PEORIA, Ill.—The $8-billion CEFCU has distributed a $55 million extraordinary dividend to its members, matching last year’s record as the largest such payout in the credit union’s history, the Illinois Credit Union League reported.
The dividend was approved by CEFCU’s board of directors and paid to members in good standing, with the total amount divided between savers and borrowers and a portion returned to debit card users. Funds were deposited into members’ savings accounts on Dec. 2.
Over the past 25 years, CEFCU has returned nearly $600 million in Extraordinary Dividends to members. CEFCU Board Chair Joe Needham said the latest payout reflects the cooperative’s long-standing commitment to member value.
“The CEFCU board of directors is pleased to approve this year’s extraordinary dividend — a reflection of how CEFCU provides meaningful value to member/owners every day,” Needham said.
CEFCU President and CEO Matt Mamer emphasized the cooperative structure that allows credit unions to return earnings directly to members.
“Credit Unions exist for members, not for profit. That structure allows us to return profits to member/owners,” Mamer said. “Thank you to members for your continued support of YOUR Credit Union, and to the CEFCU team for your continued dedication to serving members and helping them reach their financial goals!”
CEFCU serves over 415,000 members through a network of member centers in Central Illinois, Metro East Illinois and California, along with digital channels, ATMs, and shared branching networks.