DEARBORN, Mich.– DFCU Financial CU, started by Ford employees, knows how to boost the local economy–having poured more than $50 million into its members’ pockets in bonus dividends the last three years–and this year they want to pay more.
"We’re aiming for $19 million," said Mark Shobe, president of the $2.5 billion credit union, which rewarded members with a $17 million bonus in January. "That’s putting a lot back into the local economy."
The $19 million payout would be the biggest ever for a credit union, topping the $17 million paid each of the last three years by DFCU.
The bonus, or special dividend, as a unique credit union way to thank the owner/members of the financial cooperative. Each year credit unions reward their members for their ownership and patronage with millions of dollars in bonuses accrued from retained earnings.
Shobe, whose credit union was pushed into the red in the first quarter to the tune of $4.7 million because of a $14 million charge for the corporate credit union bailout, expects to reach the $19 million bonus. Not counting the bailout charge, most of which will be reversed because of the new corporate bailout law, DFCU had a $9.3 million operating net for the first quarter. He expects that tight expense control and growing lending will get him to the mark.
