In late December and early January, three more credit unions announced their end of 2011 member rewards. Two CUs thanked their members with a bonus dividend payout and loan rebate, and one said it awarded members by saving them $10 million in loan payments throughout its history.
The $200 million Clackamas Federal Credit Union of Milwaukie, Ore. lent out its one billionth dollar in 2011 and estimates that since it was founded in 1957, it has saved members $10 million in loan payments by keeping them from traditional bank loans.
Clackamas FCU lent its one billionth dollar to longtime members Jeffery and Melinda Brown of Milwaukie, who have acquired several loans through the credit union. To mark the milestone, the credit union presented the Browns with a new iPad2.
“We have relied on Clackamas for years,” Jeffery Brown said. “We have even financed a couple of homes. The credit union always offers attractive interest rates and has been very easy to work with. It’s a great, great institution. We have sent half a dozen other people to join.”
Andrew Vahrenkamp, Clackamas FCU chief financial officer, said, “To have contributed to $1 billion of dreams come true, homes, cars, education, is truly gratifying. This occasion allows us to reflect on 54 years of serving Clackamas County and to redouble our efforts for our members and our community.”
Meanwhile, the $728 million SAFE Federal Credit Union of Sumter, S.C., announced it returned a total of $2 million in bonus dividends and loan interest rebates on Dec. 31. The credit union paid a 10% bonus on all deposit accounts, including certificates, based on the dividends received on those accounts in 2008. The CU also paid a 7% interest rebate on all loan accounts, except credit cards, based on the total interest paid on those accounts in 2011.
“We are delighted to be able to provide this extra return to our members, on top of the competitive rates they have received all year,” said Beverly Gagne, president/CEO for SAFE FCU. “We appreciate our members’ support of SAFE and thank them for making 2011 successful despite the rocky economy. While some other institutions have been severely tested this past year, SAFE reported solid earnings, core financial strength and loan growth. This is just one of the ways we share our success with the members who made it possible.”
SAFE FCU has awarded members with a bonus dividend payout annually for the past 15 years and with a loan interest rebate in nine of those 15 years, including the past four consecutive years.
The $455.5 million Detroit Metropolitan Credit Union said its board of directors declared a 0.50% bonus on dividends for the fourth quarter of 2011. Additionally, Detroit Metropolitan CU members who paid interest on a consumer loan in 2011 can be eligible for an 8% rebate on the interest paid, even if the loans have been paid in full.
“We uphold the credit union philosophy by offering higher savings rates, lower loan rates, and convenient products and services,” Detroit Metropolitan CU said. “And this year, once again, we're also giving back to our members in the form of savings bonuses and loan rebates.”