FAIRBORN, Ohio – Wright-Patt CU announced this morning it is paying members a $5 million special patronage dividend.
This year’s payout, which will be made Jan. 4, is $1 million more than last year’s and brings to more than $16 million the special dividends the $2.2 billion credit union has paid members over the past four years.
To be eligible for the special Patronage Dividend, a member must be in good standing both currently and at the payment date. Many members will easily receive $15 just for having an active debit card, using home or mobile banking and having eStatements. However, some members will receive hundreds of dollars due to the amount of products and services they have with the credit union. The more use of the credit union, the greater the dividend. The majority of members receiving the Patronage Dividend live in Montgomery, Greene, Clark, Miami, Hamilton, Clinton, Warren and Champaign counties.
More than 210,000 members will get a share of this year’s bonus.
Wright-Patt said its Board believes in the not-for-profit, member-owned cooperative business model that says the credit union belongs to members. Therefore, any profits in excess of those needed to pay operating expenses and build strong safety reserves should be returned to members. “Returning $5 Million to members is unique in this industry because a for-profit institution would not likely give money back to the very customers who helped them make it," said Doug Fecher, president of Wright-Patt.
