Richland Federal Credit Union Declares Special Dividend

The Richland Federal Credit Union board of directors has declared a special Ddvidend of $250,000 to be distributed in mid-March to its share account holders equaling a 0.47% interest payment on 2024 average share account (savings) balances. While direct payments to members are relatively rare in the financial industry, this is the second consecutive year that RFCU, a financial cooperative, has distributed a dividend to its member owners.

The previous distribution of $300,000 was made for fiscal year 2023.

In announcing the distribution, RFCU board chair Beth Redlin noted, “It is a pleasure to once again be able to say ‘Thank You’ to our members for entrusting their money with us. Given the very modest returns depositors everywhere, whether at banks or financial cooperatives, have received on their money the past several years, it is especially gratifying to be able to again reward our members for investing in our cooperative and its future. This is a unique feature of financial cooperatives where earnings go to benefit our member owners. This is typically done through lower fees and loan rates, but when conditions allow, as has been the case these past two years, we are also able to provide additional dividends paid directly to our member-owners, not to outside investors.”

“It is wonderful to have something left over to give to those with us throughout the year,” Richland Federal CEO Korey Hagan said. “We have very loyal members that trust in our financial management and decision making and believe in our continual commitment to bringing value to our members today and in the future.”