Wright-Patt Credit Union to Give $6 Million Special Patronage Dividend Back to Members
Fairborn, Ohio – The Board of Directors of Wright-Patt Credit Union (WPCU) has announced a payment of more than $6 million in the form of a Special Patronage Dividend to its members on January 3, 2013. Since 2008, WPCU has given back their excess earnings to their members. This year’s Special Patronage Dividend, a million dollars more than last year, brings the five-year total to more than $22 million. Approximately 230,000 members will receive money in their pocket for yet another successful year by the state’s largest credit union.
WPCU believes in the not-for-profit, member-owned cooperative business model that says WPCU truly belongs to its members. Therefore, any profits in excess of those needed to pay operating expenses and build strong safety reserves should be returned to members. In these tough economic times, it’s a testament to how cooperatives work to benefit the members and communities they serve.
Doug Fecher, President & CEO of WPCU said, “We’re very proud to be able to return $6 million to our members this year. Benefits like the Special Patronage Dividend are what make Wright-Patt Credit Union truly unique for our members. A for-profit institution would not likely give money back to the very customers who helped them make it – however, Wright-Patt Credit Union does. Our ability to pay a dividend each year depends on many factors – the most important of which is that members are involved with and using their credit union. The more relationships our members have with their credit union, the greater the revenue available to pay expenses and strengthen safety reserves. Another factor is management’s ability to efficiently operate the credit union, while still meeting the needs of our members.” Fecher also said, “While paying a Patronage Dividend once again this year is great for our members, our top priority has always been, and will continue to be, keeping our members’ money safe. The great news is, we are doing both.”
To be eligible for the Special Patronage Dividend, a member must be in good standing both currently and at the payment date. Many members will easily receive $15 just for having an active debit card, using home or mobile banking and having eStatements. However, some members will receive hundreds of dollars due to the relationships they have with the credit union. The more use of the credit union, the greater the dividend. The majority of members receiving the Special Patronage Dividend live in Montgomery, Greene, Clark, Miami, Hamilton, Clinton, Warren and Champaign counties.
Established in 1932, Wright-Patt Credit Union is a member-owned, not-for-profit financial cooperative proudly serving the Miami Valley with nearly 240,000 members and $2.4 billion in assets. As a cooperative, Wright-Patt Credit Union joins members together, pooling financial resources to meet the needs of all. The pooled resources provide the capital to run a strong and efficient operation. Wright-Patt Credit Union is headquartered in Fairborn, Ohio, and has 24 Member Centers throughout Southwest Ohio. Wright-Patt Credit Union’s mission is to help people through life by allowing members to achieve a greater degree of economic independence. Visit Wright-Patt Credit Union’s website at www.wpcu.coop for more information.