The board of directors at Earthmover Credit Union has authorized the payout of a $600,000 “loyalty bonus” to qualified members due to the institution’s “strong financial position” in 2017.
The amount each member will receive is based on the member’s activity with ECU in 2017 related to three areas of business: savings, loans, and active products. Returns will be paid this month.
Libby Calderone, the credit union’s president and CEO, told Credit Union Journal that Earthmover Credit Union had “another outstanding year” in 2017.
“And what better way to celebrate this success than by sharing with our members/owners?” she said. “Our board believes in the cooperative principles, and our mission is to improve our members’ financial lives. Giving back $600,000 is certainly a great way to help achieve this mission.”
Janel Cabadas, vice president of marketing & business development at ECU, told Credit Union Journal that in 2016, they “gave back $500,000 and also donated an additional $10,000 to three local charities” selected by members and the local community.
This year, to celebrate the credit union’s 60th anniversary, Cabadas added, “we have decided to give back $600,000 and donate an additional $50,000 later in the year to local charities voted on by the members and the community.”
Based in Oswego, Ill., the privately insured ECU has about $260 million in assets and serves about 27,000 members.
According to its financial statements, ECU posted net income of about $3.9 million and had approximately $164 million in loans outstanding as of year-end 2017.
In 2016, the credit union recorded net income of about $2.8 million and had approximately $154 million in loans outstanding.