American 1 Credit Union, Jackson, Mich., on Tuesday said it had returned more than $1.2 million to members through its Member Giveback program.
The $368 million-asset institution said the dividend was comprised of rebates on loan interest members paid during 2018, along with other factors. In addition to cash back, the CU awarded more than $315,000 in extra bonus rewards points to its credit card holders.
American 1 said its charitable and community contributions in 2018 totaled more than $314,000, giving funds to more than 200 organizations and non-profits. This included a gift to Jackson School of the Arts for its capital campaign for a Dynamic Arts Center, and the credit union’s sponsorship of Talons Out Honor Flight for the benefit of local veterans.
This year’s dividend is part of an ongoing trend for the credit union. In January 2018, American 1 CU
“We believe providing exceptional, personal service for the everyday banking needs of members is a simple business model that we are doing well,” Laura Pryor, VP of marketing and communications, said in a statement. “Success begins with our members. Our employees work hard to serve our 58,000 members with great services. When we do our work well, members are loyal and refer their family and friends. Member loyalty fueled 14 percent growth for American 1 in 2018, which is well above the industry average.”
Beyond just giving back to members and the community, American 1 also made news in 2018 by
According to its most recent call report, American 1 CU had more than $6 million in net income last year, similar to the $6.8 million it earned in 2017. As of Dec. 31, 2018, its net worth ratio was 18.11 percent (“well capitalized”).
