SAFE Credit Union returns more than $1M to members

SAFE Federal Credit Union in Sumter, S.C. returned roughly $1.3 million to members at the close of 2019 in annual bonus dividends and interest rebates.

Members received payouts based on the depth of their relationship with the credit union, including an 8% bonus paid on dividends received in 2019 on deposit accounts. All loan relationships except credit cards received a 3% rebate on all interest paid last year.

“Like family, we’re here to help our members earn more on savings and pay less on loans. And, like family, we’re happy to share during the good years,” SAFE President and CEO Darrell Merkel said in a press release.

The $1 billion-asset credit union’s most recent call report shows roughly $8.9 million in net income during the first three quarters of 2019, similar to what it earned during the same period of 2018.

This latest payout brings SAFE’s member returns to more than $32 million in the last 23 years. For 2018 it returned $1.2 million to members and gave back more than $1 million for 2017.

Additional coverage of credit unions’ 2019 dividend payouts can be found here and here.