Millions of Benefits Accrue to CU Members

ATLANTA – Call it what you will: patronage dividend; bonus dividend or interest rebate; credit unions continued to send back excess earnings to their members last week by the millions of dollars. That included an $8.5 million patronage refund and dividend paid by Delta Community CU. A $1 million bonus dividend by Mazuma CU. West Texas CU paid its members $500,000 in loan-interest rebates. And Atlantic Financial FCU said it distributed $450,000 in member bonuses. Rick Webb, president of Atlantic Financial, in Hunt Valley, Md., said they make the annual payment when they meet their financial goals and to differentiate the financial cooperative from for-profit banks. The credit union returned 10% of all interest paid during 2006 on all loans and credit cards, and an additional 10% of all dividends earned on all savings products. “We want our members to recognize the credit union difference and be proud to be part of the credit union system,” said Rob Givens, president of Kansas City-based Mazuma.