PEORIA, Ill. — Citizens Equity First Credit Union (CEFCU) said it will distribute a record $40 million extraordinary dividend to the credit union's members.
The $5 billion credit union said the amount each member will receive was determined by dividends earned and interest paid over the first 11 months of the year, as of Nov. 30.
"This extraordinary dividend is the largest in the history of the credit union," CEFCU Board Chairman Brad Arnold said in a statement. "CEFCU continues to see strong financial results, and this success is due in no small part to the continued loyalty of member/owners."
The credit union has more than 304,000 members.
The dividends will be deposited into members' savings accounts on Dec. 16, CEFCU added.
Over the past fifteen years, the credit union has returned $115 million in extraordinary dividends to its members.
Mark Spenny, the credit union's President/CEO, added said in a statement: "CEFCU is a strong financial institution. Members handle their finances in an extremely responsible manner, which means the credit union has low loan losses... When a credit union's business is even better than projected, members share in those benefits — which this year resulted in a $40 million extraordinary dividend! Its members' money, and that is what makes CEFCU not a bank. Better!"
