CommunityAmerica CU to Pay $8.5 Million Special Dividend

Nine more credit unions have entered the tally for year-end special dividends, distributing $17.9 million among their 669,329 members.

The latest is CommunityAmerica CommunityAmerica Credit Union, Kansas City, Kan. ($3 billion, 242,056 members), which paid members $8.5 million Wednesday (Jan. 15) as Profit Payouts.

The amount comes out to about $35 per member based on total membership, and the credit union said the average was $107 per qualifying household. The amount was up from $8.4 million a year ago — about $36 per member or $94 per qualifying household.

With these nine credit unions, the season total rises to 38 credit unions paying $263.5 million in special dividends to 5.4 million members, or $49 per member. The amount represents about 0.35% of their combined $74.8 billion in assets averaged over the 12 months ending Sept. 30, the latest period with NCUA data available.

CommunityAmerica announced its special dividend under a banner on its homepage declaring “Happy Profit Payout Day.”

“Let’s be frank: we want to reward you for making us your financial go-to. That’s why the more products and services you have with us, the bigger your Profit Payout potential will be,” the credit union told members on its website.

CommunityAmerica’s special dividend represents 0.30% of its average assets, compared with its ROA of 0.83% for the 12 months ending Sept. 30.

The nine credit unions paid members $17.9 million in the past two months as special dividends, or about $27 per member. The amount represents 0.21 % of their combined $8.7 billion in average assets, compared with their ROA of 0.81% for the 12 months ending Sept. 30. Besides CommunityAmerica, the other eight credit unions are:

• Beacon Credit Union, Wabash, Ind. ($1.3 billion, 45,598 members) paid members $1.7 million Jan. 1 as loan interest rebates, or about $36 per member. The amount represents 0.13% of its average assets, compared with its ROA of 0.38% for the 12 months ending Sept. 30.
• First Financial Federal Credit Union, Lutherville, Md. ($1 billion, 66,571 members) paid members $2 million Dec. 31 as special dividends and rebates, or about $30 per member. The amount represents 0.20% of its average assets, compared with its ROA of 0.54% for the 12 months ending Sept. 30.
• Fort Bragg Federal Credit Union, Fayetteville, N.C. ($411.2 million, 38,653 members) paid members $721,000 Dec. 18 as Loyalty Dividends, or about $19 per member. The amount represents 0.18% of its average assets, compared with its ROA of 0.81% for the 12 months ending Sept. 30.
• Premier Federal Credit Union, Greensboro, N.C. ($187.3 million, 27,688 members) paid members $304,825 Jan. 1 as annual interest rebates, or about $11 per member. The amount represents 0.16% of its average assets, compared with its ROA of 1.35% for the 12 months ending Sept. 30.
• MembersOwn Credit Union, Lincoln, Neb. ($97.8 million, 8,420 members) paid members $200,000 Dec. 31 as bonus dividends and loan interest rebates, or about $24 per member. The amount represents 0.20% of its average assets, compared with its ROA of 0.65% for the 12 months ending Sept. 30.
• Niagara’s Choice Federal Credit Union, Niagara Falls, N.Y. ($193.5 million, 24,235 members) paid members $165,000 Dec. 20 as member loyalty payouts, or about $7 per member. The amount represents 0.9% of its average assets, compared with its ROA of 1.13% for the 12 months ending Sept. 30.
• Cedar Point Federal Credit Union, Lexington Park, Md. ($534.7 million, 43,954 members) paid members $330,000 in November as Special Dividends, or about $8 per member. The amount represents 0.6% of its average assets, compared with its ROA of 0.85% for the 12 months ending Sept. 30.
• ORNL Federal Credit Union, Oak Ridge, Tenn. ($2.3 billion, 172,154 members) paid members $4 million Oct. 18 as special dividends, or about $23 per member. The amount represents 0.18 % of its average assets, compared with its ROA of 1.1% for the 12 months ending Sept. 30.