Money raining down on a woman and man. Credit/Shutterstock

Coastal Credit Union again distributed special dividends on Valentine's Day, distributing $4 million to members of the North Carolina credit union.

Coastal of Raleigh ($4.9 billion in assets, 331,089 members) paid members $4 million Wednesday as a Loyalty Bonus dividend. The amount represents about $12 per member, but payout was larger among the 81,000 members who qualified. It was also 8 basis points of the credit union's 0.83% return on average assets for the 12 months ending Sept. 30.

Four other credit unions paid members $2.8 million in special dividends, including $750,000 in January by Elko Federal Credit Union in Elko, Nev. ($262.5 million in assets, 16,901 members). Its bonus payout represents about $44 per member and 28 bps of its ROA of 1.86% for the 12 months ending Sept. 30.

Elko FCU Chair Thomas C. Ballew said the member dividend is the largest in the credit union's history. It included $450,000 in share bonus dividends and $300,000 in loan interest refunds.

"Our volunteer board is committed to ensuring EFCU provides quality banking and financial services within our Northeastern Nevada footprint," Ballew said. "The success of EFCU is a direct reflection of the success of our members and businesses we have the opportunity to serve."

The three other credit unions distributing special dividends were:

  • Texan Sky Credit Union of Dumas ($70.4 million in assets, 8,694 members), which paid members $500,000 in January as a bonus dividend. The amount represents about $58 per member and 70 bps of its ROA of 0.95% for the 12 months ending Sept. 30. Dumas is 47 miles north of Amarillo near the top of the Texas Panhandle.
  • Wymar Federal Credit Union of Geismar, La. ($148.7 million, 4,947 members), which is paying members $300,000 Feb. 21 as a special dividend. The amount represents about $61 per member and 20 bps of its ROA of 0.91% for the 12 months ending Sept. 30. Geismar is on the east bank of the Mississippi river between Baton Rouge and New Orleans.
  • Valley Credit Union of Salem, Ore. ($109.5 million in assets, 6,097 members), which paid members $250,000 in January as an ownership dividend. The amount represents about $41 per member and 24 bps of its ROA of 0.94% for the 12 months ending Sept. 30.

Valley's board voted to distribute an ownership dividend for the fifth year in a row. It was received by 78% of members, who received an average payout was $53.31. These funds were deposited into the member's ownership account, which currently earns 4.00%.

"As a credit union, we are focused on providing value to our members who are also our owners. We have a history of offering competitive rates, low fees and great service," President/CEO Pat Force said. "In 2023, we had great success in helping our members with their borrowing needs. We're proud to again share this special dividend with our members."

So far this season, CU Times has tallied 49 credit unions ($129 billion, 7 million members) that have announced $311.9 million in special dividends. The amount represents about $45 per member and 25 bps of their 12-month ROA of 1.04%.

Credit unions interested in sharing their special dividend announcements can email them to [email protected].

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Jim DuPlessis

A journalist for decades.