Dow Chemical Employees’ Credit Union in Midland, Mich., returned a record $19.4 million to its membership in the form of rewards and rebates.
The $1.6 billion-asset institution said on Wednesday that the 2018 payment was almost $2 million higher than the payout from 2017. The money was paid out on New Year’s Day.
The credit union returned 60 percent of the interest which members in good standing paid on their eligible loans over 2018. It also distributed a cash reward that was equal to 60 percent of the interest they earned on their savings.
“The credit union’s prudent management of members’ deposited funds and our members’ commitment to engaging in our financial cooperative are both key factors in our ability to be one of only a handful of financial institutions nationwide to share earnings with members to this extent while still maintaining a healthy capital cushion,” Dennis Hanson, president and CEO of the institution, said in a statement.
Dow Chemical Employees’ noted that it has made such payments to its members annually since 1980 and in every year expcet one since 1955.
The credit union posted net income of about $4.9 million in the first nine months of 2018, a 75 percent jump from the same period in 2017.
