TYLER, Texas – Cooperative Teachers Credit Union on Thursday said it paid a $92,000 dividend to its members in late December.
The $107 million CU said the active participation of both borrowers and savers contributed to a successful year. The bonus dividend was paid to every member with an eligible share account.
The divided amount was based on the length of the account and the average balance of the account for the year.
On average, CTCU pays $32,000 in monthly dividends to its membership. The credit union noted the bonus divided was the equivalent of an extra two and a half months of dividend payout. Some members received more than $1,100.
This was the third time Cooperative Teachers CU has paid a year-end cash dividend.
"Our ability to payout a bonus dividend to our members for the third consecutive year is a testament to the sound lending decisions and efficient operation that has kept us a strong, secure and reliable organization," CTCU Chief Executive Officer Tim Miller said in a statement.
"Our members demonstrate their continued support, loyalty and faith in the financial strength of CTCU, and it is our way of saying thank you. The payment of this bonus dividend proves our continued commitment to serve our members to the best of our ability," said Wayne Boshears, chairman of CTCU's board of directors.
CTCU was chartered in 1953. It has an open membership for anyone who lives, works, or worships in Smith County.
