$805,735 returned to member-owners in Loan Interest Rebate

With positive financial results from 2009’s lending operations, the Board of Directors of Beacon Credit Union have returned over $805,000 of loan interest back to member-owner borrowers at the end of 2009.

The money returned was in the form of a loan interest rebate. Those receiving the rebate were member-owners who paid interest on a loan, according to its terms and conditions, to the credit union in 2009; member-owners who were not delinquent on their loan as of December 31, 2009; and member-owners whose loan remained active as of December 31, 2009. The qualifying member-owners received 4% of the total interest paid during the year. The rebated interest effectively reduced the annual percentage rate paid to the credit union for loans by approximately 25 basis points. Each borrower whose loan qualified for the loan interest rebate received a deposit into their Membership Savings account on December 31, 2009.

Member-owners who utilize Beacon Credit Union for their borrowing needs were rewarded as a result of their loyalty and the solid operating results realized during 2009. “A distinct benefit of borrowing from Beacon Credit Union is that each borrower is an owner of this cooperatively organized financial institution,” according to Bruce Ingraham, President. “We are very excited to be able to return a portion of our income back to the member-owners who use us for their borrowing needs and I am proud of the quality staff and their efforts to provide fair and competitive loan rates and terms to our membership.”