Two more credit unions dole out patronage dividends
The holiday season may be over but credit union dividend season shows no signs of letting up. Two more institutions have announced payouts to members.
Whitefish Credit Union in Whitefish, Mont. returned its semiannual dividend to members on Dec. 31, paying out 1.50% for a total of $20 million spread among 55,000 members in 2019. Whitefish CU has more than $1.5 billion in assets.
“We are excited to provide our members with a dividend rate that is more than 16 times higher than the average national savings rate, at the same time that many other institutions have lowered their rate,” President and CEO James Kenyon said in a press release. “Despite multiple rate reductions by the Federal Reserve over the past six months, the fact that our dividend remains exceptionally high is a direct reflection of our mission to return value to our members.”
Whitefish posted $8.1 million in net income during the first three quarters of 2019, down from $10.4 million during the same period one year prior, according to call report data.
Hanscom Federal Credit Union, meanwhile, returned more than $437,000 to members, paying out dividends on deposits and consumer loan finance charges for 2019. This will mark the 23rd year in a row Hanscom has paid a loyalty dividend, for a total of $11 million returned to the membership since 1996. For 2019, student loans and first mortgages were added to the mix to increase eligibility.
“We’re thrilled we can expand our Loyalty Dividend this year, the result of another successful year,” Ray Phillips, chairman of Hanscom FCU’s board of directors, said in a press release. “I’m proud to be able to show our appreciation for all of our members in a tangible, impactful way.”
Hanscom FCU earned $5.78 million in net income through Sept. 30, 2019, down from $8.5 million one year prior. Many credit unions' net income figures were down in 2018 after being inflated by the National Credit Union Administration's equity distribution in 2018.