CHILDERSBURG, Ala. – Coosa Pines Federal Credit Union announced this month that its members would receive over $500,000 as a bonus dividend and loan interest refund for 2024. This is the tenth consecutive year that Coosa Pines members have received a bonus and refund, totaling over $3.7 million.
The Board of Directors made the decision to issue the bonus and refund based on the success of the credit union in 2024 and the outlook for 2025.
“This year has been successful for Coosa Pines despite the economy, and the outlook for next year is positive,” 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 was figured using the dividends earned on the member’s share savings account from Jan. 1 to Sept. 30, 2022. The loan interest refund amount is determined by the loan interest paid for the same period.
Certain exclusions apply, but qualifying members saw deposits in their share savings accounts on Nov. 26, in plenty of 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 is 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 a bonus and refund like this with them.”
