Richland Federal Credit Union in Sidney, Mont., paid out $250,000 in bonus dividends to its membership.
Kevin Mayer, CEO of Richland, told Credit Union Journal by email the payments were made on Monday. Mayer added that the last time Richland’s board declared a bonus dividend was in 2000.
“As a financial cooperative, we are owned and democratically controlled by our members,” Mayer said in a press release issued on Sunday. “Consequently, when we have earnings that exceed those needed to continue to provide financial services to our members, that money is returned directly to them in the form of dividends.”
The $86 million-asset institution posted net income of about $778,000 in the first nine months of 2018, a 10 percent increase from the prior year.
