SAFE Federal Credit Union members received extra benefits Dec. 31 when bonus dividends and loan interest rebates totaling $2.5 million were posted to accounts. Deposit accounts, including certificates, received a 15 percent bonus based on dividends received in 2012. Loan accounts (except credit cards) received a 10 percent interest rebate based on total interest paid in 2012.
“The unique structure and philosophy of credit unions makes it possible for our board of directors to declare year-end bonus returns,” SAFE President and CEO Beverly A. Gagne said in a press release.
Gagne explained that credit unions are not-for-profit financial cooperatives owned solely by members, so borrowers and savers alike share in the earning. She added that credit union balance sheets are not affected by the vitality 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. We can’t think of a better way to our members that at SAFE, membership matters,” Gagne said.
SAFE has paid bonus dividends annually for the past 17 years and loan interest rebates for the past 10 years.
“We appreciate our members’ support of SAFE and thank them for making 2012 successful despite the rocky economy,” Gagne said. “I am proud to say that SAFE reported solid earnings, core financial strength, and loan growth. 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 104,000 members. Its field of membership covers eight South Carolina counties in the Midlands. SAFE’s current assize size is more than $804 million.