Special Member Loyalty Dividend
Logix Federal Credit Union is pleased to announce a special member loyalty dividend.
We are pleased to report that 2013 was another outstanding year for your Credit Union. A record number of new members joined Logix, and the lowest auto loan rates in our history helped generate our highest ever loan volume. Thousands of members deepened their savings relationships, opened checking accounts, and took advantage of our $50 referral offer.
We made significant improvements to the speed and reliability of our Online Banking system and opened a new branch in Simi Valley.
In response to our service surveys, members gave us the highest scores in our history, and we again generated industry-leading financial performance while maintaining the highest measures of financial strength.
Based on this success and a very strong net worth position, our Board of Directors authorized payment of a $4.21 million Loyalty Dividend to qualifying members.
We hope this dividend demonstrates the unique advantage of membership in Logix Federal Credit Union (we share our success with those who make it possible), and serves as a reminder of our commitment to loyal members.
For more information about this Loyalty Dividend, please take a moment to read the FAQ section below. You may also give us a call at (800) 328-5328 or contact me directly at firstname.lastname@example.org.
We are pleased to share our success with loyal members and look forward to an exciting 2014.
What is a dividend?
A dividend is a percentage of profits given back to the owners of a company. Since Logix is member-owned, we return earnings to our members via market leading rates and the highest levels of service in our industry. Another way we can return earnings is through a Loyalty Dividend. (See illustration.) In 2013, we returned $5.4 million to 46,900 members. In 2014, we returned $4.21 million to 52,962 members.
What methodology was used to determine required balances?
The Loyalty Dividend was based on the combined total of all Checking, Savings, Money Market, Certificate, IRA Certificate and loan balances each member had with Logix. We combined the daily average of deposit accounts maintained during the month of December with the loan balances members had outstanding as of December 31.
For members with more than one membership account, we added the balances for all accounts held by the primary account owner’s Social Security Number and posted the dividend into the account that has been opened the longest.
Members must have had a membership open date prior to 7/1/13 and be in good standing as of 2/1/14. We paid a $25 bonus for members with $10,000 in combined deposit and loan balances, $75 for members with $25,000, and $150 for members with $100,000.
Will Logix pay a dividend every year?
As a not-for-profit credit union, we make every effort to return value year round, through better rates, lower fees, product and service enhancements, and improved financial strength. We will make every effort to pay future Loyalty Dividends if we can do so without compromising our financial strength.