Peoria, IL – CEFCU’s Board Of Directors is pleased to announce that an extraordinary dividend of $7 million has been distributed to CEFCU member/owners. This dividend was based on members’ savings and loan activity during the year 2010, with $3.5 million going to borrowers and $3.5 million going to savers. The amount each member received was determined by dividends earned and interest paid during the first 11 months of the year, as of November 30, 2010. On December 6, dividends were deposited to members’ Savings accounts.
Over the last 11 years, CEFCU has returned $50 million in extraordinary dividends to members. CEFCU Board Chairman, Robert Metzinger, stated, “Because of members’ continued loyalty and trust, CEFCU has had another strong year. And, as a member-owned cooperative, when business is better than anticipated, that means the profits go back to the Credit Union’s borrowers and savers. I am extremely pleased to be able to return a $7 million year-end dividend to members, whose support made 2010 so successful.”
Mark Spenny, CEFCU President/CEO, added, “In today’s economy, everybody is working harder, spending smarter, and focusing on what’s important. CEFCU is a financial institution that shares those values. During 2010, staff continued to work hard at meeting member expectations, as well as diligently controlling expenses. It’s why we say, CEFCU’s ‘not a bank.’ CEFCU’s … better.”
With assets totaling nearly $4.4 billion, CEFCU serves over 278,000 members through 18 Central Illinois Member Centers; Valley Credit Union, a division of CEFCU; the CEFCU Financial Center; the Money Center 24 ATM Network; CEFCU’s website, http://www.cefcu.com/; and cefcu.mobi.