‘Extraordinary Dividend’ shows the benefits of membership

first_img continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Patronage dividends are a direct reflection of a credit union’s cooperative structure. Nowhere is that reflection brighter than at $6 billion asset CEFCU in Peoria, Ill., which lives by the words, “Not a Bank. Better.”The credit union distributed a record $50 million “Extraordinary Dividend” to members Nov. 30. The amount each member received was determined by dividends earned and interest paid during the first 11 months of the year.Among credit unions offering patronage dividends, the median amount is $316,000, according to June 2018 data reported by CUNA’s Member Benefits report. At that time, these payouts ranged from $1,200 to $40 million.Over the last 19 years, CEFCU has returned $280 million to members through Extraordinary Dividends.last_img

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