Western Division Federal Credit Union, a $141 million institution based in Williamsville, N.Y., issued a patronage dividend of more than $800,000 to its members on November 20.
The credit union has about 8,560 members according to its call report.
The amount of each member’s dividend payment was based on his or her “level of participation” in the credit union, the credit union said. All active members in good standing who paid interest or received dividends in a “sufficient amount” to warrant a patronage dividend received 80 percent of interest paid on loans and 80 percent of dividends received on savings, as of September 30, 2017.
The patronage dividend was paid in addition to regular dividends. The maximum dividend a member could receive was $580.
Since 2003, Western Division FCU has paid back more than $6 million in patronage dividends to its membership.
“This year marks our 80th anniversary, and what a better way to celebrate than reward our members for their loyalty and the trust they have placed in us,” Western Division President and CEO Robert Harms, in a statement. “It seems only fitting, the week of Thanksgiving is the best time to share in the patronage dividend.”