In spite of the gloomy economy, Hutchinson Credit Union had a good year.
The volunteer board of directors of Hutchinson Credit Union voted to distribute accumulated earnings to its credit union members in the form of a member participation bonus.
The bonus was paid on Feb. 28 and amounted to about $83,000. It was based on the amount of dividends a member earned and/or interest that was paid on loans during 2009.
HCU is a not-for-profit financial cooperative, a place where members pool their resources to gain a benefit for all.
While the credit union has to make some profit to pay bills and satisfy state and federal regulators, it doesn’t have to make additional profit for a group of stockholders.
Instead, what could be additional profit is re-routed to members in various forms — lower loan rates, higher savings rates, new products, and low or no fees.
The credit union’s volunteer leadership is credited with having the spirit to make the bonus decision, balancing it against the demands of regulatory requirements, growing expenses and today’s economic uncertainties.
On behalf of the board of directors, as listed below, HCU extends thanks to members for their past and continuing support of Hutchinson Credit Union.
— Roy Broxterman, chairman
Mark Woleslagel,
vice chairman
Kendal Pulliam, secretary/treasurer
John McCannon,
Jim Woods,
Lee Spence
and Richard Carlisle
