Peoria, Ill.-based CEFCU distributed a $35 million extraordinary dividend to its members on Monday, for a total of $190 million in dividends that the credit union has returned to members during the last 17 years.
"Once again, CEFCU showed strong financial results. That, along with the continued support and loyalty of CEFCU member/owners, made another large extraordinary dividend available for members," Board Chair Nancy Medendorp said in a statement.
Mark Spenny, CEFCU's president and CEO of the $5.5 billion-asset institution, added, "As a credit union, CEFCU is a member-owned financial cooperative. Operating as such allows CEFCU to share the benefits of a strong year with members, not outside stockholders. I want to thank members for their continued support and CEFCU staff for consistently providing members with superior service to help them achieve their financial goals and dreams."
Funds were deposited into members' savings accounts on the evening of Dec. 12. The amount each member received was determined by dividends earned and interest paid during the first 11 months of the year, as of Nov. 30.
CEFCU serves more than 320,000 members through 20 central Illinois Member Centers and four Member Centers in Santa Clara County, California.
