Riverfront Federal Credit Union Issues an
Interest Rebate and Bonus Dividend to its Members, Again!
A message from President/CEO Vincent Paolini
In each of the last three years, Riverfront Federal Credit Union issued a
special cash distribution to its membership. These special distributions have
returned approximately $525,000 to our members in the form of a bonus dividend
and interest rebate.
This past year, members of record on December 31, 2009, received a bonus
dividend equal to 3% of the dividends they received from the credit union during
2009 and an interest rebate equal to 3% of the interest they paid to the credit
union on their home-equity, automobile, and personal loans. Tax-favored
accounts, such as an IRA or Educational Savings Account, were also eligible to
receive the bonus dividend.
Amid what will likely be considered the worst financial crisis in U. S. history,
Riverfront's financial condition continues to be excellent.
We are especially proud to be in a position to issue the interest rebate and
bonus dividend to our members in the current economic environment. This year's
distribution approximated $160,000. A member who originated a $50,000, 15-year
home equity loan on
January 2, 2009, at 5.74% would have received an interest refund of
approximately $85.
We deeply appreciate our members' support and continue to work hard to enhance
the value proposition that we offer to them in the form of convenient,
affordable financial services. Distributions of this nature are our way of
thanking them for their continued use of our products and services, which
enables us to "Grow Stronger
Together."
