CHILDERSBURG, Ala. – Coosa Pines Federal Credit Union announced on Thursday that its members will be receiving approximately $350,000 as a bonus dividend and loan interest refund for 2021.
The Board of Directors made the decision to issue the bonus and refund at its October meeting based on the success of the Credit Union in 2021. “Sound investments, good decision making, and responsible borrowing by our members yield positive results,” said CEO Don Carden. “While the purpose of a bank is to make money for its shareholders, as members of a financial cooperative we all share in the success of our Credit Union.”
The dividend bonus is figured using 5% of dividends earned on the member’s share savings account from January 1 to September 30, 2021. The loan interest refund amount is determined by 5% of the loan interest paid for the same period. Certain exclusions apply, but qualifying members will see a deposit in their share savings account in time for Black Friday shopping. The bonus dividend and interest refund are based on the current year’s results and projections for the following year. Therefore, any future bonus or refund are not guaranteed. “Every member is an owner of Coosa Pines,” said Carden. “Every decision we make is with their financial success in mind. We are elated when we can save them money, reduce financial stress, or share with them a bonus and refund like this.”
Coosa Pines FCU was chartered in 1950 and has a field of membership that includes Talladega, Shelby, St. Clair, Jefferson, Coosa, and Clay counties, Alabama. Coosa Pines has over $328 million in assets and over 24,000 members. (NCUA.gov) Their five branches are in Childersburg, Sylacauga, Chelsea, Pell City, and Vincent. The Credit Union can be reached at (256) 378-5559, toll free 1-800-237-9789, or online at www.CoosaPinesFCU.org. Federally insured by NCUA, Coosa Pines FCU is an Equal Housing Lender.