Cy-Fair Federal Credit Union, a $244 million-asset institution based in Houston, on Wednesday said it is giving back more than $263,000 to it members in the form of a special dividend.
The credit union, which was chartered in 1956 to serve educators at Cy-Fair High School and subsequently switched to a community charter in 2005, said the dividend represents a return of “interest and revenue” to its members. The credit union also raised its CD and Money Market rates earlier this year.
Recent investments in technology have helped the credit union gain efficiencies which in turn led to its ability to pay a dividend, the CU said in a press release.
“Cy-Fair FCU has created a more cost-effective financial services model. The special dividend is one of several positive results from the cost-saving changes, improved efficiencies and the consistently strong net worth of Cy-Fair FCU,” the credit union said.
According to its most recent call report, Cy-Fair Federal Credit Union earned more than $2.2 million in net income last year. As of Dec. 31, 2018, its net worth ratio was 9.25 percent (“well capitalized”).
“Credit unions embody the power of people helping people. Every dollar one member puts into a savings account is a dollar provided to a neighbor looking for an auto loan or financing for a much-needed home improvement,” said Cameron Dickey, Cy-Fair FCU’s president and CEO. “It is the true spirit of a credit union community. We are a not-for-profit, which means we get to give back to our members. Because Cy-Fair FCU is owned by its members, being able to pay this additional dividend is something we are very proud of.”
