American 1 Credit Union, a $323 million financial institution based in Jackson, Mich., gave back a total of $1.58 million to its members.
Specifically, members who financed with American 1 CU during 2017 received 50 percent of their loan interest back (in this way, almost $900,000 in loan interest rebates were returned to members, with the average individual member Give Back exceeding $150). In addition to the loan interest Give Back, a bonus dividend of more than $690,000 was deposited into members’ savings accounts on Dec. 31, 2017.
The credit union noted that this most recent giveback exceeded the previous one by 52 percent, when American 1 similarly gave $1.038 million back to members in the form of loan interest rebates and bonus dividends.
The credit union noted that its members aren't the only ones the institution gives something back to: the communities it serves also reap some benefits. American 1 Credit Union said it gave more than $150,000 in charitable and community contributions during 2017.
“The magnitude of our giving is driven by the loyalty of our members and their use of our products and services,” said the credit union’s vice president of marketing and communications, Laura Pryor, in a statement. “Credit Unions are cooperatives. When members of a cooperative use the services the cooperative provides, the success that results is shared by members, and at American 1, we are delighted to give generously to the communities we are honored to serve,”