TYLER, Texas — For the second consecutive year, Cooperative Teachers Credit Union paid a year-end bonus dividend of $90,000 to its members.
The $74 million CU said it rewarded "active participation." The bonus dividend was paid to every member with an active share account. The dividend amount was based on the length of the account and the average balance for the year.
On average, CTCU said it pays $32,000 in monthly dividends to its membership — making the bonus divided the equivalent of an extra two and a half months of dividend payout.
"Our ability to pay a bonus dividend to our members is a testament to the sound lending decisions and efficient operation that has kept us a strong, secure and reliable organization," said CTCU CEO Tim Miller in a statement.
"Our member-owners demonstrate their continued support, loyalty and faith in the financial strength of CTCU, and it's 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.
CTCU was chartered in 1953 and currently serves anyone who lives, works or worships in Smith County, Texas.
