Hanscom FCU Pays Back $567,000
Members of the $938 million, Hanscom Air Force Base, Mass.-based Hanscom Federal Credit Union received a $567,000 loyalty dividend at the end of 2011, the credit union announced.
The total payout amount equals 2% of dividends earned and consumer loan finance charges paid by members in 2011, Hanscom FCU said.
This marks the 15th-consecutive year in which Hanscom FCU has paid a loyalty dividend. The CU “traditionally returns funds to the membership when reserves and capital are determined to be in excess of what is necessary to protect member accounts,” the CU said.
“This year we are especially proud to declare a loyalty dividend, given the recent challenges to the general economy,” said Paul Marotta, chairman of the board for Hanscom FCU.
“We have continued to grow and prosper. By choosing to save with us, our members have boosted deposits by $71 million in 2011. Their vote of confidence in Hanscom FCU has helped us become the fifth-largest credit union in Massachusetts,” Marotta said.
Hanscom FCU said it serves 45,632 members nationwide.