The $3.3 billion DFCU Financial in Dearborn, Mich. paid members a $21.8 million Special Patronage Dividend on Jan. 3, the credit union announced.
The amount equaled half of the credit union’s 2012 earnings and brought its total dividend payout amount over the past seven years to more than $130 million, the suburban Detroit institution said.
Members received 0.5% of their average yearly loan and deposit balances, including all savings accounts and loan balances, with each qualifying member receiving at least $50. This year’s average payout was $220 per member, DFCU Financial said.
“The DFCU Financial team works hard daily to operate an efficient, member-centric organization,” said Mark Shobe, president/CEO for the 214,000-member DFCU Financial. “We prudently manage every aspect of our business and we commit ourselves to operational excellence. This commitment to excellence is what allows us to pay out half our earnings and reward members with the Special Patronage Dividend.”
DFCU Financial said the annual payout has given its members, such as 31-year member Marc Gayeski, a much-appreciated bonus.
“In a household of five, receiving the dividend is very important,” Gayeski said. “Some may think the dividend is only a couple of cents, but it’s a significant amount. Last year, I was able to pay half our car payment with the dividend. This year, it will help to pay for a trip to Arizona to visit my wife’s 90-year-old aunt.”
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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.
