SANTA ROSA, Calif., February 1, 2022 (Newswire.com) - Following a year of record earnings, North Bay Credit Union members will receive a quarter-million dollars in special dividends in February — the first Patronage Dividend in the credit union's 74-year history.
Eligible members as of Dec. 31, 2021, will receive their share as a special dividend payment on their savings statement. Individual dividend amounts are determined based on each member's relative contribution to credit union earnings during the year.
North Bay Credit Union CEO Chris Call said that he knows members will appreciate this dividend. "Despite the challenges in our broader society, 2021 proved to be a record-breaking year for our credit union. Our Board of Directors and I are so grateful for members that turn to us for their banking needs. This dividend is a reward to our loyal members who contributed to our successful year. We are proud to be the only depository institution in our area to share our earnings with our members."
Call notes that as a not-for-profit financial institution, the credit union has always focused on paying the most competitive rates and keeping fees as low as possible. "Thanks to the many new members, and our being good stewards of our members' money, we are able to share the success with our member-owners." He added, "It's just one of the ways we are better than any bank."
North Bay Credit Union has $95 million in assets, is federally insured by the NCUA, and serves everyone who lives, works, or worships in Sonoma, Napa, Marin, and Solano counties. The credit union was named the Top Banking Company in America at the 2021 cannabis industry Payments, Banking, and Compliance Conference, as well as named a "Best Credit Union to Work For" by American Banker.
Learn more about North Bay Credit Union at www.NorthBayCU.com.
Source: North Bay Credit Union