WATERLOO, IA (January 5, 2015) -- Veridian Credit Union returned $1.83 million in bonus dividend payouts to more than 173,000 member accounts last week. Veridian members with a member equity savings account received a one-time 6% bonus dividend payment on the account for the month of December.
“The last year has been successful for Veridian, and we believe it’s important to return that success to our members,” said Monte Berg, Veridian’s Senior Vice President of Finance. “As a member-owned, not-for-profit financial cooperative, Veridian Credit Union always returns excess capital to our members in the form of great rates, low fees and better services. It’s how we do business and true to credit unions’ people helping people philosophy. We’re glad to be able to extend that return to our members this year with a bonus dividend payout.”
The member equity savings account originated at Veridian in 1995. It was named to reflect the credit union’s intention to use the account as a way to return excess equity to members. Bonus dividend payments are made to members when the credit union’s capital-to-asset ratio exceeds 10%.
Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its members. The credit union offers a full range of business and consumer financial services and employs more than 600 people throughout 26 branches. For more information, visit veridiancu.org or call (800) 235-3228.