COLORADO SPRINGS-- Ent FCU announced this morning it will pay a special dividend of between $25 and $1,000 to all but a handful of its 209,000 members on Wednesday, a total of $10 million.
The amount of the dividend –the first in the credit union’s 55-year history--will depend on how much interest they paid on loans and the amount of dividends they earned on deposits last year, though about 1,000 members who have caused a loss for Ent are not eligible for the special dividend.
The $10 million bonus comes as the $3.4 billion credit union announced it earned $41 million in net income last year before the dividend was subtracted, up 1.5% from 2010. Much of the increase in income came because Ent reduced its reserves for anticipated losses on delinquent loans by $1.17 million.
"On behalf of the board of directors, management and all of Ent's employees, we want to thank our members for their loyalty in using Ent for all of their financial services," Ent Chairman Tim Rickert said.
The $10 million members bonus is one of the biggest paid this year by credit unions, behind only DFCU Financial's record $21 million payout, and on par with the $10 million American Airlines FCU rewarded its members earlier this month.
