Congratulations to CoVantage member-owners for a record year. As a way of saying ‘thank you’ to everyone who relied on their credit union for borrowing and saving throughout 2017, a record $3 million in patronage has been deposited into member accounts. This is $500,000, or 20%, more than was returned in 2016. The more you borrow and save at CoVantage, the more successful your cooperative is – and in return, the more patronage you’re likely to receive.
According to Board Chairman, Matt Kolling, "Each year the board determines how much income we must set aside for regular dividends, operating expenses, and capital to ensure our continued strength in the event of tough economic times. Because 2017 was a record year for loan growth, net income, and the number of members served, we were able to share the largest amount ever in patronage; $3 million to our 100,000 member-owners. CoVantage members continue to trust their credit union with more of their loans and deposits, and members have been timely in repaying loans. Patronage is a way to thank members and give back, so all can share in the credit union’s success. We are so grateful to be able to provide a record $3 million patronage payment, and offer this member benefit for the 36th consecutive year."
This year’s patronage includes a bonus on dividends earned for those who save, and a rebate of interest paid on loans for those who borrow. For 2017, CoVantage saving members received a 5.6% bonus on dividends earned on eligible savings, certificates, and variable rate accounts. Borrowers received a rebate of 5.6% of interest paid on qualifying consumer, home equity, in-house mortgage, credit card, and commercial loans. The value can really add up, for instance, if a member paid $5,000 in interest on a home loan, the patronage for that one loan would be about $280.
CoVantage President, Charlie Zanayed, added, "Part of the CoVantage mission is to provide outstanding value, which we deliver every day with great rates and low fees. In fact, through the end of September 2017, CoVantage was ranked 14th out of 5,800 credit unions nationally in providing great rates and low fees. This is the 11th year in a row we were honored to be in the top 1% of credit unions in providing member value as measured by Callahan, an independent credit union research company. As an additional way to celebrate serving 100,000 members, all members will receive a 1% annual percentage yield on their membership savings and money market accounts from January 1 through March 31, 2018. It is a joy to be able to share the credit union’s success with our member-owners through record patronage and fantastic everyday value."
Bonus and rebate payments were deposited into the savings accounts of eligible members on December 31, 2017. To view your deposit, log into MyCoVantage or check your year-end statement.
Thank you for trusting CoVantage with your financial needs; we look forward to serving you for many years!
To qualify for patronage, member's loans and other accounts needed to be current at year-end and patronage must have totaled at least $5.00. Additionally:
- Secondary market mortgages are not eligible for the loan interest rebate.
- IRAs, HSAs, checking, and some other types of deposit accounts are not eligible for the savings bonus, nor are accounts when there is not an open share to receive the patronage.
- If members had a negative savings, including escrow, or negative checking balance at the end of 2017, a portion or all of their rebate will be applied toward that amount.
- Members who are 30 days or more past due with any payment to CoVantage, or whose real estate taxes on a property mortgaged at CoVantage are past due, are not eligible for a rebate or bonus payment.