WILLIAMSVILLE, N.Y. — For the fourth consecutive year, members of Western Division Federal Credit Union have received a bonus dividend, this time for $500,000, the largest in the financial institution's 69-year history.
Deposited on Dec. 31, the bonus dividend was distributed to approximately 8,500 of its more than 12,000 members with an average bonus dividend of $59.99 per member, according to the $86 million credit union. The amount returned to each member was based on total dividends earned during 2006 on all savings, sub-savings, individual retirement accounts and money market accounts.
This is the fourth consecutive year Western Division has declared a bonus dividend, returning $300,000 in 2005 and a $250,000 bonus dividend in 2003 and 2004.
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"The declaration of this bonus dividend represents just one of the many benefits of membership with Western Division and is one of the principles that set us apart from other financial institutions," said Craig Mellenthien, president/CEO, Western Division FCU.
Samuel Loquasto, chairman of the credit union, said the dividends are in with the mission of "staying true to our 'More Than You Expect' philosophy of giving back and sharing the success with the members who made it possible."
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