Members Earn Millions in Year-End Credit Union Payouts

PHOENIX – Arizona FCU topped off a record week of Holiday Season dividends Friday by announcing a $10 million year-end payment to its members. Call it what you will, credit unions all over the country were announcing million-dollar paydays for their members last week, returning their built-up retained earnings to their member/owners. Pennsylvania State Employees CU announced a $7.5 million special dividend on Friday. And Tyndall FCU announced a $3 million bonus dividend. “This ‘cash out’ is in keeping with the institution’s Mission Statement,” said Jim Warren, president of the $745 million credit union, “Tyndall Federal Credit Union exists for the benefit of our members.” Earlier last week, Founders FCU announced a $6 million bonus dividend; Eastman CU a $1 million; Dort FCU and Fort Campbell FCU each reported $1 million payouts to members. And topping it all off, DFCU Financial announced it will be paying a $17.5 million special dividend after the first of the year, the largest payout ever for a credit union.