TTCU Announces Third Quarter Member Rewards
TTCU Federal Credit Union announced that it paid $807,861 in member reward dividends to members at the end of the third quarter. Year-to-date, TTCU has distributed more than $2.3 million in member rewards.
"As a member of TTCU, you are directly rewarded for using credit union services," President and CEO Tim Lyons said. "Credit union members often hear that they are owners of the credit union. What that means for TTCU members is that we pay a portion of our profits back to them, unlike banks, who only reward their shareholders."
TTCU performed well in several key areas in the third quarter, leading to the large payout to members. TTCU had a big boost in mortgage activity, thanks to the nationwide trend of low interest rates. Both refinances and mortgages remained popular throughout the quarter.
"TTCU has helped members take advantage of this opportunity, booking $38 million in first mortgages in the third quarter, including a record month in August," Chief Financial and Technology Officer Shelby Beil said.
Deposit growth remained strong at a rate of 6 percent, pushing TTCU ever closer to hitting the milestone of $2 billion in assets. This quarter also saw a big spike in checking accounts, with 3,300 new accounts opened.
"Checking accounts are an important part of serving our members, as the checking account is a key indicator of where individuals conduct the majority of their financial business," Beil said. "The more members choose us for their banking home, the more we'll be able to give back to them."
Past dividend rates are not a guarantee of future dividend rates.
Rewards dividend requirements are available online.