with OTIS Federal Credit Union is different.”
Some Blue Skies at True Sky
Separately, in Oklahoma City, Okla., True Sky Credit Union said it is paying out year-end interest rebates and dividends of $96,716 to more than 50,000 members. The board doubled the year-end dividend from 2017 to assist with saving behaviors, the credit union said.
“True Sky Credit Union remains one of the few credit unions nationally that provide their membership with this reward,” said Sean M. Cahill, president/CEO. “Since 2000, we’ve given back more than $4.5 million to our members.”
Rebates and dividends were directly deposited into member savings accounts.
“Giving back to our members is a way we support our membership through our cooperative not-for-profit structure,” Cahill said.
True Sky Credit Union has approximately $580 million in assets.
With headquarters in Oklahoma City and eight branches in the greater metro area, True Sky Credit Union has been serving members for more than 72 years. Today, the credit union has 52,800 members in Canadian, Cleveland, Grady, Lincoln, Logan, McClain, Oklahoma, and Pottawatomie counties. Membership is open to anyone who resides, works, worships, or attends school in our eight-county service area. True Sky Credit Union has assets in excess of $580 million. Learn more about the credit union at TrueSkyCU.org.