TTCU Federal Credit Union announced that $3.5 million in member rewards dividends were paid out to TTCU members in 2020, an increase of 10.5 percent over the previous year.
“Despite the pandemic, TTCU had an exceptional year,” President and CEO Tim Lyons said. “This is a testament to the trust our members place in us in good times and bad.”
Deposits increased 20 percent over the course of the year, leading to an increase in member rewards payouts. TTCU also had a record year in mortgage production, as home loan rates remained relatively low throughout the year, leading to a 13 percent increase in overall loan balances. This also contributed to more members qualifying for member rewards dividends payouts.
“Our member rewards program is unique in that it pays dividends on loan balances,” Chief Financial Officer Shelby Beil said.
To qualify for the dividend, members must have an active checking account, among other requirements. For more information on member rewards and eligibility requirements, visit ttcu.com.