ATLANTA — To provide some financial comfort to members who may have had a rough 2006, Delta Community Credit Union recently thanked them with an $8.5 million patronage refund and dividend.
The $2.4 billion credit union said the patronage dividend amounted to bonus payments of 7% of dividends paid in 2006. The patronage refund represented 5% of the loan interest paid by members in 2006. Both were taken from the credit union's capital account, according to Delta Community.
Several Georgia lawmakers applauded Delta Community's reward to members. Rep. David Scott (D-Ga.) said, "I know that the 162,000 members of Delta Community Credit Union will appreciate such a generous gift in return for their loyalty. While you have been working aggressively to achieve your financial goals, you haven't forgotten your commitment to give back to the consumers and communities you serve."
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Sen. Johnny Isakson (R-Ga.) said, "Delta Community's $8.5 million Patronage Reward is a tangible demonstration of the credit union's continuing commitment to invest in its members' financial future."
In November, US Airways began discussions to buy Delta Air Lines, which has repeatedly rebuffed the offer. Meanwhile, Delta Community has said it plans to stay the course as US Airways continues to pursue the carrier.
Delta Community CU CEO Rick Foley said, "Following a difficult year for many of our members, we were very pleased to be able to share the credit union's financial successes with our members."
Foley said 2006 was a very busy year with several branch openings and the introduction of a business services program. The credit union also opened its membership to six Georgia counties.
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