DEARBORN, Mich. — In what is most likely the largest dividend ever issued in the credit union industry, members of DFCU Financial will receive their share of $17 million.
Nearly 134,000 people will receive a dividend payment; 125,000 of which are Michigan residents, the $1.8 billion CU said. The 2006 dividend was the first patronage dividend given to members in more than 20 years.
Eligible members will receive a 0.5% dividend on their 2007 average loan and deposit balances. Though the amount paid depends upon balances, each eligible member will receive at least $50, which will be deposited to members' accounts the week of Jan. 7, 2008.
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"Given the continuing economic challenges our state is facing, the DFCU Financial Federal Credit Union board of directors is pleased to provide this patronage dividend to members as an added benefit of membership at Michigan's largest credit union," said Mark Shobe, president/CEO of DFCU Financial.
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