Members of SAFE Federal Credit Union, the largest Midlands-based credit union, received more than $1 million in annual bonus dividends and interest rebates at the end of 2017.
The payments were based on account usage. Deposit accounts, including certificates, received a 12% bonus based on dividends received in 2017. Loan accounts excluding credit cards received a 3% rebate based on total interest paid in 2017.
SAFE, founded in 1955, has paid more than $30 million in bonus dividends and interest rebates to its members during the last 20 years, the company said in a news release.
“The unique structure and philosophy of credit unions makes it possible for our board of directors to declare year-end bonus returns,” Darrell Merkel, CEO of SAFE Federal Credit Union, said. “It’s one more way that we put members first in all that we do.”
SAFE has 19 branches, 119,000 members and $1 billion in total assets. Membership is open to anyone who lives, works, worships or attends school in Sumter, Lee, Clarendon, Florence and Orangeburg counties, as well as parts of Kershaw, Richland and Lexington counties.