Money rain.
Credit unions from Tennessee and Michigan account for the bulk of $35.9 million in special dividends paid in December and January by five credit unions.
Eastman Credit Union of Kingsport, Tenn. ($8.9 billion, 340,167 members) said it is paying members $16 million in January as an Extraordinary Dividend based on its strong financial performance.
Dow Credit Union of Midland, Mich. ($2.3 billion in assets, 82,348 members), is paying members $18.5 million in January as a Member Giveback. The amount represents about $225 per member and 83 basis points of its 0.69% return on average assets for the 12 months ending Sept. 30.
Dow President/CEO Michael Goad the Giveback program is a way for the credit union to thank members for their trust and loyalty.
“Our long-standing tradition of sharing success by returning a portion of our earnings reflects our commitment to putting members first,” Goad said. “We always look forward to hearing how members plan to use their Giveback funds, whether it’s to take a dream vacation, tackle home improvement projects, or save for education and retirement goals.”
Dow has now announced a special dividend in each of the last 44 years, and the January 2025 payout brings its total to more than $313.5 million. Last year’s Member Giveback was $19.7 million.
Eastman’s special dividend represents about $47 per member and 19 bps of its ROA of 1.59% for the 12 months ending Sept. 30.
“To thank borrowers and savers for their loyalty, Eastman Credit Union’s board of directors has approved our Extraordinary Dividends since 1998,” Eastman President/CEO Kelly Price said.
It has paid $209 million since 1998 based on the interest paid on loans and earned on deposits throughout the year.
Other credit unions announcing dividends were:
- Fort Liberty Federal Credit Union of Fayetteville, N.C. ($620.6 million in assets, 39,325 members), which paid members $1.1 million in December as a Loyalty Dividend. The amount represents about $29 per member and 19 bps of its ROA of 1.02% for the 12 months ending Sept. 30. Since 2018, it has given back nearly $6 million.
- Community Choice Credit Union of Denver ($98.5 million in assets, 6,701 members), which paid members about $134,000 Dec. 30 as a special dividend. The amount represents the $20 paid to each member and 14 bps of its ROA of 1.03% for the 12 months ending Sept. 30.
- Niagara’s Choice Federal Credit Union of Niagara Falls, N.Y. ($251.5 million in assets, 22,390 members), which paid members $170,000 Dec. 19 as a member loyalty payout. The amount represents about $8 per member and 7 bps of its ROA of 0.52% for the 12 months ending Sept. 30.
So far this season, CU Times has tallied 30 credit unions ($77.9 billion, 3.8 million members), which that have announced $188 million in special dividends. The amount represents about $49 per member and 25 bps of their 12-month ROA of 1.01%.
Credit unions interested in sharing their special dividend announcements can email them to [email protected].
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