Qualified members of the $3 billion, Dearborn, Mich.-based DFCU Financial will receive an estimated total of $21 million in dividend payouts, equivalent to half of DFCU Financial's annual earnings, on Jan. 4, the credit union announced this week.
DFCU Financial said this is the seventh consecutive year it has returned half of its earnings to members and that it's the largest dividend paid by any credit union in the country. Since 2006, the credit union has returned more than $130 million to members, DFCU Financial said.
“The cash payout to members is our way to thank them for choosing DFCU Financial as their primary financial institution,” said Mark Shobe, president/CEO for DFCU Financial. “Our team works hard to operate an efficient, well-managed organization, which is the reason we can offer this unique benefit of membership.”
Individual dividend payments will be equal to 0.5% of members' average yearly loan and deposit balances, including all savings accounts and loan balances. Each qualified member will receive at least $50, the credit union said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
