Wright-Patt Credit Union To Pay Members Back A $5 Million Special Patronage Dividend
Tracy Fors, WPCU Media Contact
Wright-Patt Credit Union, Inc.
Fairborn, Ohio – The Board of Directors of Wright-Patt Credit Union has announced a payment of more than $5 Million in the form of a Special Patronage Dividend to its members on January 4, 2012. Since 2008, Wright-Patt Credit Union has paid back their excess earnings to their members. This year’s Special Patronage Dividend, a million more than last year, brings the four-year total to more than $16 Million. More than 210,000 members will be rewarded for yet another successful year by the state’s largest credit union.
Wright-Patt Credit Union believes in the not-for-profit, member-owned cooperative business model that says WPCU truly belongs to 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 the benefit of the members and the communities they serve.
Doug Fecher, CEO of Wright-Patt Credit Union said, “Returning $5 Million to members is unique in this industry because a for-profit institution would not likely give money back to the very customers who helped them make it. We are so proud of our ability to pay a Special Patronage Dividend but doing so depends on a variety of factors. Most important of which is that members are using their credit union. The more services used by members, 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 meeting member’s needs.” Fecher also said, “Paying a Patronage Dividend is great for our members but our top priority has always been and will continue to be keeping our members’ money safe. It makes you feel good knowing that 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 amount of products and services they have with the credit union. The more use of the credit union, the greater the dividend. The majority of members receiving the 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 over 215,000 members and $2 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.