The $223 million Guardian Credit Union in Montgomery, Ala., said it has distributed more than $800,000 in interest rebates and dividend bonuses to 23,000 members.
One member received more than $3,300, while many other members received $1,000 or more than $100, the Alabama credit union said.
The distribution of rebates and dividends was possible because of Guardian CU’s positive financial results. The credit union’s assets have increased from $128 million in 2008 to $223 million this year. Its year-over-year net income has increased from $1.2 million in 2008 to $1.8 million in 2011, according to NCUA financial reports.
“We are very proud to offer our members a variety of free products and services … but it is tremendous when we can show not only our members but also the community a true difference in a credit union and bank by showing that banks return their profits to shareholders and we return our profits to our members,” said Heath Harrell, Guardian CU president/CEO.
The $800,000 payout is the second year Guardian CU has distributed interest rebates and dividend bonuses. Last year, the credit union distributed more than $750,000 to members.