Loyalty Dividend Press ReleaseRogue Credit Union returned $6 million dollars to its member-owners on March 10, 2020 as part of the credit union’s third Rogue Rewards Loyalty Dividend. Members earned a dividend as a result of their participation in the credit union, determined by a mix of deposits, loans and transactions. “We are thrilled to return a $6 million Loyalty Dividend to our members,” said President/CEO, Gene Pelham. “Our member’s loyalty and active participation in their local credit union is what has made Rogue Credit Union successful, and we’re excited to return $6 million to our members and the local economy.”
Loyalty Dividends are paid by Rogue when the credit union’s net worth has reached a pre-determined level, allowing it to remain a strong and stable financial institution, while returning excess profits to its members. After the $6 million Loyalty Dividend payout, Rogue’s net worth remains at 10.63%, well above the 7.00% the credit union’s regulators consider to be a ‘well-capitalized’ credit union.
As part of the Loyalty Dividend, Rogue Credit Union has also allocated $300,000 to give back to the community. These funds will go to benefit local organizations in the communities that Rogue serves, such as the Rogue Valley Family YMCA, the Azalea Festival in Brookings and the Douglas County Wish Upon a Star program. “The YMCA is proud to partner with Rogue Credit Union as we work together to support local, low-income kids and families so that our community remains strong and vibrant,” said Brad Russell, Rogue Valley Family YMCA Executive Director
The $6 million Rogue Rewards Loyalty Dividend was deposited into member’s high-yield Ownership Account, which currently earns an APY of 4.07%, allowing members to earn even more. The dividend is shared by over 124,000 member-owners of Rogue Credit Union.