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As a cooperative, we want to share profits with the members who helped generate those profits. It is in that spirit that the NMCU Board of Directors declared a special dividend of approximately $500,000 that was recently credited to members’ accounts. The special dividend came in two forms. On December 31st, a refund of 5% of interest paid on loans in 2018 was credited to those members who had loans during the year. In early January, a bonus dividend will be credited, amounting to 60% of dividends earned (excluding IRAs) by members in 2018. For each of the special dividend programs, the dividend was credited to the Type 01 Savings Account for those with an existing membership as of December 31, 2018.
The credit union’s strong capital position made the special dividends possible. “We are thrilled to be able to give back some of the capital that our members have built with their patronage over the past year,” said Scott Bliss NMCU’s President. “We plan to continue to give back to the membership by providing competitive loan and savings rates while at the same time, investing in new services and technologies to keep pace with the ever-changing financial services industry.”