Citizens Equity First Credit Union in Peoria, Ill., has distributed a $50 million extraordinary dividend to its members.
The $5.9 billion-asset credit union said in a news release earlier this month that the funds were credited to members’ savings accounts on Nov. 30. CEFCU has more than 337,000 members, according to data from the National Credit Union Administration. This year's special dividend was a record amount returned to members, CEFCU said.
“Because of members’ continued loyalty and trust, CEFCU has had another strong year,” Todd Gwillim, the institution’s chairman, said in a statement. “For 2018, that success resulted in members receiving the largest extraordinary dividend in CEFCU’s history.”
The amount each individual member received was based on dividends earned and interest paid in the first 11 months of the year.
The credit union noted that it has paid out $280 million in extraordinary dividends to its members over the past 19 years. Last December, the credit union
Mark Spenny, the institution’s president and CEO, said in the statement that this dividend is “just another affirmation of CEFCU’s commitment to members. It is rewarding to directly share our financial success with members, the people that made it happen.”
