Western Division Federal Credit Union in Williamsville, N.Y., has returned $750,000 in a patronage dividend to members.
All active members in good standing were credited 110 percent of dividends paid on savings products and 55 percent in interest paid on loans as of the end of September, according to an announcement on Western Division’s website last week. This giveback was in addition to regular dividends the CU pays out. Personal, vehicle, recreational, home equity and mortgage loans were eligible for dividends, along with IRAs, Money Market Accounts, term certificates, savings and sub-savings accounts.
Dividend payments were credited to members’ savings accounts on Wednesday. The amount of each member’s return was contingent upon the depth of his or her relationship with the credit union.
“Our goal – today and every day – is to help our members keep more of their hard-earned money,” President and CEO Robert Harms said in the statement. “The active participation of both savers and borrowers contributed to our success this year. It allows members to see the difference between us rewarding their success while other financial institutions reward stockholders.”
This year’s payout is down slightly from the $800,000 the credit union returned last year. Members received amounts ranging from $5 to $500, and 51 percent of the CU’s membership received money back.
The $141 million-asset credit union began issuing dividends in 2003 and has since returned more than $7.6 million to members. It did not issue payouts in 2009, 2013, 2014 or 2015. Western Division had a net income of roughly $1.2 million at the end of September, up about 36 percent from the same period a year earlier.
