The $774 million Scott Credit Union of Collinsville, Ill. announced it has paid out a bonus dividend and loan rebate totaling $1.1 million to its membership.
Active Scott CU members received an additional 3% APR bonus dividend rebate on their deposits and a rebate of 3% of the interest they paid on any loan or credit card in 2011, the CU said.
“Since members own the credit union, this is a great way for us to thank them and share their success,” said Frank Padak, president/CEO for Scott CU. “This is one of the benefits of being a member with accounts at Scott Credit Union. Since we are not-for-profit, we give our earnings back to members through dividends, loan rebates, better rates on savings, lower rates on loans, lower fees and the most convenient services possible.”
“At a time when banks are charging more fees, we are proud to giving money back to our members,” Padak said.
The 93,000-member CU said it has paid more than $2.1 million in bonus dividends over the past 10 years.