CoVantage patronage payments are largest to date

A record of over $5 million in patronage has been deposited into the accounts of members who borrowed and saved with CoVantage Credit Union. This is the largest patronage payment in the history of CoVantage Credit Union, and an $800,000 increase over what was provided to borrowers and savers for 2020.

Patronage is a concept of giving back that originated among cooperatives many years ago. CoVantage is one of a few credit unions in the country that continue the practice, and this marks the 41st consecutive year CoVantage member-owners have received this unique financial benefit.

“I am so proud to be part of a credit union that truly lives their mission like we do at CoVantage. As the credit union grows and more members come to us with their savings, checking and other deposits, we loan those dollars out, so other members can buy a home, purchase a car, or in some cases, start a business,” said CoVantage Board Chair Susan Gitzlaff. “When the board and I meet at year-end, we evaluate how much income is needed in reserves to protect the credit union, and to fund regular dividends and operating expenses.”

The year-end patronage payment includes a bonus on dividends earned for those who save, and a loan interest rebate for those who borrow. CoVantage depositors received a 6.1% bonus on dividends earned on eligible savings, term share certificates and variable rate accounts. Borrowers received a rebate of 6.1% of their total 2021 interest paid on qualifying vehicle, home equity, in-house mortgage, credit card, and commercial loans. For instance, if $5,000 of interest had been paid on a home loan, the borrower would receive $305 in patronage for just that loan.

In addition to patronage, CoVantage also provided nearly $120,000 to members through the CoVantage match for those enrolled in Change it Up, a debit card savings program. CoVantage members used their debit card more than ever, and collectively saved over $2.3 million through Change it Up.

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