Coastal, AACU Pay Out Millions to Members
Two more credit unions have announced their return of bonus dividends to members for 2012: the $5.6 billion, 238,000-member American Airlines Federal Credit Union of Fort Worth, Texas, and the $2.1 billion, 193,000-member Coastal Federal Credit Union of Raleigh, N.C.
AACU paid a $10 million bonus dividend to borrowers and savers on Dec. 31, 2012, in addition to a $50 bonus to members who participate in three or more of the credit union’s eight major account categories.
The credit union based the bonus dividend amount on dividends earned on qualifying share accounts and interest paid on applicable loans through Nov. 30, 2012.
“Giving back to our member-owners is one of the primary benefits of credit union membership,” said Angie Owens, president/CEO at AACU. “We’re happy to once again reward our members for their loyalty and product diversity while demonstrating our continued strength, efficient business practices and sound lending decisions.”
Coastal FCU distributed $1.6 million in loan rebate dividends and deposit bonus dividends to 6,907 members of its VIP Program, the credit union said.
This is Coastal FCU’s second year to pay bonus dividends to members of its VIP Program, which it rolled out in January 2012. Individual payouts ranged from $100 to $1,000.
“Having a program that gives money back when we are financially successful reinforces the cooperative mindset and deepens member loyalty,” said Chuck Purvis, president/CEO at Coastal FCU.
To qualify for Coastal FCU’s VIP Program, members had to make at least 144 checking account withdrawals in 2012, and to receive a dividend payout, they were required to hold at least two loan or deposit accounts at the credit union.