EL PASO, Texas–Two more credit unions have announced patronage and bonus dividends for members.
In Texas, evolve FCU said it is returning $1.75 million to members via a patronage dividend.
The patronage dividend is being distributed to evolve FCU members based on their product relationship and membership levels.
evolve FCU’s payout, along with that also announced by OTIS FCU, brings to more than $175 million the bonus dividends and loan interest rebates paid by credit unions this season as tracked by CUToday.info.
“Each product is given a percentage value and then calculated to determine the patronage dividend payout amount,” the $345.8-million credit union explained.
Since 2015, evolve FCU said it has paid a total of $15.5 million back to its members who have chosen to make evolve FCU their financial institution of choice.
‘Paid Off For All of Us’
“evolve FCU’s board of directors and staff are proud to announce that the patronage dividend was paid again for 2022,” said CEO Ken Walters. “As we all know 2022 was a turbulent year, particularly going into the fourth quarter, but evolve FCU’s business decisions early in the year paid off for all of us and we can once again pay the patronage dividend to the tune of $1.75 million to our members. evolve FCU is the only credit union in El Paso to pass along over $15 million to our members since 2015. As president/CEO, I would like to thank our members for their loyalty as that is the key to our success and our ability to pay the patronage dividend.”
Bonus in Maine
In addition, in Jay, Maine, OTIS FCU said it has paid out a 5% bonus dividend and interest refund on to members, resulting in a total of $277,759.57 returned for the year 2022. Over the past 18 years, OTIS FCU said it has returned more than $6 million to both its savers and borrowers via this annual practice.
“For all of us at OTIS, 2022 was a year of change. We want to thank our members for working with staff as they endeavored to navigate those changes,” OTIS FCU President/CEO Chris Bouchard stated. “The 5% bonus dividend and interest refund was a result of the credit union’s success last year, and we were grateful to return it to our members.”
Other Payouts
The total amount returned to members this season in the CUToday.info Tracker is now $175,070,759.57. In addition to the payout by evolve FCU and OTIS FCU, other credit unions that have reported bonus dividends/interest loan rebates 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.
- Empower CU in Syracuse, N.Y. is paying out a $4.5 million member giveback.
- In Philadelphia, Police and Fire FCU, which announced it returned $22-million to its members as part of its Member Bonus program during 2022.
- In California, Firefighters First CU said it paid out $2.1 million in “profit-sharing proceeds” to its nearly 60,000 members.
- In Illinois, the $1.7 billion Scott Credit Union paid its members a bonus dividend and loan interest rebate totaling $1 million.
- In Antigo, Wis., CoVantage Credit Union has paid out a $5-million Patronage Dividend to its members.
- In Sumpter, S.C., SAFE FCU paid $2.16 million to members
- In Pennsylvania, the $167.4-million Top Tier FCU is paying out $350,000 to eligible members this month.
- In Niagara Falls, N.Y., the $262-million Niagara’s Choice FCU said it is paying out $193,000 to its more than 24,000 members in the form of a bonus dividend and loan interest rebate.
- In Washington, PAHO/WHO FCU Paid a bonus dividend of more than $350,000
- In Texas, the $150-million Space City Credit Union has announced it is returning $175,000 to members.
- In Phoenix, Desert Financial Credit Union said it is paying out $16 million as part of its Member Giveback Bonus
- In Connecticut, Charter Oak FCU has awarded more than $815,000 in annual $100 cash bonuses to its Gold Rewards members
- In Kansas, the $391-million Skyward Credit Union has paid out a $300,000 bonus dividend.
- In Lenexa, Kan., CommunityAmerica reported it is returning a record-breaking $9.5 million back to its members through the CU’s Profit Payout program.
- In Nevada, Elko Federal Credit Union (EFCU) has announced a $500,000 bonus dividend and “community impact commitment.” The one-time bonus dividend consists of a $250,000 loan interest refund to EFCU’s borrowers, as well as a $50 per share dividend payment to its Moola Moola and Student Share Accounts, regardless of account balance.
- 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.
- In Indiana Beacon Credit Union has announced a $1.8-million bonus dividend to members.
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