The $3 billion DFCU Financial of Dearborn, Mich. announced it will pay eligible members a total of $21 million in dividends on Jan. 4.
DFCU Financial said it is the only credit union in the nation to have paid members an average of $18 to $20 million in dividends each year for the past six consecutive years, for a total of more than $110 million.
“People are still struggling in our area so instead of raising fees, we're putting more money in members' pockets,” DFCU Financial President/CEO Mark Shobe said. “The cash payout to members is our way to thank them for choosing DFCU Financial as their primary financial institution.”
DFCU Financial calculates payouts based on a member's relationship level with the CU. Eligible members receive a 0.5% dividend on their average loan and deposit balances, with each eligible member receiving at least $50, the CU said.
Dividend recipients include approximately 70,000 members in the metropolitan Detroit area, 7,000 in the Ann Arbor area, 5,000 in Grand Rapids and 3,000 in Lansing.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
