The $3 billion DFCU Financial of Dearborn, Mich. announced it will pay eligible members a total of $21 million in dividends on Jan. 4.
DFCU Financial said it is the only credit union in the nation to have paid members an average of $18 to $20 million in dividends each year for the past six consecutive years, for a total of more than $110 million.
“People are still struggling in our area so instead of raising fees, we're putting more money in members' pockets,” DFCU Financial President/CEO Mark Shobe said. “The cash payout to members is our way to thank them for choosing DFCU Financial as their primary financial institution.”
DFCU Financial calculates payouts based on a member's relationship level with the CU. Eligible members receive a 0.5% dividend on their average loan and deposit balances, with each eligible member receiving at least $50, the CU said.
Dividend recipients include approximately 70,000 members in the metropolitan Detroit area, 7,000 in the Ann Arbor area, 5,000 in Grand Rapids and 3,000 in Lansing.
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