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Vizo Financial Corporate Credit Union of Greensboro, N.C., is giving back more than $4.8 million to its capital credit union members this month.
The corporate credit union announced Dec. 11 that it will distribute $3.8 million through its Member Incentive Credit program launched in 2023 that returns a portion of earnings based on each member's use of key services. The distributions require board approval each year.
Another $1 million will be distributed by a bonus to Perpetual Contributed Capital accounts in December.
NCUA data shows Vizo had $27.8 million in net income in the 12 months ending Oct. 31, or a return of 0.45% of its average assets. The giveback represents 0.08% of average assets for the period.
“The past year has been a very successful one thanks in large part to our capital members, something we are very grateful for,” President/CEO Fred Eisel said. “As a token of our gratitude, we’re thrilled to be able to share our financial success with those who have supported us most in the form of these generous givebacks.”
In December 2024, Vizo distributed $4.1 million to member credit unions, also about 0.08% of average assets. It earned $32.1 million, or 0.62% ROA, in the 12 months ending Oct. 31, 2024.
Vizo had $6.7 billion in assets Oct. 31, up 17% from a year earlier, and 670 credit union members.
Credit union members owned $255.8 million in Perpetual Contributed Capital Oct. 31, up 1.5% from a year earlier.
Contact Jim DuPlessis at JDuPlessis@cutimes.com.
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