Members Earn $1 Million With Bonus Dividend

OGDEN, UT: December 5, 2014 – The Goldenwest Credit Union Board of Directors has declared a bonus dividend that will result in members collectively earning one million dollars for the month of December. The bonus dividend will pay a 4.00% Annual Percentage Yield (APY) to benefit Goldenwest and USU Credit Union members. Combined with the regular monthly dividend of 0.10% APY, members will earn a total of 4.10% APY on share savings.

The $1 million payout is the largest year-end bonus dividend in the 11-year history of the program. Bonus dividends have varied from year-to-year based on market conditions and the overall credit union performance. Over the course of 11 years, Goldenwest has returned $6,875,000 to members with the bonus dividend program.

“In the decades that I’ve been associated with the credit union, Goldenwest has never been stronger,” stated Chairman Bill Hart. “On behalf of the Board of Directors, we are extremely pleased to return one million dollars back to our members.”

The bonus dividend is paid on primary shares, secondary shares, Christmas Club shares, and IRA shares. Based on the average daily balance of shares during 2014, the bonus dividend is paid for the month of December only. The dollars and cents earned on the bonus dividend equate to a little less than the annual yield paid on a 12-month CD.

“The quite remarkable fact about this year’s bonus dividend is that we are returning such a high level of profit to our membership during the same time period we absorbed considerable expenses resulting from the merger with USU Credit Union,” said Kerry H. Wahlen, Goldenwest President/CEO. “Through an amazing effort to mitigate merger costs, maximize operational efficiencies and grow our loan portfolio, our management team has stayed true to our mission of providing a healthy year-end dividend to our members.”

Wahlen noted that this is the first year that USU Credit Union members have received a bonus dividend.

“As we’ve met with USU Credit Union members, the bonus dividend has been one of the many benefits presented as unique aspect of belonging to the Goldenwest family,” continued Wahlen. “We are very excited to include USU Credit Union members in the bonus dividend program, and thank them for their support during the merger.”