The $3.5 billion DFCU Financial in Dearborn, Mich., said this week it will return a record $23 million special patronage dividend to nearly 100,000 of its 215,000 members.
The program began in 2006 and now has returned $154 million to members, Michigan’s largest credit union said this week in a statement.
"The economy may have struggled, but we have been able to give a larger sum of cash back to our members every year," said Mark Shobe, president and CEO of DFCU Financial.
Payouts to members is based on their total relationship with the credit union and is calculated at 0.5% of their average yearly loan and deposit balances, with each eligible member receiving at least $50, the credit union said.
“DFCU is the only financial institution in the nation to pay members an average of $20 million for the last eight consecutive years,” the credit union said in its announcement.
“Outstanding financial performance combined with member loyalty makes this possible. We invest in them and their families, and they invest in us,” Shobe said in the announcement.
DFCU Financial, originally a credit union for Ford Motor Co. workers, said it currently operates 24 full-service branches in Detroit, Ann Arbor, Grand Rapids and Lansing.