DFCU Financial Members Share Record $19 Million CU Payout
DEARBORN, Mich. – About 85,000 members of DFCU Financial got a New Year’s bonus today with their share of the credit union’s fifth consecutive Special Patronage Dividend–$19 million in total.
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 receive a one-half percent (0.5%) dividend on their average loan and deposit balances, with each eligible member receiving at least $50. This includes all savings accounts and loan balances.
The $19 million member payday is about the same amount as last year’s by DFCU, which is the biggest ever paid by a credit union. Michigan’s largest credit union has returned more than $90 million to members as special dividends over the last five years.
Mark Shobe, president of the $3 billion credit union, noted the annual dividend distinguishes credit unions from banks. “The dividend is virtually impossible for banks to do. They can’t match this,” he stated.