Workers' Credit Union approves a second $2 million payment to its members

For the second year in a row, Workers’ Credit Union will give back over $2.5 million to its members.

Last year, the credit union approved a $2M payout, distributed earlier this year to members. Because of the positive feedback, the board approved a payout for 2014, which will be made early next year.

“The feedback from our first GiveBack was extremely positive. Our members really appreciated the payout,” said Doug Petersen, president and CEO of Workers’ Credit Union. The credit union has also expanded the payments to include business deposits and loans and IRAs.

Petersen says the board of directors approved the new round of payments because the credit union continues to do well. “It is because of our members’ support that we are doing well, so our GiveBack Program allows us to share that financial success with them.”

This will be the second time in its 100-year history that the credit union will make a payout. Petersen says the credit union’s capital ratio is in excellent shape, at 12.3 %—which far exceeds regulatory standards.

The amount is based on the average balance for the year in all eligible deposit and loan accounts.

Petersen says the board hopes to make the payment ongoing. “It will be a decision that is made each year by the board of directors, based on how well the credit union performs financially. “

Workers’ Credit Union, founded in 1914, is headquartered in Fitchburg, MA. With assets of $1.1 billion, the credit union serves over 77,000 members from fifteen offices in Acton, Chelmsford, Fitchburg, Gardner, Groton, Lancaster, Leominster, Lunenburg, Orange, Townsend and Workers’ Online at workerscu.com.