SAFE Federal Credit Union members received extra benefits December 31, 2013, when bonus dividends and loan interest rebates totaling $2 million were posted to accounts. Deposit accounts, including certificates, received a 20 percent bonus based on dividends received in 2013. Loan accounts (except credit cards) received a 7 percent interest rebate based on total interest paid in 2013.
“The unique structure and philosophy of credit unions makes it possible for our Board of Directors to declare year-end bonus returns,” SAFE President/CEO Beverly A. Gagne said.
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,” Gagne 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 18 years and loan interest rebates for the past 11 years.
“We appreciate our members’ support of SAFE and thank them for making 2013 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.”
SAFE opened in 1955 as a credit union serving civil service employees at Shaw Air Force Base. Today, SAFE has more than 107,000 members. Its field of membership covers eight South Carolina counties in the Midlands area. SAFE’s current asset size is more than $865 million.