The $1 billion Goldenwest Federal Credit Union in Ogden, Utah, said it will return $760,000 in bonus dividends to members at the end of December.
Goldenwest’s board of directors declared a dividend of 4.35% annual percentage yield on shares for the month of December 2013. The dividend is significantly higher than the 0.10% APY paid in recent months, the credit union said.
The $760,000 payout marks the 10th consecutive year the Goldenwest board has declared a year-end bonus dividend. Since 2003, Goldenwest has returned $5,875,000 to members with bonus dividends, the Utah credit union said.
"Goldenwest is truly unique in Utah with our bonus dividend program," said Bill Hart, Goldenwest board chair. "It's a pleasure to be part of a strong institution with a long history of providing generous returns to members."
The 4.35% APY dividend is paid on primary shares, secondary shares, Christmas Club shares, and IRA shares.
Goldenwest said it recently reached a historic milestone with assets exceeding $1 billion for the first time.
"It's been a banner year for Goldenwest Credit Union," said Kerry Wahlen, Goldenwest president/CEO. "In addition to our merger with USU Credit Union, we are projecting year-end loan growth at 7% and return on assets is estimated to post at 1.50%."
Wahlen noted that Goldenwest's financial strength has fueled the credit union's expansion efforts in 2013.
"With our new Goldenwest Bountiful office and five USU Credit Union offices, we have grown to 26 branch locations from Logan to St. George," Wahlen said. "Furthermore, we successfully implemented a new online banking system and launched mobile deposit."
Founded in 1936, Goldenwest serves more than 97,000 members and operates 26 branches throughout Utah with offices in Weber, Morgan, Davis, Salt Lake, Utah, Box Elder, Cache and Washington counties.