St. Paul Postal Employees Credit Union in Woodbury, Minn., said it deposited $535,000, or nearly 20% of its 2012 earnings, into members’ accounts on Jan. 10, 2013.
Through its VIP program, the 46,000-member credit union, which has $540 million in assets, said it paid out cash dividends of between $5 and $800 in automatic deposits to individual members’ accounts.
‘’The cash payout to members is a way to thank them for choosing PCU as their primary financial institution,’’ said Brian Sherrick, president of Postal Credit Union. ‘’Our team works hard to operate an efficient, well-managed organization, which is the reason we can offer this unique membership benefit.’’
The payouts, made to more than 15,000 members, were calculated on several factors. Members who made 144 or more withdrawals from their checking accounts received a payout.
Some members received a Deposit Bonus Dividend based on their average balances throughout the year. Other members received Loan Rate Dividends, calculated on the amount of interest they paid last year.
Many members were eligible for more than one reward, Postal reported.
Other credit unions recently reported member payouts for 2012, including the $5.7 billion American Airlines Federal Credit Union in Fort Worth, Texas, and the $2.2 billion Coastal Federal Credit Union, in Raleigh, N.C.