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SAFE returns more than $2 million to members

Posted: January 12, 2012 5:11 p.m.
Updated: January 13, 2012 5:00 a.m.

SAFE Federal Credit Union members received extra benefits Dec. 31, 2011, when bonus dividends and loan interest rebates totaling more than $2 million were posted to accounts. Deposit accounts, including certificates, received a 10 percent bonus based on dividends received in 2010. Loan accounts (except credit cards) will receive a 7 percent interest rebate based on total interest paid in 2011.

“The unique structure and philosophy of credit unions makes it possible for our Board of Directors to declare year-end bonus returns,” according to SAFE President/CEO Beverly A. Gagne. Credit unions are not-for-profit financial cooperatives owned solely by members, so borrowers and savers alike share in the earnings, she explained, adding that credit union balance sheets are not affected by the volatility of the stock market.

“We are delighted to be able to provide this ‘extra return’ to our members, on top of the competitive rates they have received all year,” she said. “We can’t think of a better way to say to our members that at SAFE Membership Matters.”

SAFE has paid bonus dividends annually for the past 15 years and loan interest rebates for nine of the 15, including the last four years. 

“We appreciate our members’ support of SAFE and thank them for making 2011 successful despite the rocky economy. While some other institutions have been severely tested this past year, SAFE reported solid earnings, core financial strength, and loan growth,” Gagne said.  She added, “This is just one of the ways we share our success with the members who made it possible.”

Founded in 1955 at Shaw AFB, SAFE is one of South Carolina’s largest credit unions with 100,000 members, 17 branches and assets of $728 million. Deposit accounts are federally insured to at least $250,000 by the National Credit Union Administration.

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