Business
FINANCE: Cornerstone declares bonus dividend for 4th quarter
Cornerstone Community Federal Credit Union is giving a little something back to its members.
The board of directors of the credit union announced Monday that its members will receive a bonus dividend for the fourth quarter of 2007. The bonus dividends total more than $488,000, which will be given to the 43,000 members of the credit union.
“Credit unions are non-profit, so any extra money we make is given back to the members,” said Bethann Kibby, marketing assistant at Cornerstone. “We had a very good year, and we’re giving back almost half a million.”
A bonus dividend is the extra interest that is earned on a savings account a member has with the credit union. Members will receive a bonus dividend of 1.5 percent annual percentage yield on all regular share accounts with the credit union (including business accounts). IRA share account holders will also receive the 1.5 percent APY.
The credit union received a fourth quarter dividend of 2.25 percent APY on regular share accounts and 3 percent APY for the IRA share accounts for the fourth quarter.
Annual percentage yield is a way of calculating interest for an account with the credit union. Dividends for the quarter are declared at the end of a quarter and are based on the earnings of the credit union.
In addition to the bonus on regular shares and IRA shares, the board has also declared a bonus dividend on all tiers of the Money Market accounts that some have with the credit union. Since dividends on Money Market accounts are paid monthly, all tiers will receive a bonus dividend of 4.5 percent APY for the month of December 2007.
“The financial services industry has been through a difficult economic year,” said Ann Brittin, president and CEO of Cornerstone Community Federal Credit Union. “We are so proud that Cornerstone has remained strong during this time. It has allowed us to give something back to our members, who have supported us throughout 2007.”
A credit union is a cooperative financial institution, owned and controlled by the people who use its services. Members put money in, and can take that money out when they need it.
“That is the difference between a bank and a credit union,” Kibby said. “We’re member-owned and not for profit; we’re directly responsible to the members.”
Beginning in 1957 as Unit No. 1 Federal Credit Union serving the employees of Harrison Radiator Division of General Motors, Cornerstone is a community chartered, federally insured credit union. Anyone who lives, works, volunteers, attends school or worships within Niagara County is eligible for membership under Cornerstone’s charter.
Contact reporter Joe Olenick
at 439-9222, ext. 6241.
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