Desert Financial Paying Members $20 Million

Desert Financial Credit Union of Phoenix is paying members $20 million in special dividends by Feb. 1.

And another four credit unions are paying $10.4 million more, pushing CU Times’ tally for this season above the $300 million mark.

The $20 million Member Giveback Bonus from Desert Financial ($8.4 billion in assets, 448,776 members) represents about $45 per member and 24 basis points of its 1.23% return on average assets for the 12 months ending Sept. 30.

This year’s Member Giveback Bonus is up from $16 million a year ago and brings the total bonuses distributed to $90 million over the past seven years. In 2024, members who qualify will receive an average giveback bonus of $114.

“Our annual giveback bonus is what differentiates Desert Financial from a typical bank,” President/CEO Jeff Meshey said. “We are not beholden to stockholders, but to each of our members and their financial success.”

The next largest special dividend was announced Thursday, Jan. 25, by Nusenda Credit Union of Albuquerque, N.M. ($4.3 billion in assets, 265,530 members).

Nusenda is paying members $8.4 million in January in Earn Your Return bonus dividends and Community Rewards. The amount represents about $32 per member and 20 bps of its ROA of 0.57% for the 12 months ending Sept. 30.

In addition, qualifying business members received over $213,000 in Business Debit Card rewards.

“We are proud to give back more than $8.6 million to our members this year,” President/CEO Joe Christian said. “These rewards are just one of the many ways we support our more than 260,000 member-owners year after year as we focus on their financial well-being.”

The other three credit unions distributing special dividends were:

• Clark County Credit Union, Las Vegas ($1.1 billion, 52,611 members), which paid members $2.4 million Jan. 19 as a Bonus Dividend. The amount represents about $46 per member and 21 bps of its ROA of 1.33% for the 12 months ending Sept. 30. “For Clark County Credit Union, 2023 was a strong financial year,” President/CEO Matt Kershaw said. CCCU has now paid members $75.8 million over the past two decades.
• Partnership Financial Credit Union of Morton Grove, Ill. ($350.2 million in assets, 14,922 members), which paid members $311,000 Dec. 31 as interest rebates. The amount represents about $21 per member and 9 bps of its ROA of 0.61% for the 12 months ending Sept. 30. “This year, we had the opportunity to pay a cash rebate to our borrowers, which literally put money back in our members’ pockets,” President/CEO Mary Ann Pusateri said.
• Santa Barbara County Federal Credit Union, Santa Barbara, Calif. ($65.8 million in assets, 4,135 members), which paid members $263,300 Dec. 31 as a special dividend. The amount represents about $64 per member and 41 bps of its ROA of 1.83% for the 12 months ending Sept. 30.

Santa Barbara County President/CEO Jake Harbour said the board elected to pay a special dividend of $100 to all members in good standing — its first special dividend in the credit union’s 73-year history.

“The board is very excited to have the financial stability to pay this back to our members,” he said.

So far this season, CU Times has tallied 44 credit unions ($123.6 billion, 6.6 million members) that have announced $306.1 million in special dividends. The amount represents about $46 per member and 25 bps of their 12-month ROA of 1.05%.

Credit unions interested in sharing their special dividend announcements can email them to JDuPlessis@cutimes.com.