Western Division Federal Credit Union returning $500,000 to members

Western Division Federal Credit Union is right on the money.

The board of directors declared a bonus dividend of more than $500,000 on Dec. 31 - the largest bonus dividend in the history of the credit union.

"The value of Western Division membership continues to grow," said Samuel Loquasto, chairman of the board. "We are committed to staying true to our 'More Than You Expect' philosophy of giving back and sharing the success with the members who made it possible."

Western Division is a not-for-profit organization. Rather than issue stock or pay dividends to stockholders, earnings are returned to members in the form of lower loan rates and higher dividends on deposits. And in years of growth and earnings, Western Division returns those earnings to their members in the form of bonus dividends.

The bonus dividend was distributed to approximately 8,500 members with an average bonus dividend of $59.99 per member. The amount returned to each member was based on total dividends earned during 2006 on all savings, sub-savings, IRA and Money Market accounts.

"The declaration of this bonus dividend represents just one of the many benefits of membership with Western Division and is one of the principles that set us apart from other financial institutions," said Craig Mellenthien, president.

For the fourth consecutive year, Western Division has declared a bonus dividend returning more than $1 million dollars to its members. The credit union distributed a $300,000 bonus dividend in 2005 and a $250,000 bonus dividend in 2003 and 2004.

Founded in 1937, Western Division is a community credit union serving Erie and Chautauqua counties. For more information visit www.westerndivision.org.