DEARBORN, Mich. – Members of DFCU Financial, Michigan’s biggest credit union, got a New Year’s present yesterday, a $21 million patronage dividend—the biggest ever among credit unions.
“We know many people in Michigan are still struggling so we want to put more money in their pockets and thank them for doing business with us, their Michigan-based local credit union,” said Mark Shobe, president of the $3 billion credit union, the one-time Ford auto workers credit union.
Since 2006, DFCU, formerly known as Dearborn Financial FCU, has paid members a total of $110 million, an average of $18 million a year.
This year’s payout was calculated based upon the member’s total relationship with DFCU Financial -- the greater the relationship, the larger the dividend. Qualifying members received a one-half percent (0.5%) dividend on their average loan and deposit balances, with each eligible member receiving at least $50. This included all savings accounts and loan balances.
