Pennsylvania State Employees Credit Union has paid out a record special reward totaling $22 million to its members.
The $5.3 billion-asset institution said on Thursday that this distribution marks the highest such reward it has ever issued.
Rewards, which were deposited into members’ regular shares on Thursday, had four components. Members who qualified received $22 – a nod to the institution’s 22 founding members – and were also given 5 cents or 10 cents for every debit card purchase of at least $10 made during the year. Those that used the “founder’s card” received 50 percent of total cash rewards earned while those that used the “classic card” received 11.3 percent of the interest paid during the year.
“While a year-end reward isn’t an annual guarantee, we’re pleased that we’ve been able to give back to our members and show our appreciation to them in this way each year since 2013,” Greg Smith, PSECU’s president, said in a statement. “Including this year’s reward, the total we’ve returned to our members during that time is substantial, coming in at over $80 million.”
Based in Harrisburg, Pa., PSECU posted net income of about $52 million in the first nine months of 2018, a 54.4 percent surge from the same period in the prior year.
