The $3.3 billion DFCU Financial in Dearborn, Mich. paid members a $21.8 million Special Patronage Dividend on Jan. 3, the credit union announced.
The amount equaled half of the credit union’s 2012 earnings and brought its total dividend payout amount over the past seven years to more than $130 million, the suburban Detroit institution said.
Members received 0.5% of their average yearly loan and deposit balances, including all savings accounts and loan balances, with each qualifying member receiving at least $50. This year’s average payout was $220 per member, DFCU Financial said.
“The DFCU Financial team works hard daily to operate an efficient, member-centric organization,” said Mark Shobe, president/CEO for the 214,000-member DFCU Financial. “We prudently manage every aspect of our business and we commit ourselves to operational excellence. This commitment to excellence is what allows us to pay out half our earnings and reward members with the Special Patronage Dividend.”
DFCU Financial said the annual payout has given its members, such as 31-year member Marc Gayeski, a much-appreciated bonus.
“In a household of five, receiving the dividend is very important,” Gayeski said. “Some may think the dividend is only a couple of cents, but it’s a significant amount. Last year, I was able to pay half our car payment with the dividend. This year, it will help to pay for a trip to Arizona to visit my wife’s 90-year-old aunt.”