Corporate Central Credit Union, Muskego, Wis.,approved a $600,000 patronage refund for 2008. The refund is thelargest payout the corporate has ever had. The credit union saidthe refund is a direct recognition of the commitment members haveshown to Corporate Central's success. This year's refund along withthe increased rate the Corporate Central paid on MCSD balancesrepresents over $2.5 million given back last year to members. Therefund will be distributed to members based upon their patronage ofCorporate Central's investment, loan and correspondent servicesthroughout the year.

|

Wright-Patt Credit Union, Fairborn, Ohio,announced a patronage dividend of more than $3 million to itsmembers. The dividend will be paid to members on Jan. 15. Thedividend will be distributed to over 160,000 members. To beeligible for the dividend a member must be in good standing bothcurrently and at the payment date. The minimum dividend eligiblemembers will receive is $5, the minimum amount need to open asavings account at the credit union, however, some members willreceive hundreds of dollars. The greater the relationship a memberhas with the credit union, the greater their dividend will be.

|

Omni Community Credit Union, Battle Creek,Mich., declared a $650,000 dividend to members. Omni Community sawgrowth in 2008, with membership topping 35,000 and with 4,052 newaccounts opened as of Oct. 31. Members of record at the creditunion as of Nov. 17 who maintain their active account through Jan.9 received a 0.20% dividend on all 2008 average yearly deposits andloan balances for the 12-month period of Jan. 1, 2008 through Dec.31, 2008. All eligible members received at least $5, but somemembers may receive as much as $2,000 or more. The dividend waspaid out to members on Jan. 9. and was automatically deposited intomember savings accounts.
Goldenwest Credit Union, Ogden, Utah, announcedthat members received a bonus dividend for the fifth consecutiveyear. Paid for the month of December, a 7.20% APY bonus dividendwas paid to members based on the average daily balance sharesduring 2008. The bonus dividend is in addition to the 0.80% APYmonthly dividend. Members received the total dividend of 8.00% APYon Dec. 31. Members will earn more than $675,000 with this year'sbonus dividend. During the past five years, Goldenwest has returnedmore than $2.5 million to members through the bonus dividendprogram. The dividend is paid on primary share accounts, secondaryshare accounts, Christmas club share accounts and IRA shareaccounts.

FAA Credit Union
, Oklahoma City, awarded members nearly$500,000 in year-end interest rebates and dividend bonuses. Thisyear's program was an enhancement of the rebate and bonus programthat the credit union has carried out for nine consecutive years.In an attempt to help members through the tough economic times, thecredit union's board of directors announced an increase in therebate package for 2008. The board of directors raised the amountfrom 2% to 3% and equal to nearly twice as much as the amountawarded in 2007. Members received the funds by direct deposit intotheir savings accounts. Members received a 3% rebate on anyinterest paid in 2008, excluding real estate loans, and a 3% bonuson dividends earned during the year, excluding individualretirement accounts.

Hawaii State Federal Credit Union
, Honolulu, returned $1.5million to members in bonus dividends and loan interest rebates.The bonuses and rebates were based on actual dividends earned onshare accounts and loan interest paid by members from Jan. 1, 2008to Sept. 30, 2008. This is the 13th consecutive year the creditunion has returned a portion of earnings to members. Since 1996,members have received over $36 million through the bonus dividendand interest rebate program.

|

Keesler Federal Credit Union, Biloxi, Miss.,announced a $3.5 million bonus dividend was paid to members on Jan.1. The dividend was paid based on year-to-date dividends earned ondeposits for members of record as of Dec. 31, 2008. Last year, thecredit union also awarded members a $3.5 million dividend. Keeslerserves over 190,000 members worldwide.

Providence Health System Federal Credit Union
, Portland,Ore., tripled the dividend rate for members with $5 or more intheir savings, new age and prime time accounts for the month ofDecember. The credit union sent a letter notifying members of thetriple dividend rate, and every member that came into a branchreceived a sticker that said 'Providence Credit Union tripled mydividend rate. Ask me!' If one of the staff saw a member wearingthe sticker, they were entered into a weekly drawing for a giftcard.

|

SAFE Federal Credit Union, Sumter, S.C., gavemembers bonus dividends and loan interest rebates that totaled $4million. Deposit accounts, including certificates, received a 30%bonus based on dividends received in 2008. Loan accounts, exceptcredit cards, received a 7% interest rebate based on total interestpaid in 2008. SAFE has paid bonus dividends annual for the past 12years and loan interest rebates for six of the 12.

|

Communicating Arts Credit Union, Cincinnati,paid a total of more than $140,000 in bonus dividends to members.The bonus was calculated at 5% of the total dividends a memberearned on savings and 5% of the total interest a member paid onloans and credit cards in 2008.

CU Community Credit Union
, Springfield, Mo., gave a bonusdividend to each of its 5,600 members, totaling as much as anadditional 50 basis points on their fourth-quarter savings accountearnings. The credit union's board members approved the proposal attheir December meeting. The dividends were directly deposited intoeach member's account on Dec. 31.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.