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Six credit unions have announced they are paying $36.7 million in special dividends to 1.5 million members spanning the nation.
Nearly half is from Desert Financial Credit Union, which is paying members $16 million in January as a Member Giveback Bonus. The Phoenix credit union ($8.9 billion in assets, 472,620 members as of Sept. 30) is paying $34 per member and 19 basis points of its 0.86% return on average assets for the 12 months ending Sept. 30.
“The Member Giveback Bonus is just one of the many benefits of banking with Desert Financial,” Meshey said. “We’re committed to giving back in ways that truly matter to our members, and putting cash directly back into their pockets is one of the most impactful ways we can make a difference in their daily lives.”
The next largest amount is from CommunityAmerica Credit Union of Lenexa, Kans. ($5.4 billion, 336,484 members). The St. Louis area credit union announced Tuesday it had paid members $9.7 million this month as a Profit Payout. The amount represents about $29 per member and 19 bps of its ROA of 0.67% for the 12 months ending Sept. 30.
With this month’s payment, CommunityAmerica has now topped $100 million in special dividends since it began its Profit Payout program in 2012.
Other credit unions announcing dividends included:
- Elko Federal Credit Union of Elko, Nev. ($291.1 million, 17,630 members), which is paying members $1 million in January as a bonus payout. The amount represents about $57 per member and 36 bps of its ROA of 1.90% for the 12 months ending Sept. 30. Chair Thomas C. Ballew said this month’s payout is the largest special dividend in Elko FCU’s 65-year history. “This dividend is a testament to the hard work and dedication of our team, and it underscores our commitment to providing exceptional financial services to our members and the communities we serve,” Ballew said.
- SRP Federal Credit Union of North Augusta, S.C. ($1.8 billion, 194,166 members), which paid members $3.9 million Dec. 20 as a Loyalty Dividend. The amount represents about $20 per member and 22 bps of its ROA of 1.50% for the 12 months ending Sept. 30. “This Loyalty Dividend reflects our commitment to giving back to the members who make SRP Federal Credit Union strong and successful,” CEO Eric Jenkins said.
- Empower Credit Union of Syracuse, N.Y. ($3.8 billion, 277,374 members), which paid members $2.5 million Dec. 19 as a special dividend before its acquisition by Educators Credit Union of Racine, Wis., in a merger completed Jan. 1. The amount represents about $9 per member and 7 bps of its ROA of 1.01% for the 12 months ending Sept. 30. CU Times reported earlier that Educators CU ($3.4 billion, 232,481 members) paid members $5.2 million Dec. 1 as a Member Loyalty reward.
- Ascend Federal Credit Union of Tullahoma, Tenn. ($4.4 billion, 246,410 members), which paid members $3.5 million Nov. 15 as a member return program. The amount represents about $14 per member and 8 bps of its ROA of 0.87% for the 12 months ending Sept. 30.
Credit unions interested in sharing their special dividend announcements can email them to [email protected].
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