Coosa Pines FCU announces $500,000 in bonus, refund
CHILDERSBURG, AL (November 22, 2022) — Coosa Pines Federal Credit Union announced this week that its members will be receiving over $500,000 as a bonus dividend and loan interest refund for 2022. This is the eighth consecutive year that Coosa Pines members have received a bonus and refund, for a total of over $2.7 million.
The Board of Directors made the decision to issue the bonus and refund based on the success of the credit union in 2022. “This year has been one of the most successful for Coosa Pines, and the outlook for next year is positive,” said CEO Don Carden. “While the purpose of a bank is to make money for its shareholders, as members of a financial cooperative we all share in the success of our credit union.”
The dividend bonus was figured using 7.25% of dividends earned on the member’s share savings account from January 1 to September 30, 2022. The loan interest refund amount is determined by 7.25% of the loan interest paid for the same period. Certain exclusions apply, but qualifying members will see a deposit in their share savings accounts in time for Black Friday shopping.
The bonus dividend and interest refund are based on the current year’s results and projections for the following year. Therefore, any future bonus or refund are not guaranteed. “Every member is an owner of Coosa Pines,” said Carden. “Every decision we make is with their financial success in mind. We are elated when we can save them money, reduce financial stress, or share with them a bonus and refund like this.”
Coosa Pines FCU was chartered in 1950 and has a field of membership that includes Talladega, Shelby, St. Clair, Jefferson, Coosa, and Clay counties, Alabama. Coosa Pines has over $330 million in assets and over 24,500 members. (NCUA.gov) Their five branches are in Childersburg, Sylacauga, Chelsea, Pell City, and Vincent. The Credit Union can be reached at (256) 378-5559, toll free 1-800-237-9789, or online at www.CoosaPinesFCU.org. Federally insured by NCUA, Coosa Pines FCU is an Equal Housing Lender.
About Coosa Pines Federal Credit Union
Coosa Pines FCU was chartered in 1950 and has a field of membership that includes Talladega, Shelby, St. Clair, Jefferson, Coosa, and Clay counties, Alabama. Coosa Pines has over $350 million in assets and 25,000 members. (NCUA.gov) Their five branches are in Childersburg, Sylacauga, Chelsea, Pell City, and Vincent. The Credit Union can be reached at (256) 378-5559, toll free 1-800-237-9789, or online at www.CoosaPinesFCU.org. Federally insured by NCUA, Coosa Pines FCU is an Equal Housing Lender.
