Northwest Credit Unions Reinvest in Their Members
December 11, 2018
Credit unions as not-for-profit cooperatives are uniquely positioned to deliver financial benefits to their members. Typically, credit unions do so by offering lower interest rates on loans and credit cards, higher returns on savings, and by charging fewer fees for services. Some also pay loyalty dividends, and two credit unions recently shared examples with the Northwest Credit Union Association this week.
Medford, Oregon-based Rogue Credit Union returned $4 million to its member owners on Dec. 5 as part of the Rogue Rewards Loyalty Dividend.
“We are thrilled to return a $4 million Loyalty Dividend to our members,” said President and CEO Gene Pelham. “Our members’ loyalty and active participation in their local credit union is what has made Rogue Credit Union successful, and we’re excited to share that success with our member-owners right before the holidays.”
The dividends were deposited into members’ high-yield Ownership Accounts, with an annual percentage yield of 4 percent, allowing members to earn even more money. More than 116,000 Rogue members are enjoying the dividend.
Milwaukie, Oregon-based Clackamas Federal Credit Union also announced members would collectively earn more than $1.2 million, paid on an aggregate account and loan balance. The dividend is in addition to regular monthly dividends paid on member share accounts.
“2018 has been a remarkable year for Clackamas, with record financial performance, particularly in auto lending,” said Aaron Goff, President and CEO. “With more loan and financial experts on staff and eight branches around the county to better serve members, we continue to grow.”
Clackamas FCU serves more than 32,000 members.
Track Your Credit Union’s Impact and Share Your Story
Credit unions make individual and collective impacts on their communities. Your Association is here to help credit unions collect critical information and share those stories.
The Community Impact Reporting Tool (CIRT) is a no-cost data collection system that allows credit unions to tell the bigger story of their impacts individually, and collectively across the region. If your credit union is not currently using CIRT, visit the online signup form. Questions may be directed to Sharee Adkins, Executive Director, Northwest Credit Union Foundation.
In January, an independent analysis detailing Northwest credit unions’ collective and individual economic impacts will be released. Your Association commissioned ECONorthwest, the region’s largest economic consulting firm, to perform the analysis, which will be a valuable advocacy tool. Learn more by attending an informational webinar Jan. 10 or Jan. 15.
Posted in Community Impact.