OLEAN — As Olean Area Federal Credit Union reaches another milestone, attaining $300 million in assets, its board of directors approved a $1 million dollar “special member dividend” to reward members for their participation.
It is the first special dividend to be paid to members by Olean Area FCU, founded by the employees of Dresser Clark in 1972.
Each member’s share in the $1 million were to be deposited into their primary share savings Thursday, credit union officials said. Dividends are from $5 to $100 on deposit and/or loan balances.
Details on how the special member dividend was calculated can be found on the credit union website: oleanareafcu.org/member-dividend.
“Our members are our owners and shareholders; it’s nice to be able to give back to those who have put their trust in our credit union,” said Patrick Kelly, president of the credit union’s board. “It’s a good example of how our credit union stands out from other financial institutions.”
CEO Stephen Foster said that as a member-owned cooperative, the credit union is in a “unique position to be able to give back, we are well capitalized and financially sound.” The dividend, he said, is a way to give back to the community.
Olean Area FCU has locations in Olean and Allegany.