FITCHBURG, Mass. — Workers' Credit Union announced it deposited $2.5-million into its membership accounts under the credit union's "GiveBack Program."
That payment marked a 25% increase from the $2 million it paid to its membership in calendar 2014, the first such distribution in the credit union's 100-year history.
"Our commitment at the time was we would continue the GiveBack Program as long as the credit union was doing well," said $1.15 billion Workers' CEO Doug Petersen said in a statement.
Workers' explained that the significant increase in its 2015 payment was due to the inclusion of business loan and deposit accounts and IRAs in the payout.
"In addition to expanding the type of accounts that receive the payout, we experienced tremendous growth in 2014, with total assets growing 10.9% to $1.15-billion, which included a 10.4% gain in net loans and 7.5% increase in deposits," Petersen added.
Petersen noted that the credit union's board of directors approved the new round of payments in light of the institution's financial strength, which boasts a 12.3% capital ratio, far above regulatory standards.
"We implemented this program because of our member support," he stated. "The GiveBack Program shares our financial success with our members, which make this possible."
He added that the response to the program has been so positive that Workers' plans to use member testimonials in a new ad campaign.
"What surprised us was how enthusiastic the response was from our members. We knew we had to capture that energy and support," Petersen said.
