CEFCU, Peoria, Ill., announced that a record extraordinary dividend of $9 million has been distributed to CEFCU members. The dividend was based on members’ savings and loan activity during, with $4.5 million going to borrowers and $4.5 million going to savers. The amount each member received was determined by dividends earned and interest paid during the first 11 months of the year. Over the last 13 years, CEFCU has returned $63 million in extraordinary dividends to members. CEFCU Board Chairman Patricia Hampton said due to the Credit Union’s strong financial results, this dividend is the largest ever extended to those who save and borrow with CEFCU. The credit union has assets totaling nearly $4.8 billion and serves over 290,000 members.
CU Direct, Ontario, Calif., announced a cash dividend. The lending solutions provider said its board of directors recently approved a 3% cash dividend to its 102 shareholders. This is the eighth consecutive year that the CUSO said it has paid dividends to their credit union and credit union organization shareholders. CU Direct said it signed new agreements with 109 credit unions in 2012. At year’s end 1,050 credit unions, serving 34 million members, were utilizing the CUSO’s lending solutions. As credit unions continued to gain momentum in the auto lending marketplace last year, CUDL said the industry experienced 27% loan growth through November 2012. Credit unions processed 2.3 million loan applications through the CUDL lending platform in 2012, generating 605,700 loans at dealerships nationwide for $13.1 billion in credit union auto loans, according to the company. The CUSO also reported that 34% of the loans generated through the CUDL system in 2012 went to existing credit union members at the point-of-purchase in the dealership.