TTCU Announces Third Quarter Member Rewards
TTCU Federal Credit Union announced that it paid $747,125 in member reward dividends at the end of the third quarter. Year-to-date, TTCU has distributed $2.2 million in member rewards.
"Member rewards dividends are one of the many ways that we give back to our members," said President and CEO Tim Lyons. "It's our way of thanking our members for their loyalty and ownership of our credit union. It's the right thing to do, and that's just part of our culture."
Part of the year's success is due to an excellent return on assets that TTCU is experiencing. Total assets are up from the previous year, and income from the use of credit and debit cards is also growing as more members adopt those products. A recent checking promotion with School Pride Visa® debit cards provided a boost in this area.
Another factor in the growing member rewards is the growth of revenue in the loan department.
"Loan loss expense continues to decline due to the low delinquency levels of TTCU's consumer loans," said Chief Financial and Technology Officer Shelby Beil. "These are all indicators of TTCU's financial strength. Our capital ratio of nearly 13 percent allows us to invest in new services for members and maintain an overall deposit expense payout rate that is 50 percent higher than our peers."
Past dividend rates are not a guarantee of future dividend rates.
Rewards dividend requirements are available online.