KENNEWICK, Wash. – For the third quarter in a row, Tri-CU Credit Union paid a special dividend to its members.
Tri-CU noted it wrapped up 2025 by delivering 50% APY paid on the first $500 in every eligible primary savings and checking account, including children’s accounts, for the month of December. The credit union explained that totaled up to about $40 per member if they kept $500 in both savings and checking through the previous month. It then paid 50% APY on the first $500 again on March 31st as special dividends on primary savings and kids accounts. It made a similar payout on June 30.
“Although credit unions are tax-exempt financial cooperatives, it has been increasingly rare for these institutions to pay special dividends in recent decades (at least in the Tri-Cities,” the $75-million credit union said.
Tri-CU has approximately 5,609 members.
‘True Cooperative’
“This is the essence of what sets a true cooperative apart,” Trevor Galey, the newly appointed CEO, said in a statement. “As a not-for-profit financial institution, we don’t answer to distant shareholders or chase bank-like profits. Instead, our mission is to return excess earnings to our members, who are the owners. Despite being the only small credit union in the Tri-Cities, we are also financially very healthy, and committed to our tax-exempt cooperative structure, giving our excess profits back to our members.”
Doug Wadworth will remain president of the credit union until his retiremement in approximately nine months.
In addition to being the only small credit union in the Tri-Cities–and the only one that has been paying special dividends to members–Tri-CU said it is also the only credit union hasn’t charged any NSF Fees, since 2020, while most institutions charge $25-$30.
4 Responses
Interesting approach when borrowers get nothing, while the loan portfolio shrinks. Then the member with 10,000 in deposits gets the sane as those with 500. No wonder member growth is negative too
Interesting comment. Interesting because we have been about 90% loaned out for about 15 years, plus our borrowers often get the lowest loan rates in town, and the lowest fees (like for mortgages, no “junk processing fees” and usually no origination fee either, and often they don’t need an appraisal).
In addition Tri-CU is the only CU in town that doesn’t charge ANY NSF fees, and our Courtesy Pay is only $10, and overdraft transfers are free. And yes, our max of $500 on the 50% APY helps ensure that even those of the most *modest* means (who don’t have hundreds of thousands of dollars) get a great dividend… you know, those folks of modest means that credit unions are created to serve?
Besides, is it all about “growing” or about returning value to our local members and local community, especially those of modest means? Why do we exist, and why are we tax exempt? – Doug
Doing mortgages without appraisals? That sound sustainable? Part of the reg special treatment, I guess. I guess if reserving for losses with a simple tool is too hard, no point in knowing the value of your collateral.
Hey anonymous (the same one that keeps commenting negatively on every article about me or my credit union or my ESCUD advocacy):
How about “manning up” and giving your name if you are going to start throwing around accusations? How about you give me a call or DM me, so we can chat in person about your concerns, because this is just getting weird…
We often avoid appraisals by doing in house reviews of tax assessed values, up to 75% LTV (to a certain dollar amount), so this has nothing to do with “special reg treatment,” and yes we know the values. Why is this all so personal to you?
-Doug