Dupaco Pays $3.6 Million Bonus Dividend
DUBUQUE, Iowa—Earlier today, 58,665 participating Dupaco Community Credit Union members received their share of $3.6 million in bonus dividends for 2019.
The special payout was part of the credit union’s nine-month program called Thank Use. The timeframe to earn Thank Use was Jan. 1 through Sept. 30. The participating member payout coincided with International Credit Union Day on Thursday, Oct. 17.
Thank Use is a way to demonstrate the power of Dupaco’s member-owned, cooperative structure, according to Dupaco Chief Marketing Officer David Klavitter.
“Dupaco is more than local. It’s a financial cooperative, owned by people in our community,” said Dupaco Chief Marketing Officer David Klavitter. “The more members use their credit union, the more members, the community, and Dupaco benefit.”
The Thank Use campaign rewarded members in relation to each member’s active participation in the credit union. Those recognized services included loans, savings, checking, insurance, investments, debit card, credit card, mobile deposit, credit score monitoring and e-statements.
As a group, members earned an additional dividend as a result of more than 53,500 members participating in Thank Use 2019.
“As a cooperative, our members work together for the betterment of themselves and the cooperative,” said Klavitter. “Education is rooted in our mission and when we achieve tangible results, we share that success with our member/owners.”
An active share draft checking account was required to unlock the payout.
The average dividend this year was $62. This is the fourth consecutive year a bonus dividend has been paid. Since 2016, Dupaco has paid directly to member/owners more than $12.3 million in Thank Use participation dividends. The credit union is making plans for a 2020 Thank Use participation dividend for members.
Members can view their dividends by logging into Dupaco’s Shine Online Banking.
Dupaco continuously seeks to enhance value for its 122,000 member-owners, according to Klavitter. The cooperative achieves this in a variety of ways, including product, service and technology enhancements; branch convenience; staff expertise and service; higher savings rates; lower loan rates and fees, and more.
Learn more about the campaign at dupaco.com/ThankUse.
ABOUT DUPACO COMMUNITY CREDIT UNION:
Dupaco Community Credit Union is a not-for-profit, member-owned financial cooperative. It is dedicated to the financial sustainability of its members, and specializes in customized financial counseling, money advice and education. It offers savings, loans, investments, insurance and wealth management products for individuals and businesses. Dupaco serves residents in 108 counties throughout Iowa, northwest Illinois and southwest Wisconsin. Chartered in 1948, membership totals more than 122,000 with assets exceeding $1.8 billion. Visit Dupaco at www.dupaco.com.
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Dupaco member Brion Bowman, of Dubuque, Iowa, plans to put his Thank Use cash dividend toward his small business. (M. Blondin/Dupaco photo)