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Cooperative Teachers CU Gives $92,000 Bonus to Members
Monday, January 25, 2016 6:50 AM

Cooperative Teachers Credit Union (CTCU) has announced that a $92,000 dividend was paid to its member-owners on Dec. 23, 2015. The board of directors approved the dividend payout at the board meeting held on Dec. 21, 2015.

The active participation of both borrowers and savers contributed to a successful year for the credit union. The bonus dividend was paid out to every member with an eligible share account. The divided amount was based on the length of the account and the average balance of the account for the year.

On average, CTCU pays out $32,000 in monthly dividends to its membership; so the bonus divided is the equivalent of an extra two-and-a-half months of dividend payout.

“Our ability to pay out a bonus dividend for the third consecutive year to our members is a testament to the sound lending decisions and efficient operation that has kept us a strong, secure, and reliable organization,” said CTCU CEO Tim Miller.

Credit unions are not for profit; any earnings are returned to members in the form of higher dividends and lower loan rates. CTCU has taken this practice to heart by literally giving its members a cash dividend at the end of a successful year for the third time.

The largest individual bonus dividends distributed this year was more than $1,100.

“Our member-owners demonstrate their continued support, loyalty, and faith in the financial strength of CTCU, and it’s our way of saying thank you," said Wayne Boshears, chairman of CTCU’s board of directors. "The payment of this bonus dividend proves our continued commitment to serve our members to the best of our ability.”

CTCU was chartered in 1953 with an open membership for anyone who lives, works, or worships in Smith County. The credit union is federally insured by the NCUA and operated for the benefit of its members who share in the company's performance. Dividends are one of the important ways that CTCU membership receives value from the company's success. Visit coopteachers.com for more information.