PEORIA, Ill. – CEFCU announced this morning it is paying its members a record $9 million holiday dividend.
The $4.8 billion credit union will pay $4.5 million to savers and $4.5 million to borrowers.
""This is a distribution of CEFCU's capital to our members," said Mark Spenny,president of the credit union, noting that CEFCU experienced a strong year, earning a record $33.9 million for the first three quarters of the year.
"We had lower loan losses than last year plus we saw strong demand for home mortgage and auto loans. There was also strong refinancing activity with interest rates at record or near-record levels," he said.
The one-time Caterpillar Employees credit union paid its members a $7 million holiday bonus last year.
CEFCU has paid members $59 million in special bonuses over the past 12 years.