WATERLOO, Iowa—Veridian Credit Union announced it has returned bonus dividend payouts totaling some $1.83 million to more than 173,000 member accounts.
Veridian, a $2.5 billion credit union based in Waterloo, Iowa, said members holding a member equity savings account received a one-time 6% bonus dividend payment on the account for December.
Veridian noted that such bonus dividend payments are made to members when the credit union's capital-to-asset ratio exceeds 10%.
"The last year has been successful for Veridian, and we believe it's important to return that success to our members," Monte Berg, Veridian's senior VP-finance, said in a statement. "As a member-owned, not-for-profit financial cooperative, Veridian Credit Union always returns excess capital to our members in the form of great rates, low fees and better services. It's how we do business and true to credit unions' people helping people philosophy. We're glad to be able to extend that return to our members this year with a bonus dividend payout."