Cash
ESL Federal Credit Union of Rochester, N.Y., paid members $29 million this month, and credit unions in Connecticut and Michigan added another $2.9 million to the season’s special dividends.
ESL ($9.6 billion in assets, 450,642 members as of Sept. 30) paid members $29 million Jan. 17 as an Owners’ Dividend. The amount represents about $64 per member and 31 basis points of 0.82% return on average assets for the 12 months ending Sept. 30.
More than 420,000 eligible ESL members received an Owners’ Dividend this month, the credit union said in a Jan. 17 news release. Following this payout, ESL has now shared more than $320 million with its members through the Owners’ Dividend since 1997, including $154 million paid to members since 2020.
The credit union said its Owners’ Dividend payout was made based on the credit union’s most recent annual financial activity.
“This $29 million in earnings paid out to our members ensures we are sharing our financial success with those who directly contribute to it,” President/CEO Faheem Masood said. “We extend our heartfelt thanks to our members for their ongoing support, as it is their trust and loyalty in us that has allowed this dividend to be paid out each year for almost 30 years.”
ESL’s payment represents the third largest payout in the Owners’ Dividend’s history, and a 16% increase over the January 2024 distribution. It paid $35 million through two payments for the 2020-2021 season, and paid a record $40 million in January 2022, which represented about $100 per member and 48 bps of its ROA of 2.15% for the 12 months ending Sept. 30, 2021.
The other special dividends this season were paid by Charter Oak Federal Credit Union of Waterford, Conn. ($1.6 billion in assets, 88,138 members) and OMNI Community Credit Union of Battle Creek, Mich. ($576.9 million in assets, 45,826 members).
OMNI paid members $1.8 million Jan. 17 as a Cashback Rebate. The amount represents about $38 per member and 30 bps of its ROA of 1.49% for the 12 months ending Sept. 30.
OMNI has now returned more than $22 million to members since the program began in 2008. The Cashback Rebate program calculates rebates based on qualifying account balances, and is designed to ensure that members directly benefit from the credit union’s success.
“The Cashback Rebate program is just one of the ways we express our gratitude to members,” President/CEO Mark Cramer said. “It’s a reflection of our commitment to serving our members and strengthening our community.”
Charter Oak paid its 8,600 Gold Rewards members $100 each in annual cash bonuses in December. The $860,000 represents about $10 per member and 6 bps of its ROA of 0.86% for the 12 months ending Sept. 30.
This year’s payment was the largest annual amount since Charter Oak created the program in 2010, and raises its total annual cash bonuses to $8.2 million. In addition, it has distributed more than $3.8 million in ATM rebates to Gold Rewards members.
“Our Gold Rewards program is our way of saying thank you to our members and letting them know how much we appreciate them,” President/CEO Brian A. Orenstein said. “Because our members recognize the value and the great benefits that come with being a Charter Oak Gold Rewards member, our Gold Rewards membership continues to grow each year.”
So far this season, CU Times has tallied 44 credit unions ($121.8 billion, 6.3 million members) that have announced $280.3 million in special dividends. The amount represents about $45 per member and 24 bps of their 12-month ROA of 0.95%.
Credit unions interested in sharing their special dividend announcements can email them to [email protected].
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