Over a quarter of a million dollars returned in special dividend to Cy-Fair Federal Credit Union members
Additional dividend follows another strong year for the credit union
HOUSTON, TX (April 3, 2019) — The Board of Directors of Cy-Fair Federal Credit Union (Cy-Fair FCU) voted to approve a Special Dividend of over a quarter of a million dollars to its members in March. Special dividends are a unique pay-back opportunity for credit unions to return interest and revenue to members of the credit union.
“Credit unions embody the power of people helping people. Every dollar one member puts into a savings account is a dollar provided to a neighbor looking for an auto loan or financing for a much-needed home improvement,” said Cy-Fair FCU President and CEO Cameron Dickey. “It’s the true spirit of a credit union community. We’re a not-for-profit, which means we get to give back to our members. Because Cy-Fair FCU is owned by its members, being able to pay this additional dividend is something we are very proud of.”
Investing in financial technology and efficiencies over the past several years, Cy-Fair FCU has created a more cost-effective financial services model. The special dividend is one of several positive results from the cost-saving changes, improved efficiencies and the consistently strong net worth of Cy-Fair FCU.
In addition to returning a generous extra dividend to members, Cy-Fair has raised its CD and Money Market rates for 2019, allowing members to earn even more with their savings accounts. Cy-Fair FCU’s competitive CD and Money Market offerings produce higher returns for members compared to a normal savings account and allows them to build their savings faster.
About Cy-Fair Federal Credit Union
Cy-Fair Federal Credit Union (www.cyfairfcu.org) is a full-service credit union in southeast Texas. Originally founded in 1956 with 10 members to serve employees of the Cy-Fair Independent School District, Cy-Fair FCU now has more than 24,000 members and serves anyone who lives, works, worships or attends school within Harris County and parts of Waller County.