Two credit unions have paid out special bonuses to their members.
Coastal Credit Union in Raleigh, N.C., returned more than $3.3 million in special dividends while Wymar Federal Credit Union in Geismar, La., distributed $140,000.
The $3.1 billion-asset Coastal said on Thursday that this payment, which was issued under its loyalty bonus program, was 35 percent higher than last year’s dividend and was the highest such payout in its history.
The money was distributed to 63,500 members, which was also a record, with individual payments ranging from $5 to $300. Each payout was calculated based on factors, such as a member’s year-end loan balance, average deposits and length of membership.
“We aren’t beholden to Wall Street investors, so we can focus on using our earnings however they will best benefit our members. One way we can do that is by returning some to the people who helped us earn,” Chuck Purvis, Coastal’s president and CEO, said in a statement.
Over the past eight years, Coastal has returned a total of $17.5 million in special dividends to its members, the credit union said.
Separately, Wymar Federal Credit Union said on the website of the
The $108 million-asset Wymar returned
Coastal posted net income of about $31.8 million in 2018, a 10.6 percent increase over the prior year.
Meanwhile, Wymar has earned about $1 million last year, which remained flat from the prior year.
