Sandia Laboratory Federal Credit Union of Albuquerque, N.M., has paid $10 million in dividends to members, while two other credit unions announced annual dividends worth a total of $5.9 million.
Sandia Laboratory FCU ($2.32 billion in assets, 83,553 members) paid the special dividend Dec. 2 based on the dividends members already earned on all deposit accounts, including IRAs, for the past 12 months.
President/CEO Robert Chavez said the credit union “has weathered the tough economic times of the last several years and has built its reserves beyond the point of what's needed for adequate safety and soundness, so we're returning a portion of the reserves back to our members.”
Sandia Laboratory FCU, New Mexico's largest credit union, announced plans in October to merge with the state's fourth-larges – Albuquerque-based Kirtland Federal Credit Union ($763 million in assets, 46,767 members). Assuming member and agency approvals, the merger might not be completed until 2018.
Founders Federal Credit Union distributed a $4.5 million annual dividend to its members Dec. 1. The Lancaster, S.C.-based credit union posted the dividend to about 117,000 member accounts based on the amount of interest they have paid on loans or dividends earned on deposits since Jan. 1.
This is the fourth year in a row Founders ($2.0 billion in assets, 209,537 members) has paid out their Loyalty Dividend. Over the past 24 years, Founders has paid out more than $50 million in bonus and Loyalty Dividends to its members.
The credit union was founded in 1950 to provide financial services to the employees of textile manufacturer Springs Industries, then based in Fort Mill.
Goldenwest Federal Credit Union based in Ogden, Utah, announced it will pay members a $1.4 million annual bonus dividend Dec. 31.
The credit union's board approved the one-time dividend in November. It is based on a 4.15 annual percentage yield applied to each member's average daily balance of shares during 2016. For 13 consecutive years, Goldenwest ($1.22 billion in assets, 112,165 members) has collectively returned $9.4 million to members through the bonus dividend program.
“The active participation of members both borrowing and saving has contributed to a year of strong growth and productivity for Goldenwest,” President/CEO Kerry Wahlen said.
Goldenwest announced in October that it plans to merge with Salt Lake City-based Health Care Credit Union ($76 million in assets, 7,603 members). The deal is expected to be completed by the end of March 2017.
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.
