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| Supplemental Dividend Distribution |
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| Posted: Jan 31, 2007 |
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On January 30, 2007, $12,500,000 in supplemental dividends were distributed to our membership. It was the thirteenth annual distribution of its kind; this distribution is equal to an additional 71 basis points earned on members’ deposits in 2006. This is also the highest amount the Credit Union has ever distributed for this purpose, and it reflects our desire to recognize and reward members whose deposits and support have contributed to our financial success.
Members were notified by a special mailing in the last week of January. Qualifying members received $10 plus an amount equal to their average daily balance maintained during 2006 in their Share and Share Certificate accounts, multiplied by a distribution factor of .71%. These dividends were deposited in the S1 Membership Savings accounts of those members who had minimum balances of $5 in their S1 accounts as of December 31, 2006, and did not:
- have loans delinquent six months or more as of December 31, 2006, or
- have dormant accounts (i.e., no member-initiated transaction activity since December 31, 2003), or
- cause a financial loss to the Credit Union.
All of us at the Credit Union—the Board of Directors, management and staff—are grateful for the continued support and patronage of all of our members. |
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