The $809.3 million SAFE Federal Credit Union of Sumter, S.C., and the $585.8 million AMOCO Federal Credit Union of Texas City, Texas, have announced respective bonus dividend payouts of $2.5 million and $1 million for 2012.
SAFE FCU said it paid members $2.5 million in bonus dividends and loan interest rebates on Dec. 31. Members with deposit accounts, including certificates, received a 15% bonus based on dividends they received in 2012, and members with loan accounts, with the exception of credit cards, received a 10% interest rebate based on the total interest they were paid in 2012, the South Carolina credit union said.
The 104,000-member credit union said it has paid a bonus dividend for the past 17 years and a loan interest rebate for the past 10 years.
“The unique structure and philosophy of credit unions makes it possible for our board of directors to declare year-end bonus returns,” said Beverly A. Gagne, president/CEO for SAFE FCU. “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.”
AMOCO FCU said its board of directors elected to pay members with accounts in good standing as of Dec. 31, 2012, a 5% bonus, based on the dividends they earned on deposits and/or the interest they were paid on loans and credit cards in 2012.
The 75-year-old AMOCO FCU said it has distributed bonus dividends and loan interest refunds for 17 years in a row.