Workers Credit Union, a $1.6 billion institution based in Fitchburg, Mass., announced that it has paid out $3.6 million to its members in 2017, marking the fourth consecutive year of such a payout.
The payment amount for each member was based on the average balance for the year in all of their eligible deposit and loan accounts.
“When we launched our GiveBack initiative, we didn’t realize how much our members would appreciate it and look forward to it each year,” stated Doug Petersen, the credit union’s president and CEO. “It is our way of saying ‘thank you’ for banking with us. It is the trust we have earned that makes this payout possible. We experienced another great year as more and more members look to us to achieve their financial goals.”
Workers CU posted net income of about $6.3 million in 2017, down from about $13.1 million in the prior year. Meanwhile, the credit union’s total loans and leases outstanding rose from about $1.06 billion in 2016 to about $1.17 billion last year.