TYLER, Texas—Cooperative Teachers CU announced it is paying a $90,000 bonus dividend to members.
The bonus dividend was paid to every member with an active share account according to the length of the account and the average balance of the account for the year.
On average, CTCU pays out $32,000 in monthly dividends to its membership, so the bonus divided is the equivalent of an extra two-and-a-half months of dividend payout. This is the second time CTCU has given its members a cash dividend at the end of a successful year. The bonus dividend was distributed two years consecutively in 2013 and 2014 paying out $90,000, respectively, both years.
In Wyomissing, Penn., Utilities Employees CU has handed back $1.1 million to members.
It is the fourth consecutive year the virtual credit union, serving the U.S. utility and energy industry, has awarded its Member Loyalty Bonus.
“We began the Member Loyalty Bonus as an additional avenue to demonstrate our cooperative spirit,” CEO Pat Zyma said in a published report. “Credit unions differ from banks, in that we are owned by our members, and not by stockholders. It is our members that reap the benefits of participation. Our approach is to put more cash in your pocket all year long.”
The bonus is based on a percentage of the interest members earned on their eligible UECU deposit accounts and paid on their CU loans throughout the year. The $1.1-billion CU encourages members to increase their bonus by using more products and services, and bringing loans from other financial institutions to UECU.
Related
CEFCU Returns $40 Million To Members