Members of the $4.6 billion, Peoria, Ill.-based Citizens Equity First Credit Union received $7 millionin dividends on Dec. 12, the credit union announced.
|CEFCU paid $3.5 million to savers and $3.5 million to borrowers.The CU determined each individual dividend award based on themember's dividends paid and interest earned for the first 11 monthsof the year as of Nov. 30, 2011, the CU said.
|The $7 million payout brings the credit union's total dividendpayout sum to $57 million over the past 12 years.
|“This year, thanks to the loyalty of CEFCU's members, the creditunion once again delivered strong financial results,” said BruceDimler, CEFCU's board chairman. “And that loyalty is mutual. SinceCEFCU's members are the credit union's owners, when business isgood, the benefits are returned to the member/owners.”
|Added Mark Spenny, president/CEO for CEFCU, “At CEFCU, westrongly believe we're better – together. That's the belief thatstarted CEFCU back in 1937, as factory workers pooled their moneyto fund low-cost loans for one another. And it's the same businessmodel that still works today.”
|CEFCU serves more than 284,000 members and has 20 member centersin central Illinois and three member centers in Santa Clara County,California.
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