SITKA, Alaska — The board of directors of ALPS Federal Credit Union declared a year-end share bonus dividend and loan interest refund for members totaling $89,000.
The dividend will be paid out to ALPS members in good standing at year-end and split evenly between those with loans and those with share savings accounts.
"Credit unions exist for our own members," said ALPS CEO James Wileman. "This is our second consecutive year of returning the excess income back to those who generated it–the members."
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The return represents revenue that exceeds operating costs realized by the credit union after implementation of new improvements in 2007. These improvements included an electronic document capture system including Check 21 deposit capture; installation of the credit union's first ATM; and a reduction to $5 for the amount required to open and maintain a credit union share account when joining the credit union.
"As a not-for-profit financial cooperative, we have put forth much effort to provide enhancements and services to our members throughout the year," Wileman said. "I am proud that our credit union is able to do this while being very competitive within our market, maintaining growth, controlling costs and ensuring financial stability."
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