OGDEN, Utah – The end of a calendar year always brings news of credit unions paying bonus dividends to their members, and Goldenwest CU got the ball rolling Monday with an announcement it will issue a record-setting dividend of $1.1 million on Dec. 31.
The $1.1 billion CU said its board of directors approved the one-time bonus dividend payout at the monthly board meeting held on Nov. 18. The dollar amount is the largest bonus dividend paid in Goldenwest history, and will mark the 12th consecutive year the credit union has paid a bonus dividend to members.
Over the past 12 years, Goldenwest has returned nearly $8 million to its members via its bonus dividend program.
The one-time dividend of 4.10% APY is paid on primary shares, secondary shares, Christmas Club shares, and IRA shares. Based on the average daily balance of shares during 2015, the bonus dividend is paid for the month of December only. The dollars and cents earned on the bonus dividend equate to a little less than the annual yield paid on a 12-month CD. The one-time dividend is paid in addition to the monthly dividend, which is anticipated to be declared by the Board at 0.10% APY. The total projected dividend paid for the month of December is 4.20% APY.
"We are both proud and grateful Goldenwest has experienced another strong year," Bill Hart, chairman of the board of directors, said in a statement. "When the credit union does well, we make it a point to give more to our members at the end of the year. It's our way of saying 'thank you' for your loyalty."
"The not-for-profit financial cooperative model is alive and well at Goldenwest Credit Union," said Kerry Wahlen, president and CEO. "Our success is a result of members who join and take advantage of all the products and services we offer. Nothing pleases us more than making a positive difference in the financial lives of our members."
Goldenwest is embarking on its 80th year in member service.
