EL PASO, Texas – evolve FCU is paying out a $2-million patronage dividend to members.
The patronage dividend is being distributed based on members’ product relationship and membership levels.
The $361-million credit union said each product is given a percentage value and then calculated to determine the patronage dividend payout amount. Thousands of members have had the dividend deposited into their accounts, evolve FCU said.
“evole FCU was fortunate in 2021 as we had some things not budgeted to go our way,” said CEO Ken Walters. “This has allowed us to pass along that good fortune to our membership with our patronage dividend. When the credit union does well, our business model is predicated upon the idea that we pass that along to our membership. This patronage dividend was not planned but developed over the year as different items helped us post a positive net income figure. Many factors come into play when the patronage dividend is paid to our members; they all came together for 2021.”
The credit union has approximately 18,000 members.
Additional information on how the patronage dividend works can be found here.