CEFCU paid $3.5 million to savers and $3.5 million to borrowers. The CU determined each individual dividend award based on the member’s dividends paid and interest earned for the first 11 months of the year as of Nov. 30, 2011, the CU said.
The $7 million payout brings the credit union’s total dividend payout sum to $57 million over the past 12 years.
“This year, thanks to the loyalty of CEFCU’s members, the credit union once again delivered strong financial results,” said Bruce Dimler, CEFCU’s board chairman. “And that loyalty is mutual. Since CEFCU’s members are the credit union’s owners, when business is good, the benefits are returned to the member/owners.”
Added Mark Spenny, president/CEO for CEFCU, “At CEFCU, we strongly believe we’re better – together. That’s the belief that started CEFCU back in 1937, as factory workers pooled their money to fund low-cost loans for one another. And it’s the same business model that still works today.”
CEFCU serves more than 284,000 members and has 20 member centers in central Illinois and three member centers in Santa Clara County, California.