Small N.Y. credit union issues profit-sharing dividend
Northern Chautauqua Federal Credit Union is among the latest to announce a profit-sharing dividend for 2019.
The Silver Creek, N.Y.-based credit union paid a regular 20 basis-point dividend on all shares along with a 5% interest refund, meaning “all loans in good standing received a refund on interest paid,” the credit union said in a newsletter posted on its website.
The total amount returned to members for 2019 was nearly $11,000, according to local news reports.
NCFCU serves just 620 members holding nearly $3.7 million in assets. While not all credit unions issue patronage dividends, they are not as common at credit unions on the smaller end of the asset spectrum.
Northern Chautauqua reported just under $28,000 in net income during the first three quarters of 2019, the most recent call report data available, a 9.7% increase from the same period one year prior.