Patronage Dividend
You won’t see many banks sharing their profits with their customers, but we’re not like most. When you’re a member of Western Division, you’re a member-owner and when we make a profit, you get a piece of it. The more you use us, the more we share with you.
Since 2003, Western Division has paid back over $7,680,000 in Patronage Dividends to the membership proving the value and benefits of being part of a cooperative are real and significant.
$750,000 Patronage Dividend Paid to the Members of Western Division FCU in 2018
A Patronage Dividend of over $750,000 was shared by members of Western Division Federal Credit Union the week of Thanksgiving, November 21, 2018. The amount of each member’s dividend was based on his or her level of participation in the credit union – the greater the relationship, the larger the dividend.
“Our goal – today and every day – is to help our members keep more of their hard-earned money. The active participation of both savers and borrowers contributed to our success this year. It allows members to see the difference between us rewarding their success while other financial institutions reward stockholders,” said Robert Harms, President/CEO.

How does the Patronage Dividend Work?
All active members, in good standing, who paid interest or received dividends in a sufficient amount to warrant a Patronage Dividend received one hundred and ten percent (110%) of dividends received on savings and fifty five percent (55%) of interest paid on loans as of September 30, 2018. The Patronage Dividend was paid in addition to regular dividends. The Patronage Dividend was credited to the Savings account (suffix 000).

What types of products qualify for the Patronage Dividend?
Loans: Personal, Vehicle, Recreational, Home Equities and Mortgages
Deposits: Savings, Sub-Savings, Money Market, IRAs and Term Certificates
How are we able to pay the Patronage Dividend?
We were able to pay the Patronage Dividend because of our existing loyal members as well as new members that joined and took advantage of our excellent savings rates and low rates on loans. When more members use and contribute to the credit union, more value and benefits can be returned to all our members.
We sincerely appreciate our members’ support and continue to encourage you to continue to invite your family, friends and co-workers to experience the unique benefits of membership with Western Division.
How do you decide how much?
The total amount to be disbursed is decided annually by the Board. The amount paid to each eligible member is based on that member’s business with us, and ranges from a minimum of $5 to a maximum of $500. We cap the amount on the dividend so more members can share the wealth. The Patronage Dividend for 2018 was shared by over 51% of the membership.
The Patronage Dividend is posted to the regular savings (000 suffix). This information can be found by viewing your account and/or statement when you login to Online Banking or view your paper statement.
I wasn’t paid a Patronage Dividend – why not?
The more you save and borrow, the greater opportunity for a Patronage Dividend. Inactive, dormant, negative balance or delinquent accounts will negate a payout. If you feel you have met the criteria, and did not receive one, please contact us.
Will this be included in my 1099-INT?
Yes, the amount you receive for the patronage dividend will be included on your 1099-INT form for the tax year.
Will there be a Patronage Dividend every year?
A patronage dividend is a share of the profits that the Board, in their sole discretion, may choose to return to the membership on an annual basis. It’s one of the things that makes us different from a bank!
2003 – $250,000
2004 – $250,000
2005 – $300,000
2006 – $500,000
2007 – $1,000,000
2008 – $1,000,000
2010 – $750,000
2011 – $800,000
2012 – $780,000
2016 – $500,000
2017 – $800,000
2018 – $750,000