Founders FCU to Pay Back $10 Million
Members of the Lancaster, S.C.-based Founders Federal Credit Union will get $10 million in bonus dividend payouts this year, the CU announced.
The 190,000-member, $1.6 billion CU said it will distribute the $10 million – the largest bonus dividend sum in the credit union’s history – among savers and borrowers on Nov. 30.
“In 2011, many financial institutions are creating additional customer fees and searching for ways to further charge consumers,” Founders FCU President/CEO Bruce Brumfield said. “Founders FCU has no stockholders involved in our decisions. Instead, we are owned by our members and operate under the leadership of a volunteer Board of Directors, so our success is our members’ success.
“With the recent turmoil surrounding the financial services industry, our ability to distribute this bonus dividend is especially important. And, we’ll do it before the holiday season – when our members need it most.”
Founders FCU’s 2011 dividend announcement brings its total amount of dividend payouts to $30 million over the past 11 years, the South Carolina credit union said. Founder paid its members $6 million in 2008 and 2006, $4 million in 2003 and $2 million in 2001 and 2000.