Ent Credit Union is returning $10 million to its credit union members in a one-time special dividend which will be in their accounts this week.
The 209,000 members will receive from $25 to $1,000 depending on their use of credit union products and services in 2011.
Member use of the credit union for loans and other financial services, combined with Ent’s ongoing conservative operating philosophy, enabled Ent to give back the money and remain a Bauer Financial Five-Star rated financial institution with adequate capital to meet the projected needs of the credit union for the coming years, said Cathy Grossman, vice president of corporate communications.
Ent had a strong 2011 financial performance and high net worth levels, she said. Ent’s Board of Directors approved returning $10 million to member-owners as an additional benefit of belonging to the not-for-profit cooperative credit union.
Grossman said the move is rare, but it has been done. This year, about 20 credit unions, of the roughly 8,000 nationwide, are expected to offer their members one-time special dividends, she said.
“Giving $10 million to our members provides a unique opportunity to help our communities as well,” said Charles Emmer, Ent CEO. “Ent’s one-time special member dividend allows us to recognize the contribution our members, both borrowers and savers, have made to the financial success of the credit union.”
The dividend will be deposited into members’ savings accounts on Wednesday, Grossman said. And, members can review their accounts online to see what their payment will be.
“We are very pleased,” Grossman said. “It is our member commitment, use of loans and services that made this possible.”