DEARBORN, Mich. — Marking what is being described as a "history-making" patronage payout of $17 million, the $1.8 billion DFCU Financial CU went out of its way Thursday to remind the public of its role in trying to help the state's deeply troubled economy.
In distributing the annual dividend to its 125,000 members, the state's largest CU said the funds would assist those struggling to make mortgage payments and represents a bit of "welcome relief" from economic hardship.
DFCU joined by the Michigan Credit Union League also couched its payout announcement with a swipe at the banking industry noting that credit unions are able to give back to members while banks enjoying big profits do not.
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"When is the last time that a bank sent their customers a little extra after a profitable year? As an industry, we can tout this special dividend as the credit union difference in action," said David Adams, president/CEO of the league. "This dividend represents the hard dollar differences between credit unions and banks."
Mark Shobe, president/CEO of DFCU said considering the area's economic challenges, "we're glad to help out so many members by giving back in the form of this special dividend." For those with DFCU mortgages, the dividend "equates to practically a free payment which is welcome relief," said Shobe. The DFCU payout matches the $17.5 million given out a year ago.
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