In 2016 Illinois credit unions demonstrated a “people over profits” philosophy
NAPERVILLE, IL (February 17, 2017) — From traditionally lower rates and fees to personalized service, Illinois credit unions put the needs of people above profit. Unlike other financial institutions, many credit unions often pay out year-end dividends and rebates to their members. Once again, credits unions all across Illinois were fortunate enough to give back at the end of 2016.
For the 8th year in a row, Scott Credit Union, based in Edwardsville, IL declared a bonus dividend and loan interest rebate that paid nearly $1.5 million back to its members. The money was directly deposited into members’ accounts. Scott also donated $430,000 to local civic efforts throughout the community in 2016.
KCT Credit Union, formed by two Kane County educators in 1937, is celebrating 80 years in 2017. KCT was able to give their members quite an early anniversary present in the form of a $35,000 payout to participants in their Premier Member Program.
A $35 million dollar Extraordinary Dividend was distributed to members of Citizens Equity First Credit Union (CEFCU) which serves Central Illinois. The amount received by members was determined by dividends earned and interest paid during the year. Funds were deposited directly into members’ savings accounts on December 12, making for a welcome holiday bonus.
While not all credit unions were able to offer cash payouts or rebates, some found other ways to give back. Hershey Robinson Employees Credit Union in Robinson, IL takes a unique approach by giving gift cards to their members.
“Since credit unions are not-for-profit cooperatives, these payouts are a terrific way to share a successful year with the members who made it possible,” said Tom Kane, President/CEO of the Illinois Credit Union System. “I am proud to be part of a movement that is so committed to providing a mission-oriented financial alternative to our local communities.”
The credit union difference is about taking care of people first. Once again Illinois credit unions were able to do that, by providing exceptional financial service and benefits to their members and the communities they serve. It’s another example of the commitment by credit unions to put people over profits.
About Illinois Credit Union League
The Illinois Credit Union League (ICUL) is the primary trade association for more than 260 credit unions doing business in Illinois. It focuses on providing legislative and regulatory advocacy, compliance assistance and information, and a wide range of educational and training services to those credit unions, who in turn serve approximately 3.4 million members. As a not-for-profit corporation chartered under the laws of the State of Illinois, membership in the League is open to any Illinois credit union doing business and operating in accordance with the Illinois Credit Union Act or the Federal Credit Union Act.