The $223 million Guardian Credit Union in Montgomery, Ala., said it hasdistributed more than $800,000 in interest rebates and dividendbonuses to 23,000 members.
|One member received more than $3,300, while many other membersreceived $1,000 or more than $100, the Alabama credit union said.
|The distribution of rebates and dividends was possible becauseof Guardian CU's positive financial results. The credit union'sassets have increased from $128 million in 2008 to $223 millionthis year. Its year-over-year net income has increased from$1.2 million in 2008 to $1.8 million in 2011, according to NCUAfinancial reports.
|“We are very proud to offer our members a variety of freeproducts and services … but it is tremendous when we can show notonly our members but also the community a true difference in acredit union and bank by showing that banks return their profits toshareholders and we return our profits to our members,” said HeathHarrell, Guardian CU president/CEO.
|The $800,000 payout is the second year Guardian CU hasdistributed interest rebates and dividend bonuses. Last year, thecredit union distributed more than $750,000 to members.
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