For one Maine CU, year-end bonus has become a 'real' member benefit

For the more than 10,000 members of Otis FCU, thirteen is truly a lucky number.  That's because, for the 13th consecutive year, the credit union paid an 8% Bonus Dividend and Interest Refund this year! Over the past thirteen years, Otis FCU has returned over $4.5 million to both its savers and borrowers via this annual practice.   
 
"We are very fortunate to be able to give back to our members," said Kim Turner, who became President/CEO of Otis FCU on January 1st, replacing long-time CEO Roland Poirier. "I personally take pride in how our credit union strives to exemplify the Seven Cooperative Principles around which credit unions are built, one of which is 'Members' Economic Participation'. This particular principle acknowledges members as the owners of their credit unions, who contribute to and democratically control their credit unions’ capital. Members benefit in proportion to the transactions that they choose to conduct at their credit unions rather than to the amount of capital invested. All year long this principle is reflected in our comparatively higher dividends, lower loan rates and lower fees. In providing our yearly Dividend Bonus and Interest Refund, our CU takes these advantages one step further."
 
Darice Dubreuil, Vice President of Lending, reflected upon how Otis FCU's annual practice of giving back has increased member loyalty to the Credit Union: "Members will frequently comment that they initially brought their loans to OTIS because of our competitive rates and payment flexibility, but the thing that I most often hear mentioned by those who have been with us long-term is how much they appreciate us giving back in the form of an Interest Refund."

"Our members are our top priority, and we deeply understand how hard they work for their money. Our Bonus Dividends and Interest Refunds are another way of ensuring that members can keep more of their hard-earned money in their very own pockets," added Turner.