Wymar Federal Credit Union (WFCU) is giving $300 thousand back to its members in the form of a Special Patronage Dividend. This is the seventh consecutive year that WFCU has given a special dividend.
Each member's share of the $300 thousand Special Patronage Dividend is calculated based on a combination of interest earned on deposit accounts and interest paid on loans.
WFCU is a not-for-profit cooperative, which means members are owners of the credit union, and therefore share in a portion of the credit union's profits. In addition, members enjoy additional value from WFCU in the form of fewer fees, competitive loan and savings rates, free checking accounts, access to 5000+ shared branch locations, free credit monitoring and other tools to improve financial wellbeing. “Wymar FCU is consistently rated in the top 20% of credit unions in the nation for member giveback. The patronage dividend is just icing on the cake. We know our members use these dividends to pay down debt, to save, or to buy necessities,” said Ronnie Stephens, Chief Executive Officer, “and our 2024 budget already includes a bonus dividend line item.”
While a yearly dividend is never guaranteed as a benefit of membership, WFCU’s strategic plan includes provisions for a dividend each year.
Members received their payouts on February 21, 2024. Since 2017, WFCU has given back $1.94 million to its members in the form of a yearly dividend.