Press
CommunityAmerica returns more than $5.5 million to members
LENEXA, KS (January 27, 2014) — Kansas City-based CommunityAmerica Credit Union formally returned more than $5.5 million in profit to members today in what the credit union calls its Profit Payout. This is the second consecutive year that the credit union has returned at least $5 million and the 18th consecutive year it has issued a yearly dividend. Individual payouts are based on members’ use of the credit union’s products and services.
“We are pleased to return a significant portion of profit to our members once again in 2014,” said Dennis Pierce, chief executive officer for CommunityAmerica. “We exist to provide Kansas Citians a robust alternative for every financial need, and returning profit to our members (the vast majority of whom live or work in the KC metro area) is one of the many ways we put those who bank with us first. Profit also is returned in the form of better rates and lower or waived fees. It’s important that we live up to our organization’s calling to build financial success together with our members, and the Profit Payout is our most transparent proof point of that.”
Similar to banks, credit unions offer a full suite of products, including mortgages, lending, deposits and investments. However, credit unions are not-for-profit, member-owned and democratically-run financial cooperatives. Through the Profit Payout, individual CommunityAmerica members share in the credit union’s profit, rather than it going to stockholders or investors, like at traditional banks.
“Another great year for CommunityAmerica Credit Union means another great year for Kansas Citians,” Pierce said. “We encourage everyone to try our new online calculator (https://www.cacu.com/profit-payout-calculator) which shows those considering membership what they could have received in the Profit Payout based on their product and balance scenarios. We are confident that if people take the time to do this, they will discover firsthand that the dollars and cents returned make perfect sense for their particular situation.”
About CommunityAmerica Credit Union
CommunityAmerica Credit Union is a full-service financial institution with more than 172,000 members nationwide. As of Dec. 31, 2013, CommunityAmerica had more than $1.8 billion in assets, ranking it among the nation’s largest credit unions. Based on deposits, CommunityAmerica ranks among the top 10 Kansas City-based financial institutions. There are 29 CommunityAmerica branches in Kansas City, and one branch in St. Louis.
CommunityAmerica provides a full suite of financial products, including checking, savings, money markets, mortgages and a variety of loan products to meet member needs. As a not-for-profit financial institution, CommunityAmerica offers highly competitive rates on deposits, loans and investments, and fewer, lower and sometimes no fees at all. Other convenient products and services include a network of more than 28,000 ATMs, 24-hour online, telephone and mobile banking, Visa credit cards, insurance and financial planning. http://www.cacu.com/.