Golden 1 returns $20M surprise dividend to members
Golden 1 Credit Union, a $12.8 billion-asset institution based in Sacramento, Calif., on Tuesday said it deposited $20 million into the accounts of approximately 1.1 million of its members as a supplemental dividend.
The distribution was revealed Tuesday morning via messages advising members to check the balance on their savings accounts. The credit union said all eligible members received a return of at least 25% of their total dividends received through Oct. 1.
Many credit unions issue special rebates at year-end. Wisconsin-based Summit CU issued its own earlier this month.
Tuesday’s supplemental dividend was the second such distribution Golden 1 has made in the past five years. In 2014. The CU deposited $18 million into eligible accounts.
Donna Bland, president and CEO of Golden 1 Credit Union, said this year’s return to members was to thank those “invest” in the CU.
“Our members are key to our success, and we are excited to say ‘thank you’ in a very real and tangible way. We thrive today because of their continued loyalty.”
In advance of the announcement, Golden 1 also used social media and outdoor advertisements to spotlight two individual members and a couple for their “inspiring” stories. Golden 1 members Manuel, Sonia, and married couple Sam and Sara were nominated by employees at their local branches and were given additional personalized “thank you” gifts from The Golden 1.
In recent years, Golden 1 has awarded $2.7 million in college scholarships, given $3.2 million in grants to local nonprofits that support foster youth and literacy, and donated more than $350,000 to food banks.
In its most recent call report, Golden 1 Credit Union listed more than $97 million in net income for the first three quarters of this year, up 25% from the nearly $78 million it earned in the first nine months of 2018. As of Sept. 30, 2019, its net worth ratio was 11.68% (“well capitalized”).