Even as growth slows, Fort Worth credit union pays $750K dividend
Fort Worth City Credit Union returned nearly $750,000 to members recently in bonus dividends and loan interest rebates.
Members who saved money with the $212 million-asset institution last year received a bonus dividend of 40% on earnings in their share accounts from the past 12 months. Those who borrowed in 2019 saw and 11% return on interest paid on all loans.
The credit union posted a net income of $1.4 million last year, according to call report data from the National Credit Union Administration, down from $1.8 million in 2018 partly on account of higher expenses, including an 18% rise in costs for employee compensation and benefits. Noninterest income was roughly level with 2018 while charge offs and delinquencies were up.
Fort Worth City closed out the year with a 16% increase in loan balances and more than 3% membership growth. The credit union converted to a community charter in 2017.