PEORIA, Ill., and FAIRBORN, Ohio (12/12/12)--Two credit unions--one in Illinois, one in Ohio--announced they have paid their members patronage dividends totaling a combined $15 million.
CEFCU in Peoria, Ill., distributed a record extraordinary dividend of $9 million to its members, based on their savings and loan activities during 2012. About $4.5 million went to borrowers and $4.5 million to savers. The amount received by each member is determined by dividends earned and interest paid during during the first 11 months of the year, as of Nov. 30.
The dividends were distributed Tuesday. For the past 13 years, CEFCU has returned $63 million in extraordinary dividends to its members. CEFCU has nearly $4.8 billion in assets and serves more than 290,000 members.
Wright-Patt CU, based in Fairborn, Ohio, also announced it will pay more than $6 million in the form of a special patronage dividend to 230,000 members on Jan. 3.
This year's dividend represents an increase of more than $1 million over last year's dividend, said the $2.4 billion asset credit union. Since it began distributing dividends in 2008, the credit union has returned more than $22 million to members.
To be eligible, Wright-Patt members must be in good standing both currently and at the payment date. The amount depends on the number of service relationships the member has with the credit union.