Citizens Equity First Credit Union, a $5.8 billion institution based in Peoria, Ill., has paid an extraordinary dividend of $40 million to its members.
The amount each member received was determined by dividends earned and interest paid during the first 11 months of the year, as of November 30, 2017.
Over the past eighteen years, CEFCU has returned a total of $230 million in extraordinary dividends to members.
“2017 was a strong year for CEFCU,” Bob Metzinger, chairman of Citizens Equity First’s board, said in a statement. “With outstanding financial results and the continued support and loyalty of CEFCU members/owners, another large extraordinary dividend was returned to members.”
Mark Spenny, CEFCU’s president and CEO, commented that “when the credit union does well, the money goes right back to the members and not outside stockholders.”