Sioux Falls FCU pays $1M dividend to members

Sioux Falls Federal Credit Union in South Dakota paid out bonus patronage dividends totaling more than $1 million to its membership.

The $278 million-asset institution said on Tuesday that this dividend marked the second consecutive year such a payment was made to members.

Dividends, which were deposited to members’ accounts on Monday, were distributed to members with “active accounts in good standing,” the credit union said. The amount each member received was based on a percentage of savings and loans they have with the credit union.

“It’s our way of saying ‘thank you’ to our member-owners,” Fran Sommerfeld, the institution’s president and CEO, said in a statement. “This doesn’t happen in the financial services industry very often – let alone two years in a row – but our members are that important to us.”

Sioux Falls posted net income of about $2.4 million for the first nine months, a roughly 30 percent increase over the same period in the prior year.