El Paso, Texas-based evolve Federal Credit Union this week paid a $1.75 million "patronage dividend” to its members.
The $306 million CU said the amount of the dividend was determined by each member’s product relationship. “Each product was given a percentage value in the calculation of the patronage dividend – the more services used, the higher the return,” the credit union said in a statement.
More than 12,500 evolve FCU members received a deposit in their main share account.
The credit union said the two previous dividends were in the amount of $2 million in 2016 and another $2 million in 2017, for a three-year total of $5.75 million.
Ken Walters, president and CEO of evolve FCU, said, “This patronage dividend is for those members who have made evolve Federal Credit Union their financial institution of choice. 2017 was yet again an exciting and very successful year for the credit union. As a cooperative, evolve understands we are only as successful as our membership makes us. With the implementation of our Membership Plan in 2015 and the loyalty of our members, evolve FCU is still the only credit union to give back a dividend of this magnitude in El Paso.”
Additionally, on Jan. 1, evolve FCU increased its ePriority checking account interest rate to 5 percent, a spokesperson for the credit union told Credit Union Journal.
Founded in 1936, evolve Federal Credit Union, formerly El Paso Employees Federal Credit Union, is open to anyone who lives, works or worships in El Paso County, Texas. It serves 24,000-plus members via seven branch locations and a range of online services. For more information visit www.evolvefcu.org.