Press
CommunityAmerica returns more than $6 million to members
Over $16 million in Profit Payout dividends from 2013-2015 alone
LENEXA, KS (January 21, 2015) — Kansas City-based CommunityAmerica Credit Union formally returned over $6 million in profit to members today through its Profit Payout, with an average of almost $90 for every eligible CommunityAmerica household. This is the third consecutive year the credit union has returned at least $5 million and the 19th consecutive year it has issued a dividend. As a not-for-profit financial cooperative, CommunityAmerica Credit Union returns profit to members instead of shareholders in the form of better rates, lower fees, its Profit Payout and more. Individual payouts are based on a member’s use of the credit union’s products and services and associated account balances.
“The Profit Payout is a prominent differentiator for us, highlighting the very core of our existence — sharing financial success with our members,” said Dennis Pierce, Chief Executive Officer for CommunityAmerica. “Our Profit Payout is just one of the many ways we work hard to advance our members’ financial standing and well-being. Couple that with our unparalleled member service and it’s not surprising that more and more Kansas Citians are discovering they can become part of something better by banking with CommunityAmerica.”
Similar to banks, credit unions offer a full suite of products, including mortgages, loans, savings products, credit cards, investment advice and more. However, credit unions are not-for-profit, member-owned and democratically-run financial cooperatives. Kansas City citizens are eligible for credit union membership simply by living or working in one of ten major counties across the Kansas City area. Through the Profit Payout, CommunityAmerica shares its profit with qualifying members, rather than it going to stockholders or investors, like at traditional banks.
“We continually hear positive stories from employees and members about how our Profit Payout Calculator so clearly demonstrates just what they could have received in Profit Payout based on their relationship with us,” Pierce said. “A recent member only had an auto loan with us and used the calculator to see that by switching over his other accounts, he could have received more than $500 — the difference that helped his family take a dream vacation to Disney World. The try-us-and-you’ll-love-us philosophy has never been more true, and it can positively impact your quality of life and pocketbook by switching to CommunityAmerica Credit Union.”
About CommunityAmerica Credit Union
CommunityAmerica Credit Union is a full-service financial institution with more than 190,000 members nationwide. As of Nov. 2014, CommunityAmerica had more than $1.9 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 28 CommunityAmerica branches in Kansas City, and one 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 consumer needs. As a not-for-profit financial institution, CommunityAmerica offers highly competitive rates on deposits, loans and investments, and fewer, lower or no fees at all. Other convenient products and services include a network of more than 30,000 ATMs, 24-hour online, telephone and mobile banking, Visa credit cards, insurance and financial planning. www.communityamerica.com.