More CUs Announce Year-End Bonuses
Insight Financial Credit Union has declared a 1% bonus dividend on all share accounts and loans, returning more than $173,000 to members in the process. Each member in good standing received a 1% bonus dividend based on their 2005 dividend and their interest paid year-to-date. This is the seventh year Insight Financial has returned a bonus dividend payment to its members.
In Pittsford, N.Y., Pittsford FCU has declared a Special Member Dividend totaling $500,000 to be divided among its 7,500 qualified members. The amount returned to each member was based on total dividends earned and interest paid during 2005. The credit union's general manager Bill Martin said that over the past 13 months PFCU has returned more than $1 million to members.
In Silver Creek, N.Y., the $3.4-million Northern Chautauqua FCU is paying members a 1% bonus dividend and a 10% interest refund on loan interest. The 1% bonus dividend meant $6,300 was distributed to its 750 members, while the loan interest refund totaled $13,566. NCFCU reported it has paid an interest refund in 33 of its 36-year existence.
In Lenexa, Kan., CommunityAmerica Credit Union has paid an extraordinary refund of more than $500,000 to members. Amounts paid to each member are based on the extent of the member's use of products and services, and it reported that for 2005, a member with a checking account, home equity line of credit, and a first mortgage will receive about $75. The dividend for 2005 is the 10th consecutive annual payout to members bringing the total of excess earnings shared with members to more than $9 million during that period.
In Albuquerque, New Mexico Educators FCU has returned $1.5 million to members in the form of bonus dividends and interest refunds.