Mazuma Credit Union announced on January 9 that they have paid a bonus dividend to its Member-owners on December 31, 2011. The board of directors approved the dividend payout of more than $930,000.
The active participation of the credit union’s members contributed to the most successful year in Mazuma’s history. The bonus dividend is based on qualifying share (deposit) accounts and qualifying loans. Members received 4% of the interest earned on deposits in 2011 and 4% of the interest paid on loans in 2011.
“Credit Unions are about giving back to its Members,” says Brandon Michaels, president/CEO of Mazuma Credit Union. “This special dividend is one way the board of directors say ‘thank you’ to all of our members who have helped make this a truly special year. In these tough economic times, you can always count on Mazuma to be there for our membership. On behalf of the board of directors, and the entire Mazuma team, this is our gift to our members!” he says.