Hanscom Federal Credit Union will pay out roughly $1 million to members through a loyalty dividend.
The $1.3 billion-asset credit union, which is based on the Hanscom Air Force Base in Massachusetts, said Friday that it would give back to members 2 percent of dividends earned on savings and 2 percent of most consumer loan finance charges.
The interest refund will total $844,000 and the bonus dividend is expected to be $220,000 according to estimates from a Hanscom spokesperson.
“We’re thrilled we can give our members a loyalty dividend in 2018, the result of a successful year,” Paul Marotta, Hanscom’s chairman, said in a statement. “I’m proud that we’re able to show our gratitude to our members in such a concrete way.”
Hanscom’s loyalty dividend payment will become available to qualified member on New Year’s Eve.
The announcement marks the 22nd consecutive year that the institution has issued dividends. It has returned over $10 million to its members since 1996.
