Sandia Laboratory Federal Credit Union of Albuquerque, N.M., has paid $10 million in dividends to members, while two other credit unions announced annual dividends worth a total of $5.9 million.
Sandia Laboratory FCU ($2.32 billion in assets, 83,553 members) paid the special dividend Dec. 2 based on the dividends members already earned on all deposit accounts, including IRAs, for the past 12 months.
President/CEO Robert Chavez said the credit union “has weathered the tough economic times of the last several years and has built its reserves beyond the point of what's needed for adequate safety and soundness, so we're returning a portion of the reserves back to our members.”
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