Logix Federal Credit Union is returning $6.1 million to 54,029 members in the form of a Loyalty Dividend this week. The dividend will be deposited directly into member accounts.
“It’s so gratifying to be able to provide a Loyalty Dividend to our members, in addition to better-than-market rates that Logix offers every day,” President and CEO Dave Styler said. “This is the third consecutive annual Loyalty Dividend, and the largest in our history, all made possible by our industry-leading financial strength.”
The organization has never reported a financial loss and is rated five-stars for financial strength by Bauer Financial.
“During 2014, we had more members join the credit union than at any time in our history. Record low mortgage rates helped us originate more home loans for our members than ever before,” said John Roemer, Senior Vice President of Marketing, Strategy, and Service Quality. “Add to that our practice of controlling operating expenses, and we generated exceptional earnings. We’re happy to be able to return these earnings back to our members through this loyalty dividend and improved services.”
The credit union strives to provide superior member value, as it will help the organization profitably grow. Since it is a not-for-profit and has no outside investors to pay, Logix returns earnings via market-leading rates and the highest levels of service and security in the industry. If there are any left-over funds, those are returned to the members in the form of a Loyalty Dividend. This is the third-consecutive distribution and fourth in the company’s history.
Most members who had $10,000 or more in combined balances and were with the credit union as of June 30, 2014, were eligible for a dividend. Visit www.lfcu.com/logixdividend for more information.
Logix Federal Credit Union is rated “superior” for financial strength and currently has more than $3.9 billion in assets and 142,000 members. Chartered in 1937, Logix offers preferred rates on savings and loan accounts, surcharge-free access to 35,000 ATMs and access to a nationwide network of branches.
Today, Logix is the largest financial institution headquartered in the San Fernando Valley. The credit union operates 14 branches in the San Fernando, San Gabriel, Conejo, Santa Clarita and Antelope valleys, as well as eastern Ventura County.
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