Dow Chemical Employees' Credit Union in Midland, Mich. returned $15 million to its prime members in 2016, the largest giveback in the cooperative's history.
The $1.5 billion-asset credit union, which has returned a share of its profits to members annually since 1980, said it gave back 75% of the interest members in good standing paid on their eligible loans throughout 2016. This was the third consecutive year the credit union was able to give back at least 75%.
The credit union also gave its members a cash reward equal to 75% of the interest they earned on their savings, as well as rebates on their Visa debit card transactions.
"The credit union's careful management of our members' deposited funds, including prudent investments in loans to members, plays a large role in our ability to offer rebates and rewards while still maintaining a healthy capital cushion," Dennis Hanson, president and chief executive of Dow Chemical Employees' CU, said in a news release on Wednesday.
Membership in Dow Chemical Employees' CU is open to employees and retirees of more than 50 select employer group companies and to their family members. The credit union serves more than 58,000 members.
