FITCHBURG, Mass. — Workers' Credit Union will give back more than $2 million to its members next month — a first for the $1 billion credit union.
Workers' is calling the dividend its "GiveBack Program," and the payout is calculated based on the average 2013 balance in all eligible loan and deposit accounts.
"We are really pleased to be able to make this payout to our members," said Doug Petersen, president and CEO of Workers' CU. "This is a first for us and, as far as we know, we are the first credit union based in North Central Massachusetts to pay this type of dividend."
According to Petersen, the credit union's capital ratio is in excellent shape, at 12.5%, which allows it to return surplus income to members for the first time in its nearly 100-year history. "We are in the position to be able to return extra income to our members, who made this GiveBack Program possible because of their support."
Petersen said the board hopes to make the payment ongoing.
Workers' Credit Union was founded in 1914. It serves more than 73,000 members from 15 offices.
