Kansas City-based CommunityAmerica Credit Union paid a dividend of $1 million to its member-owners. The 2012 Owner Participation Dividend brings the total payout over the past five years to nearly $10 million. Individual payment amounts are based on the member's use of the credit union's products and services.
“We consistently demonstrate our appreciation for members throughout the year by offering lower rates, low and sometimes no fees and exceptional products and services to help them achieve their financial dreams,” says Dennis Pierce, chief executive officer for CommunityAmerica. “This year’s payout happens to fall on Valentine’s Day, providing us with a well-timed opportunity to show some additional love for our members.”
Similar to banks, credit unions offer a full suite of products, including mortgages, business lending and investment. However, credit unions are not-for-profit, member-owned and member-led financial institutions. Through the Ownership Participation Dividend, members reap the credit union’s rewards instead of it going to stockholders.
"We pride ourselves on providing member advantages offered exclusively by credit unions,” says Pierce. “We encourage anyone who feels neutral or is unhappy with their bank to consider our credit union, which offers top-level products and services and a closer connection with their financial institution.”