Wright-Patt Credit Union has paid its members more than $5 million in the form of a special patronage dividend following an announcement on Dec. 1 that the credit union would return excess earnings to its members for the fourth consecutive year.
The dividend, which is $1 million more than last year, is only possible because more than 215,000 member-owners brought their savings, checking, auto loans, mortgages and credit card accounts to Wright-Patt, the Ohio credit union said.
The amount of the patronage dividend paid to members varies based on the types of relationships held with the $2.2 billion Wright-Patt, based in the Dayton suburb of Fairborn. Ohio. The more accounts and services the member has the greater the reward.
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"It's our goal, our pledge to members, that we will always operate Wright-Patt Credit Union with the best interests of the people we serve in mind," said Doug Fecher, president and CEO of WPCU, which has paid its members more than $16 million in such dividends since January 2009.
"That's the beauty of the cooperative system – no investors demanding a return on their investment, just hardworking people who want to make the most of their money. We wanted to thank our members for their loyalty by paying them back with this special patronage dividend," Fecher said.
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