BURBANK, Calif.–Three more credit unions have announced bonus dividends for members.
Logix FCU announced it is paying $5 million to more than 50,000 members in the form of a Loyalty Dividend.
"We are pleased to once again pay a Loyalty Dividend to the members who helped make our success possible," President and CEO Dave Styler said in a statement. "This is the fourth consecutive year we've paid a bonus dividend, which is a powerful way to demonstrate the unique advantage of membership in Logix."
Logix has reported positive net income every year since its inception in 1937.
SVP John Roemer added that Logix saw a record number of new members join in 2015, helping to generate a record $1.6 billion in funded loans. "More than 96% of our members say they would recommend Logix to a friend. We take great pride in that result,” said Roemer.
The Loyalty Dividend was based on the combined deposit and loan balances each member had with Logix in December.
The $4.3-billion Logix FCU has 160,000 members.
In Medford, Ore., Rogue CU is returning $2.5 million to its 81,000 members based on various levels of participation with the CU.
“Our members’ trust and loyalty is what has made Rogue Credit Union successful,” said President/CEO Gene Pelham in a statement. “We’re excited to share that success with our member-owners.”
The Rogue Rewards Loyalty Dividend was deposited into a new, high-yield Ownership Account, allowing members to earn even more, according to the CU. The average payout was $30 and the top payout was $571.
In Seaford, Del., meanwhile, Sussex County Federal Credit Union said it is paying its members a Patronage Dividend. SCFCU members who utilized multiple services such as checking, loans and investments have been rewarded with an extra $100 in their checking account as thanks for their loyalty, the CU said.
“A credit union is cooperatively owned by its members; each of these member-owners is a shareholder,” said Sussex County FCU CEO Pamela Fleuette. “After paying all operational costs, SCFCU reinvests in its member-owners by offering additional products and services, expanding locations and/or hours, and now thru returning a Patronage Dividend. This is just one of the many ways that our credit union stands out from other financial institutions.