TTCU Federal Credit Union states in a news release that it paid $798,724 in member rewards dividends at the end of the second quarter. Year-to-date, TTCU has distributed over $1.5 million in member rewards.
“As a member of a credit union, you are an owner of the credit union,” CEO and President Tim Lyons said. “When members utilize TTCU’s services, it allows us to give more value back to you – the member – in the form of reward dividends.”
The rise in member rewards dividends is due in large part to a strong annualized deposit growth rate of over 7 percent through the second quarter. The launch of new certificate products contributed to the growth. TTCU has increased rates on all deposit products in 2019, which has led to members growing their balances across the board. TTCU also reported a decline in loan delinquencies, which contributes to the credit union’s overall success.
A strong economy may have also contributed to the second quarter growth, as the Labor Department reported a record number of hiring in April, which may have provided a boost to TTCU members’ personal financial stability.
“Increasing deposit balances is the primary way TTCU grows as a credit union, which is a critical part of our ongoing financial success,” said Chief Financial and Technology Officer Shelby Beil.