HOUSTON–More credit unions are announcing bonus dividends and other year-end payouts.
Space City Credit Union said it is paying a $1 million bonus dividend to loyal members.
“We are incredibly excited to share this milestone with our members,” said Craig Rohden, CEO of Space City Credit Union. “Their trust and investment in our credit union have fueled our success, and this bonus dividend is a direct expression of our gratitude.”
According to the credit union, the bonus, which is a combination of bonus dividends ($750,000), loan interest refunds ($175,000), and checking rewards points ($75,000), will be distributed proportionally to all eligible members based on their qualifying deposit balances and activity throughout the year.
“This bonus dividend is just one way we say thank you to our members for being a part of the Space City CU family,” Rohden added. “We look forward to continuing to serve our members and building a brighter financial future together.”
Others with special year-end offers and dividends include:
High Rate Offer in Florida
In Florida, Ocala Community Credit Union offered its members a $500 certificate with a term of 12 months and a 6.25% APR and 6.40% APY.
‘Record-Breaking’ Payout in Tennessee
In Kingsport, Tenn., Eastman Credit Union has announced what it said is a “record-breaking $16 million” Extraordinary Dividend that will be paid to members in January 2024.
“This year’s Extraordinary Dividend amount is the largest ever,” said President and CEO Kelly Price. “We can attribute this success to our loyal members, hard-working staff, and the leadership and vision of our management and board of directors. It’s a grand finale to another great year.”
As CUToday.info has reported, Eastman CU annually pays some of the highest bonus dividends paid out by credit unions. ECU said its 2024 payout will raise the total given back to members to $193 million since 1998.
The $7.8-billion Eastman CU has more than 320,000 members.
The amount of interest members in good standing paid on loans and earned on deposits throughout the year determines each member’s Extraordinary Dividend deposit amount, ECU said.
“We hope people will see the value of ECU membership. We encourage them to open accounts, do more business with us, and discover the ECU difference for themselves,” said Price.
$1 Million Returned in Illinois
In Illinois, Edwardsville-based Scott Credit said it is paying out a bonus dividend and loan interest rebate totaling $1 million to members.
“This is just one of many advantages of doing business with a member-owned financial cooperative,” said CEO Frank Padak in a statement. “As a credit union, we believe in sharing our success with the members we serve. In fact, in the past 16 years, we’ve given back a remarkable $15.4 million to our members through the bonus dividend and loan interest rebate.”
SCU noted it has consistently returned a bonus dividend for the past 31 years and a loan interest rebate for the past 16 years.
Payout in Pennsylvania
In the Keystone State, Top Tier FCU said it will again be paying a special dividend to members in early 2024, with individual payouts based on individual member relationships.
“Over the past eight years a combined $2.55 million (has been) given back to members,” the credit union says on its website. “If you have loans or deposits at another institution, now is the time to bring their to the credit union….No other financial institution gives profits back to its customers.”
First-Time Dividend at Illinois CU
In Chicago, the $72-million Midwest Coalition of Labor Credit Union said it is paying its first-ever special dividend of $100,000. In a video on the credit union’s website, which can be viewed here, CEO Casey Martin said plans call for paying out more such dividends in the future.
“As you go, we go,” Martin says in the video.
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