Wright-Patt Credit Union, Fairborn, Ohio, announced a patronage dividend of more than $3 million to its members. The dividend will be paid to members on Jan. 15. The dividend will be distributed to over 160,000 members. To be eligible for the dividend a member must be in good standing both currently and at the payment date. The minimum dividend eligible members will receive is $5, the minimum amount need to open a savings account at the credit union, however, some members will receive hundreds of dollars. The greater the relationship a member has with the credit union, the greater their dividend will be.
Omni Community Credit Union, Battle Creek, Mich., declared a $650,000 dividend to members. Omni Community saw growth in 2008, with membership topping 35,000 and with 4,052 new accounts opened as of Oct. 31. Members of record at the credit union as of Nov. 17 who maintain their active account through Jan. 9 received a 0.20% dividend on all 2008 average yearly deposits and loan balances for the 12-month period of Jan. 1, 2008 through Dec. 31, 2008. All eligible members received at least $5, but some members may receive as much as $2,000 or more. The dividend was paid out to members on Jan. 9. and was automatically deposited into member savings accounts.
Goldenwest Credit Union, Ogden, Utah, announced that members received a bonus dividend for the fifth consecutive year. Paid for the month of December, a 7.20% APY bonus dividend was paid to members based on the average daily balance shares during 2008. The bonus dividend is in addition to the 0.80% APY monthly dividend. Members received the total dividend of 8.00% APY on Dec. 31. Members will earn more than $675,000 with this year's bonus dividend. During the past five years, Goldenwest has returned more than $2.5 million to members through the bonus dividend program. The dividend is paid on primary share accounts, secondary share accounts, Christmas club share accounts and IRA share accounts.
FAA Credit Union, Oklahoma City, awarded members nearly $500,000 in year-end interest rebates and dividend bonuses. This year's program was an enhancement of the rebate and bonus program that the credit union has carried out for nine consecutive years. In an attempt to help members through the tough economic times, the credit union's board of directors announced an increase in the rebate package for 2008. The board of directors raised the amount from 2% to 3% and equal to nearly twice as much as the amount awarded in 2007. Members received the funds by direct deposit into their savings accounts. Members received a 3% rebate on any interest paid in 2008, excluding real estate loans, and a 3% bonus on dividends earned during the year, excluding individual retirement accounts.
Hawaii State Federal Credit Union, Honolulu, returned $1.5 million to members in bonus dividends and loan interest rebates. The bonuses and rebates were based on actual dividends earned on share accounts and loan interest paid by members from Jan. 1, 2008 to Sept. 30, 2008. This is the 13th consecutive year the credit union has returned a portion of earnings to members. Since 1996, members have received over $36 million through the bonus dividend and interest rebate program.
Keesler Federal Credit Union, Biloxi, Miss., announced a $3.5 million bonus dividend was paid to members on Jan. 1. The dividend was paid based on year-to-date dividends earned on deposits for members of record as of Dec. 31, 2008. Last year, the credit union also awarded members a $3.5 million dividend. Keesler serves over 190,000 members worldwide.
Providence Health System Federal Credit Union, Portland, Ore., tripled the dividend rate for members with $5 or more in their savings, new age and prime time accounts for the month of December. The credit union sent a letter notifying members of the triple dividend rate, and every member that came into a branch received a sticker that said 'Providence Credit Union tripled my dividend rate. Ask me!' If one of the staff saw a member wearing the sticker, they were entered into a weekly drawing for a gift card.
SAFE Federal Credit Union, Sumter, S.C., gave members bonus dividends and loan interest rebates that totaled $4 million. Deposit accounts, including certificates, received a 30% bonus based on dividends received in 2008. Loan accounts, except credit cards, received a 7% interest rebate based on total interest paid in 2008. SAFE has paid bonus dividends annual for the past 12 years and loan interest rebates for six of the 12.
Communicating Arts Credit Union, Cincinnati, paid a total of more than $140,000 in bonus dividends to members. The bonus was calculated at 5% of the total dividends a member earned on savings and 5% of the total interest a member paid on loans and credit cards in 2008.
CU Community Credit Union, Springfield, Mo., gave a bonus dividend to each of its 5,600 members, totaling as much as an additional 50 basis points on their fourth-quarter savings account earnings. The credit union's board members approved the proposal at their December meeting. The dividends were directly deposited into each member's account on Dec. 31.