DFCU Financial Credit Union of Dearborn, Mich., announced Monday it had paid members $22.2 million in special dividends.
The credit union ($6.6 billion in assets, 241,680 members) paid a Cash Back representing about $92 per member and 35 basis points of its 0.55% return on average assets for the 12 months ending Sept. 30.
Although it was the second-largest payout this season, it was down from the $40.8 million DFCU paid last January — the largest in the 2023-2024 season. The reduction reflected DFCU Financial’s sharply lower net income of $35 million in the 12 months ending Sept. 30, down from $65 million, or 1.06% ROA, in the prior 12 months.
This season, DFCU Financial’s special dividend is the second-largest so far. The largest was $55 million paid Dec. 2 by Citizens Equity First Credit Union (CEFCU) of Peoria, Ill. ($7.8 billion, 402,409 members).
CEFCU's Extraordinary Dividend represents about $137 per member and 72 bps of its ROA of 1.20% for the 12 months ending Sept. 30. Its $91 million in net income rose from $75 million, or 0.99% ROA, in the prior 12 months.
Four other credit unions also announced special dividends:
- OTIS Federal Credit Union of Jay, Maine, 30 west of Augusta ($257.4 million in assets, 11,514 members), which paid members $1.1 million Jan. 1 as a Bonus Dividend and Interest Refund. The amount represents about $93 per member and 43 bps of its ROA of 1.52% for the 12 months ending Sept. 30.
- Elevate Credit Union of Brigham City, Utah, 60 miles north of Salt Lake City ($273.4 million in assets, 14,772 members), which paid members $61,719 Dec. 27 as a bonus dividend. The amount represents about $4 per member and 3 bps of its ROA of 1.29% for the 12 months ending Sept. 30.
- PAHO/WHO Federal Credit Union of Washington, D.C. ($341.1 million in assets, 8,182 members), which paid members $340,000 Jan. 3 as a Bonus Dividends. The amount represents about $42 per member and 11 bps of its ROA of 0.34% for the 12 months ending Sept. 30.
- 1st Gateway Credit Union of Camanche, Iowa, on the Mississippi River ($158.9 million in assets, 10,597 members), which paid members $400,000 Dec. 31 as Annual Bonus Dividends. The amount represents about $38 per member and 25 bps of its ROA of 0.80% for the 12 months ending Sept. 30.
“Our goal has always been to share our success with those who matter most — our members,” Drennen said. “This $400,000 return is just the first step in our S.O.S. program. We have even more exciting initiatives planned for 2025 that will continue this tradition of giving back.”
So far this season, CU Times has tallied 35 credit unions ($85.5 billion, 4.1 million members), which have announced $212.1 million in special dividends. The amount represents about $51 per member and 26 bps of their 12-month ROA of 0.97%.
Credit unions interested in sharing their special dividend announcements can email them to [email protected].
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