CEFCU’s Board of Directors is pleased to announce that a record Extraordinary Dividend of $12 million has been distributed to CEFCU member/owners.
This dividend was based on members’ savings and loan activity during the year 2013, with $6 million going to borrowers and $6 million going to savers. The amount each member received was determined by dividends earned and interest paid during the first 11 months of the year, as of Nov. 30. On Dec. 16, dividends were deposited to members’ Savings accounts.
Over the last 14 years, CEFCU has returned $75 million in extraordinary dividends to members. CEFCU Board Chairman, Thea Robinson, stated, “The credit union continues to see strong financial results, and this success is due in no small part to the continued loyalty of CEFCU member/owners. I am proud the Credit Union is able to extend this dividend, the largest in the history of the Credit Union, to members. Credit unions exist for members, not for profit. So, when business is good, those benefits are returned to the member/owners.”
Mark Spenny, CEFCU President/CEO, added, “The credit union not-for-profit business model of borrowers and savers helping each other is still alive today. As a result, those members who borrowed and saved with CEFCU during 2013 are sharing in a record $12 million extraordinary dividend. When business for a credit union is better than projected, members share in those benefits. It’s their money, and that is what makes CEFCU not a bank. Better!”
With assets totaling $4.9 billion, CEFCU serves over 297,000 members through 20 central Illinois Member Centers and 3 Member Centers in Santa Clara County, California; the CEFCU Financial Center; the Money Center 24 ATM Network; CEFCU’s website, cefcu.com; CEFCU’s Mobile website, m.cefcu.com; the surcharge-free CO-OP ATM Network; and the CU Service Center Shared Branch Network.