DFCU Financial, a $3.9-billion-asset credit union based in Dearborn, just outside of Detroit, announced it has returned half of its 2015 income – amounting to some $25-million – back to 100,000 of its members through its "Cash Back" annual loyalty reward program.
This largesse amounts to the largest such cash reward paid out by any financial institution in Michigan and surpasses last year's record payout of $24 million by DFCU Financial.
DFCU Financial has a total of about 217,000 members, according to NCUA data.
Under the Cash Back program, qualified members receive an annual loyalty reward of 0.5% on their average yearly loan and deposit balances from the prior year.
Since 2006, DFCU Financial noted, it has paid out more than $206 million in Cash Back payouts to members.
"DFCU Financial members made 2015 a great year, and as we continue to grow in communities across the Detroit, Ann Arbor, Grand Rapids and Lansing areas, it's important to us that we thank our members for their loyalty, and that they share in our success," said Mark Shobe, president and CEO of DFCU Financial. "As we look ahead to continued expansion in 2016, our team remains focused on providing the education and support to help our members make sound financial decisions."
DFCU Financial added that will open new branches in the towns of Birmingham, Clinton Township, Ypsilanti and Taylor this year.
