Fort Bragg Federal Credit Union in North Carolina paid out more than $624,000 in loyalty dividends to about 23,900 qualifying members.
The $401 million-asset credit union said on Thursday that each loyalty dividend was based on deposit and loan balances of members during the year. More than 60 percent of the credit union’s roughly 39,000 members received a dividend with some receiving as much as $500. The money was paid out on Thursday.
A spokesperson for Fort Bragg FCU told Credit Union Journal that the management team believes this is the first dividend payment in the credit union’s history.
“Our board of directors authorized the payment of this special dividend to recognize our most loyal members,” Todd Kenthack, president and CEO of Fort Bragg Federal Credit Union, said in a statement. “As a financial cooperative, we are able to return a portion of our credit union’s earnings to our member-owners. This sets us apart from many for-profit financial institutions. December is the perfect time of the year to give back to our most loyal members.”
Fort Bragg FCU earned roughly $2.2 million in the first nine months of this year, down almost 9 percent from the same period a year earlier, according to call report data. As of Sept. 30, it was well capitalized with a net worth ratio was 11.65 percent.
