Western Division FCU doles out $500K member dividend
Members of Western Division Federal Credit Union in Williamsville, N.Y. will have a little extra holiday cheer this season thanks to a $500,000 special patronage dividend.
“Unlike most other financial institutions, Western Division doesn’t send our benefits away to stockholders,” President and CEO Robert Harms said in a release. “Instead, we return those benefits back to our members."
Harms said this is another way that the $142 million-asset credit union can ensure its members “keep more of their hard earned money.”
In order to qualify for the rebate, individuals must be active members in good standing who either paid interest or received dividends in a sufficient amount to warrant a payout. Those members will receive 15% of dividends received on savings and 30% of interest paid on loans as of Sept. 30.
The amount of each member's dividend depends on the depth of their relationship with the credit union, ranging from $10 to $500. Qualifying products include personal, vehicle, recreational, home equity and mortgage loans, along with deposit products such as savings, sub-savings and money market accounts, as well as IRAs and term certificates.
This year's return is down slightly from last year's $750,000 payout. NCUA call report data shows Western Division earned just over $1 million in net income during hte first three quarters of 2018, down from $1.2 million during the same period last year.
The credit union's largest ever patronage dividends came in 2007 and 2008 when it returned $1 million to members.
Management has returned more than $8 million in dividends to members since 2003.