CEFCU’s Board Of Directors announced today that a record extraordinary dividend of $9 million has been distributed to CEFCU member/owners.
This dividend was based on members’ savings and loan activity during the year 2012, with $4.5 million going to borrowers and $4.5 million going to savers. The amount each member received was determined by dividends earned and interest paid during the first 11 months of the year, as of Nov. 30. On Dec. 11, dividends will be deposited to members’ Savings accounts.
Over the last 13 years, CEFCU has returned $63 million in extraordinary dividends to members.
CEFCU Board Chairman, Patricia Hampton, said, “I am so pleased that, because of the loyalty of CEFCU’s members, the credit union is once again returning a year-end dividend to members. Due to the credit union’s strong financial results, this dividend is the largest ever extended to those who save and borrow with CEFCU. Credit unions exist for members, not for profit. So, when business is good, those benefits are returned to the member/owners.”
Mark Spenny, CEFCU President/CEO, added, “I’m proud to say that after 75 years, the credit union not-for-profit business model of borrowers and savers helping each other is still alive today. As a result, those members who borrowed and saved with CEFCU during 2012 are sharing in a record $9 million extraordinary dividend. When business is better than projected, members share in those benefits. It’s their money, and that is what makes CEFCU not a bank. Better!”
With assets totaling nearly $4.8 billion, CEFCU serves more than 290,000 members through 20 central Illinois Member Centers and three Member Centers in Santa Clara County, California; the CEFCU Financial Center; the Money Center 24 ATM Network; CEFCU’s website, cefcu.com; CEFCU’s Mobile website, m.cefcu.com; the surcharge-free CO-OP ATM Network; and the CU Service Center Shared Branch Network.