CLAREMORE, Okla.—TTCU Federal Credit Union announced that they paid out over $2,984,000 in member rewards dividends in 2018, a six percent increase over 2017 payouts after an especially strong year for the credit union.
TTCU’s consumer loan production totaled $375 million in 2018, with much of the increase coming from loan refinancing. TTCU continued to improve the credit quality of the portfolio, bringing delinquency down to 0.55 percent by the end of the year. The number of active checking accounts rose, increasing the total payout of member rewards.
The stronger economy also gets some credit for TTCU’s growth.
“Unemployment remains low nationally and in Oklahoma,” TTCU Chief Financial and Technology Officer Shelby Beil said. “This trend typically leads to more purchases and lower delinquency.”
The year ended on a high note, with a fourth quarter surge in the rate of certificates purchased. This contributed to the payout of $755,139 in member rewards dividends at the end of the fourth quarter.
“When you are a member of a credit union, you have an ownership stake in its success,” CEO and President Tim Lyons said. “One of the ways you see the benefits of that ownership is through the member rewards dividends. It’s another way that we put our members first.”