Sandia Laboratory FCU in Albuquerque has returned at $10 million special dividend to members as a way to thank them for their continued support of the credit union.
"SLFCU has weathered the tough economic times of the last several years and has built its reserves beyond the point of what's needed for adequate safety and soundness, so we're returning a portion of the reserves back to our members," President and CEO Robert Chavez said in a statement. "Our strength and stability is largely due to our members' loyalty and fiscal responsibility. The beauty of the member-owned model of a credit union is that when the credit union does well, its members do well. Since SLFCU is governed and managed locally, the $10 million directly benefits the people in the communities we serve."
The amount each member received varied by dividends earned during the last 12 months on whatever deposit accounts they hold at the credit union, including IRAs. Deposits were made into each member's primary share account on Dec. 2.
