SYRACUSE, N.Y.–Two more credit unions have announced year-end payouts and bonus dividends to members.
In New York, Empower Federal Credit Union has announced a $4.5 million member giveback.
Members in good standing will have their individual amount automatically credited to their primary membership share account (unless otherwise noted) by Jan. 1st. According to Empower FCU, the individual giveback represents a percentage of savings dividends earned and a rebate on loan interest paid for 2022, as well as Refer a Friend and MasterCard Giveback Rewards.
“We are pleased to announce the board of directors approved a $4,500,000 member giveback to our member-owners,” said Lori Verzillo, SVP/chief retail officer. “Over the past 15 years, Empower FCU has given back $48,500,000 to our member-owners. The strong financial year was thanks to our members-owners who take advantage of the products and services we offer.”
The $3-billion Empower FCU has more than 243,000 members.
Payout in Indiana
Separately, in Indiana Beacon Credit Union has announced a $1.8-million bonus dividend to members. The bonus dividend will be paid based on the daily average balance of total deposits from Jan. 1 through Nov. 30, 2022.
“Beacon’s not-for-profit model is what makes us such an attractive choice when it comes to banking. It enables us to return a portion of our earnings back to our members and makes this bonus dividend possible,” said President/CEO Kevini Willour. “We have provided a loan interest rebate over the years and continue to do so. We also understand our communities are experiencing tough times with inflation and we are more than excited this year to provide a bonus dividend on the deposit side, giving back even more to our members.”
Other Member Payouts
Other member payouts announced recently include:
- In Warner Robins, Ga., Robins Financial Credit Union has distributed $18 million in rebates to members, the fifth straight year the special payout has been made. Over that time, Robins Financial said it has returned to members more than $73 million to members.
- In Ogden, Utah, Goldenwest Credit Union paid out more than $3.75 million with its 2022 year-end bonus dividend.
- Wright-Patt Credit Union said it is paying an $11 Million Special Patronage Dividend this year, the largest in its history. The individual payouts are dependent upon relationships with the CU, with WPCU saying members can earn $15 just by having a debit card, using online or mobile banking, or having e-statements.
- In North Carolina, Fort Bragg FCU said it is paying $1 million to members as part of a “Loyalty Dividend,” bringing to $3.775 million the total it has paid out over the last five years. Payouts are based on deposit and loan relationships with the credit union, with some members receiving up to $500, FBFCU said.
- In Peoria, Ill., a $20-million Extraordinary Dividend is being paid out by CEFCU. Over the last 21 years, CEFCU said it has returned $380 million in Extraordinary Dividends to members.
- In Tennessee, Eastman Credit Union members will share in a $15 million Extraordinary Dividend. The payout will bring the total it has paid out since 1998 to $177 million returned to members since it began in 1998. We are excited to return this money to our members. This announcement is a direct result of our members’ loyalty, our employees' hard work, and our board's leadership," said Kelly Price, ECU's president and CEO.
- Panama City, Fla.-based Tyndall FCU, which paid out $13.7 million to more than 70,000 qualifying members.
- Tullahoma, Tenn.-based Ascend Federal Credit Union, which is returning $5 million to members in the form of bonus dividend payments, loan interest refunds and reward payments for loyal debit card use.
- Racine Wis.–based Educators Credit Union, which returned a record $5.1 million with its 2022 “Member Loyalty” payout.
- Midland, Mich.-based Dow Credit Union has announced a Member Giveback for 2022 of $14 million.