Mark Shobe, CEO of the $3 billion DFCU Financial, praised the credit union's efficiency for being able to share $19 million with its 85,000 members through a patronage dividend.
"The reason the credit union is able to give members $19 million is because it runs so efficiently,"said DFCU Financial CEO Mark Shobe. "When I first arrived at DFCU Financial in 2000, it cost the credit union 78.5 cents to produce a dollar of revenue. Today the cost is 50 cents. That efficiency savings is significant and generates about $20 million in annual incremental income, which pays for the yearly dividend."
This is the fifth year the CU has shared year end excess with its members, totaling $90 million over the five years, the CU said.
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