CoVantage returns $6.5M in patronage to members

A record $6.5 million in patronage has been deposited into the accounts of members who borrowed and saved with CoVantage Credit Union in 2024. This is the largest patronage payment in the history of CoVantage Credit Union, the organization announced in a press release.

 In the last five years, over $27 million has been returned to members specifically through patronage.

Patronage is a concept that originated many years ago as a way for cooperatives like CoVantage to give extra value to those who use their services. CoVantage is one of a few credit unions in the country that continues the practice, and this marks the 44th consecutive year that CoVantage member-owners have received this unique financial benefit.

According to CoVantage Board Chair Dennis Haltinner, “I am grateful to be part of a credit union that truly lives their mission like we do at CoVantage. As the credit union grows and more members come to us with their savings, checking and other deposits, we loan those dollars out, so other members can buy a home, purchase a car, or in some cases, start a business. When the board and I meet at year-end, we evaluate how much income is needed in reserves to protect the credit union, cover operating expenses, and fund regular dividends. Because of our financial strength, we were thrilled to be able to give back $6.5 million - a $500,000 increase over what was provided last year and the largest patronage payment ever. Thank you to everyone who made this possible by making payments on time, and for relying on us for your financial needs. Without members, CoVantage would not be the thriving financial cooperative it is today.”

The year-end patronage payment includes a bonus on dividends earned for those who save, and a loan interest rebate for those who borrow. CoVantage depositors received a bonus on dividends earned on eligible certificate, money market, and savings accounts. Borrowers received a rebate of their total 2024 interest paid on eligible vehicle, home equity, in-house mortgage, credit card, and commercial loans. 

Further information about the CoVantage patronage program can be found at covantagecu.org/patronage.