The Board of Directors of CoVantage Credit Union has announced $1.5 million in patronage has been returned to the credit union’s borrowing and saving members.
Like the patronage paid in 2010, there are two components to the $1.5 million reward this year. A savings bonus, which provides an additional dividend based on total earnings on selected accounts during the year; and a loan interest rebate, which returns a portion of the interest paid on loans. The savings bonus has been paid for the past four years, while the loan interest rebate has been provided since 1981.
“Our credit union’s history of providing patronage for 30 consecutive years is truly amazing,” said Bob MacIntosh, Chairman of the CoVantage Board of Directors. “From what I understand, there are only a few credit unions in the nation that provide similar payments to their members, and I know of no other credit union with a tradition of patronage that matches what we have at CoVantage.”
The loan interest rebate returns a portion of interest paid on qualifying loans during 2011, and is provided automatically to members with real estate loans, commercial loans, auto loans, credit card loans, and nearly every type of in-house loan the credit union offers. The amounts rebated can be significant. For example, if a member paid $5,000 in interest on a home loan during the year, this year’s loan interest rebate would provide them with $200.
The savings bonus provided a bonus of up to 4 percent of interest earned during 2011. It has been paid on personal and commercial savings accounts, variable rate accounts, and term share certificates (non-IRA certificates).
“CoVantage continues to remain a financially strong credit union, despite the hard economy which has hurt many financial institutions,” said Brian Prunty, CoVantage CEO. “By staying focused on our mission of providing value and service to our membership, I look forward to keeping the tradition of member patronage alive for years to come.”
CoVantage Credit Union is a community chartered credit union that serves members throughout Langlade, Marathon, Shawano, Forest, Clark, Portage, Wood, Menominee, Oneida, Lincoln and Oconto Counties in Wisconsin; as well as in Iron and Dickinson Counties in Michigan. The financial cooperative has offices in Antigo, Shawano, Wausau, Weston, Rib Mountain, Rhinelander, Crandon, Iron River, Mich. and Crystal Falls, Mich.