CoVantage returns $6 million in patronage to members

A record $6 million in patronage has been deposited into the accounts of members who borrowed and saved with CoVantage Credit Union in 2023.

This is the largest patronage payment in the history of CoVantage Credit Union. In the last five years, $25 million has been returned to members specifically through patronage.

Patronage is a concept that originated many years ago as a way for cooperatives like CoVantage to give extra value to those who use their services. This marks the 43rd consecutive year that CoVantage member-owners have received this benefit.

“When the board and I met at the end of the year, we determined how much income was needed to fund regular dividends and operating expenses, and to maintain in reserves to protect the credit union,” said Dennis Haltinner, CoVantage board chairman. “Because of our financial strength, and the fact that more and more members are trusting CoVantage with their deposits, loans and cards, 2023 was a successful year for our organization. We are thrilled to be able to give back $6 million — our largest patronage payment ever.”

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 bonus on dividends earned on eligible certificate, money market and savings accounts. Borrowers received a rebate of their total 2023 interest paid on eligible vehicle, home equity, in-house mortgage, credit card and commercial loans.

Information about the CoVantage patronage program can be found at covantagecu.org/patronage.