Ogden, Utah-based Goldenwest Credit Union on Thursday said it will return $1,975,000 to its members in the form of a bonus dividend.
The $1.5 billion CU noted it has paid a bonus dividend for 15 consecutive years, counting the 2018 return, for a total of $13 million. The credit union returned
The board of directors approved the payout at its recent November meeting, and this year’s dividend is set to be paid on Dec. 31.
The CU said its members will earn a 4.30 percent return on primary shares, secondary shares, Christmas Club shares and IRA shares. It noted the one-time dividend is paid in addition to a 0.10 percent APY monthly dividend. The total dividend paid for the month of December will be 4.40 percent APY, or an equivalent rate of 0.46 percent calculated on the average daily balance for the year.
“The year-end bonus dividend is paid as a result of our excellent financial growth and performance during the past 12 months,” Bill Hart, chairman of the CU’s board, said in a statement. “The board of directors wishes to thank Goldenwest members for their continued support, and recognize their loyalty through this special dividend.”
“Goldenwest is a member-owned financial institution that was built for and by our members,” said Kerry Wahlen, president and CEO. “Our 15-year tradition of paying bonus dividends demonstrates our commitment to the not-for-profit cooperative spirit of credit unions.”
Wahlen noted the bonus dividend is not the only savings yield that has increased in the past year.
“The long drought of low deposit rates is ending,” said Wahlen. “In 2018, Goldenwest members earned higher dividends with increased rates on certificates and insured Money Market accounts.”
Goldenwest has $1.5 billion in assets and serves more than 136,000 members.
