CP Federal Credit Union closed out 2018 paying out more than $727,000 in an interest rebate and bonus dividend.
Members of the Jackson, Mich.-based credit union received 5 percent back of total interest they paid on loans during 2018. Members also received an additional 5 percent divided of the total dividends paid throughout the year.
“We had an incredibly successful year in 2018 thanks to the many members who joined and took advantage of our products and services designed to cultivate legacy-defining moments,” CP Federal’s President and CEO Chrissy Siders said in an email to Credit Union Journal. “The bonus dividend and interest rebate program are just one example of our board and leadership team’s commitment to fulfilling our purpose to inspire the pursuit of a life well lived.”
The $444 million-asset CP Federal also donated $300,000 to the Jackson Community Foundation to start the Jackson Saves program, which is designed to help with expenses incurred from post-secondary education.
The program will give all kindergartners attending eligible Jackson schools a savings account. The children will also receive an initial deposit. The donation will fund the first three years of the program, which is expected to launch during the 2019-2020 school year.
This is the credit union’s largest gift since it was established in 1953.
The credit union earned $4.3 million through September, up over 50 percent year over year.
