CU*Answers, a West Michigan-based Credit Union Service Organization has announced the return of $400,000 in Patronage Dividends to its credit union owners for 2008.
According to CU*Answers, this patronage dividend return represents an increase of 100% over 2007’s Patronage Dividend of $200,000.00. CU*Answers said it has returned a total of $1,250,000 in patronage dividends for the previous 5 year period.
Bob Frizzle, CFO of CU*Answers says: “These patronage dividends, in conjunction with our other returns to our owners, resulted in over $1.14 million being returned to our owners in 2008. While the real power of ownership is in the collective voice of collaboration, the numbers confirm that the CUSO model promoting client ownership is viable and profitable.”