The Texas credit union's special dividend is based on interest earned on qualifying share accounts and/or interest paid on auto loans, credit cards, mortgages, personal loans or student loans. It also includes a multi-product $25 bonus for participation in a number of product categories.

"Quite simply, the more you participate and use the credit union as your financial institution, the higher your Bonus Dividend can be," President/CEO Gail Enda said. "When members ask how they can increase their Bonus Dividend, I tell them they need to take advantage of as many of the financial solutions we offer as possible. These products not only add value to your life, they can also literally pay off in the end."

Gail Enda

The five others paying special dividends were:

1. Arizona Financial Credit Union, Phoenix ($2.8 billion in assets, 149,245 members), which paid members $6 million Dec. 31 as a Member Bonus Payout. The amount represented about $40 per member and 22 bps of its ROA of 0.76% for the 12 months ending Sept. 30.

2. PAHO/WHO Federal Credit Union, Washington, D.C. ($285.1 million, 8,175 members), which paid members $350,000 Dec. 31 as an annual bonus dividend. The amount represented about $43 per member and 12 bps of its ROA of 0.55% for the 12 months ending Sept. 30.

3. Heritage South Credit Union, Sylacauga, Ala. ($173.6 million in assets, 14,813 members), which paid members $250,000 Dec. 2 as a bonus dividend. The amount represents about $17 per member and 14 bps of its ROA of 0.50% for the 12 months ending Sept. 30.

4. Advanz Credit Union, Louisville, Ky. ($161.7 million, 10,087 members), which paid members $75,013 Dec. 16 as a one-time bonus dividend. The amount represented about $7 per member and 5 bps of its ROA of 0.43% for the 12 months ending Sept. 30.

5. OTIS Federal Credit Union, Jay, Maine ($239.8 million, 11,107 members), which paid members $277,760 Jan. 1 as a bonus dividend and interest refund. The amount represented about $25 per member and 12 bps of its ROA of 0.45% for the 12 months ending Sept. 30.

Over the past 18 years, OTIS has paid members more than $6 million in bonus dividends and interest refunds.

Chris Bouchard, who joined OTIS last June as its president/CEO, said 2022 was a year of change for all with the credit union.

Chris Bouchard

"The 5% Bonus Dividend and Interest Refund was a result of the credit union's success last year, and we were grateful to return it to our members," Bouchard said. "After all, as an OTIS member, you aren't just a number – you're an owner, contributing to and directly benefiting from the credit union's success."

So far this season, 45 credit unions ($126 billion, 6.7 million members) have announced $296.1 million in special dividends. The amount represents about $44 per member and 24 bps of their 12-month ROA of 0.90%.

Credit unions interested in sharing their special dividend announcements can email them to [email protected].