Special Patronage Dividend of $5 Million for Wright-Patt CU Members
Wright-Patt Credit Union of Fairborn, Ohio is giving back $5 million to its members on Jan. 4 in the form of a Special Patronage Dividend, the $2 billion, 215,000-member CU announced.
The $5 million dividend, a $1 million increase from the credit union’s $4 million payout last year, brings its total dividend payout amount to more than $16 million since 2008.
Eligible members will receive anywhere from $15 for their use of an active debit card, online banking or mobile banking and eStatements, to a several hundred dollar dividend, depending on their level of relationship with the credit union. The CU said more than 210,000 of its members will be awarded on Jan. 4.
“Returning $5 million to members is unique in this industry because a for-profit institution would not likely give money back to the very customers who helped them make it,” said Doug Fecher, CEO for Wright-Patt CU. “We are so proud of our ability to pay a Special Patronage Dividend but doing so depends on a variety of factors, most important of which is that members are using their credit union.
“The more services used by members, the greater the revenue available to pay expenses and strengthen safety reserves. Another factor is management’s ability to efficiently operate the credit union while meeting the member’s needs.”