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Credit unions in New York, Wisconsin and Florida have announced plans to pay $15.9 million to more than 300,000 members over the next two weeks.
Their payments represented about $48 per member and 33 basis points of their ROA of 1.18% for the 12 months ending June 30. The credit unions were:
- Tyndall Federal Credit Union, Panama City, Fla. ($2 billion in assets, 113,397 members), which will pay members $10 million Dec. 16 as a giveback deposit. The amount represented about $88 per member and 53 bps of its ROA of 0.71% for the 12 months ending June 30.
- Western Division Federal Credit Union, Williamsville, N.Y. ($172.2 million in assets, 8,855 members), which paid members $1 million Nov. 24 as a Patronage Dividend. The amount represented about $113 per member and 61 bps of its ROA of 0.54% for the 12 months ending June 30.
- Educators Credit Union, Racine, Wis. ($3 billion in assets, 212,280 members), which paid members $4.9 million Dec. 1 as Member Loyalty payments. The amount represented about $23 per member and 18 bps of its ROA of 1.55% for the 12 months ending June 30.
Educators said its 2021 special dividend, deposited into 145,000 accounts, was its largest Member Loyalty payout to date. Over the past five years, members have received more than $18.1 million in the special dividends, including $4.3 million last year.
"Member Loyalty is an exciting opportunity for us to thank our members for their commitment to Educators Credit Union," President/CEO Linda Hoover said. "Our sustained growth, consistent achievements and our ability to give back to local communities is only possible because of our members."
Throughout the year, members were to use an application called the "Member Loyalty Widget" to track their reward online or on their smart phones. It allowed them to see the amount of their award, discover how it was developed, and learn ways to make it bigger.
Robert Harms, President/CEO of Western Division, said its special dividends ranged from $7.16 to $716 based on the member's participation. Since 2003, Western Division members have received over $10,000,000 in Patronage Dividends, including $750,000 in November 2020.
"This year has been a special year for our employees and members," Harms said. "Even during these trying times, we were once again able to pay a Patronage Dividend to our members."
Tyndall posted a 60-second video on its website about its special dividend. "At Tyndall Federal Credit Union grateful means giving," the narrator said. "So we gave back more than $10 million to our members last year. And we're doing it again."
So far this season, nine credit unions encompassing $23.1 billion in assets and 1.3 million members have announced $71 million in special dividends. The amount represented about $53 per member and 33 bps of their 12-month ROA of 1.27%.
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
