TruStar Federal Credit Union in International Falls, Minn., has paid out $750,000 in a patronage dividend to its members.
This is the fifth consecutive year the credit union has made the payment. The money was deposited into member accounts last week.
“When our capital exceeds our goal for the year, the excess is returned to our members in the form of a patronage dividend,” TruStar President and CEO Dale Johnson said in a statement. “This amounts to almost $3.75 million since 2013.”
That number exceeds $4 million when considering the credit union’s debit rewards program, Johnson added.
The institution earned about $1.6 million in 2018, down more than 4 percent from 2017. The credit union was considered well capitalized for both years.
“These are perfect examples of what being a member of a financial cooperative is all about – access to products designed to benefit all members and sharing in the success of the business,” Johnson said.
