Members Earn Bonus Dividend For 14th Consecutive Year
Goldenwest Declares $1,750,000 Year-End Bonus Dividend
OGDEN, UT: November 29, 2017 – Goldenwest announced today their members will collectively earn $1,750,000 on December 31, 2017 with a Bonus Dividend. The Credit Union’s Directors approved the dividend at their November Board Meeting . For 14 consecutive years, Goldenwest has collectively returned $11,225,000 to members through the Bonus Dividend program.
“Fourteen years ago, the Board of Directors voted to return a significant portion of the Credit Union’s earnings back to our member-owners in the form of a Bonus Dividend,” said Bill Hart, Chairman. “Since that time, it has become a point of focus for the Board to provide a higher dividend at the end of each year. We believe the Bonus Dividend program is an important part of the Credit Union’s mission of a financial cooperative.”
The one-time dividend of 4.20% Annual Percentage Yield (APY) is paid on primary shares, secondary shares, Christmas Club shares, and IRA shares. Based on the average daily balance of shares during 2017, the Bonus Dividend is paid for the month of December only. The one-time dividend is paid in addition to the monthly dividend, which was declared by the Board at 0.10% APY. The total dividend paid for the month of December will be 4.30% APY.
Bonus Dividend yields have varied from year-to-year in relation to market conditions and the overall performance of the Credit Union.
“2017 has been a remarkable year for Goldenwest, with record financial performance in lending and insurance services,” stated Kerry H. Wahlen, President/CEO. “With more loan and insurance experts on staff to better serve members, our loan portfolio exceeded $1 billion, and our insurance division has surpassed $50 million in premium.”
Wahlen noted that Goldenwest continues to be well-positioned to meet the needs of its growing membership, which is evident through the merger with Healthcare Credit Union, the addition of a health insurance brokerage, and the opening of three branches featuring Personal Teller Machines in the past year.
“Goldenwest has invested in product offerings and technology upgrades to provide members with the resources they need to succeed wherever they are in their financial lives…from young people just getting started to mature individuals enjoying retirement, and everyone in between,” continued Wahlen.
Founded in 1936, Ogden-based Goldenwest Credit Union holds $1.4 billion in assets, serves 127,000 members and operates 38 branches with offices in Cache, Box Elder, Weber, Morgan, Davis, Salt Lake, Utah, and Washington Counties. Goldenwest Credit Union owns and operates multiple financial services providers in Utah, including: USU Credit Union, a division of Goldenwest; Healthcare Credit Union, a Goldenwest Company; Goldenwest Insurance Services; and, Flex, a service of Goldenwest.