The Bonus Dividend
CCCU did it again! Over $3 million was paid to our member/owners on January 22, 2016. $3,081,000.53 to be exact.
The credit union’s Board of Directors announced the final number during the annual meeting on January 21. Eric Jorgenson, chairman of the board, commented: “CCCU has given back over $53 million since 2001. Although the dividend is something we cannot guarantee year-over-year, it’s our goal to operate efficiently so that we can have the extra earnings left to share with our member-owners.”
"We had a strong year for loan growth and new member growth,” said Matt Kershaw, president and CEO, referring to the 23.57% loan growth and 8% new member growth. “We’re back up to over 37,000 members, which is where we were in years preceding the recession.”
This year’s bonus was deposited into members’ accounts on Friday, January 22. The average bonus was $83 per member, with the highest single bonus totaling over $16,000. “Every qualified member received at least $20,” said Mark Andrews, chief marketing officer.
Members were overjoyed to see the money automatically deposited to their accounts: “I love free money” exclaimed Jashanna Brooks (pictured above, left).
Other grateful members included North Decatur member Brandon Bernier (pictured above, center), Windmill member Kari Harper (pictured above, right), and new member Ty Hewitt (not pictured). Brandon told us that he plans on using the dividend money to celebrate his upcoming birthday weekend. “This is the best birthday present the credit union could have given me!” Kari shared her enthusiasm with her local tellers: "It was such a nice surprise to see money in my account that I wasn't expecting!" Ty replied to the bonus dividend announcement email with “Thank you so much. I have never received anything from any credit unions I have ever been a part of before. You make me proud.”
The bonus dividend comes after CCCU ended 2015 with a healthy net worth ratio of 12.48% (up from last year’s 11.77%). The credit union also recorded an annualized net income of $11,867,228.