STOCKTON, Calif. — Financial Center CU broke even on the balance sheet last year because it handed all its net earnings back to the membership.
The $364 million CU just issued an extraordinary dividend of $4.8 million.
"It's our pleasure to give back to our members and give back to the community by getting that money out there," said CEO Michael Duffy.
The CU paid the money back in vouchers averaging $158 per member. Duffy said the move was made because of the institution's strong financial position and to celebrate its 60th birthday.
FFCU's net income was $4.83 million in 2019, $3.52 million in 2010, $4.19 million the following year and $4.71 million in 2012.
The credit union normally returns a dividend to members through above-market deposit rates. This year's dividend was calculated based on a member's time of membership, interest paid on any loans and number of transactions.
