February 22, 2008 The credit union difference continues to be alive and well at Maine's credit unions as recently-completed calculations found that Maine credit unions paid out bonus year-end dividends or special rebates totaling more than $1.1 million. Topping the list of credit unions paying bonus dividends was Otis Federal Credit Union, which paid a 7% bonus year-end dividend to all borrowers and savers, adding up to a payout of $483,262.34 to its nearly 10,000 members. Acadia Federal Credit Union also paid out a significant year-end bonus dividend with a 7% dividend and a 7% interest rebate totaling $345,000 to its 8,500 members. Some other credit unions giving special dividends or rebates include Eastmill Federal Credit Union paying a bonus of 6% on all share accounts and 6% interest rebate on all loans excluding Visa and Student Loans. Also, on two different occasions during this past year, Oxford FCU paid a 1% rebate on all new consumer loans. Matt Kaubris, President/CEO of Oxford Federal Credit Union, said these rebates were "a different approach in giving back our members some of their capital."
"This is more proof that using a Maine credit union pays over and over again, as all members benefit from a credit union's success, not only a handful of unelected stockholders like at other financial institutions," remarked John Murphy, President of the Maine Credit Union League.
Murphy added that the 600,000 Maine consumers who used a credit union in 2007 saved a combined total in excess of $40 million through lower and fewer fees and better rates on loans and dividends.
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