DFCU Financial, Michigan's largest credit union, gave its members what it is calling its own economic stimulus earlier this month — a credit union-record $19 million special dividend.
The payout exceeds the previous credit union record of $17 million, paid each of the previous two years by DFCU, which has distributed $70 million in bonus dividends over the past four years. The credit union in Dearborn, Mich., had a strong 2009, with operating net income of $38 million for the first three quarters of the year.
This year's dividend was calculated based upon each member's total relationship with DFCU. Members were paid 0.5% on their loan, deposit and credit card balances with DFCU.