BURBANK, CA--(Marketwired - Feb 25, 2014) - Logix Federal Credit Union this week returned $4.21 million to 53,000 members in the form of a Loyalty Dividend. The dividend was deposited directly into member accounts, with the exception of the first five recipients, who received their dividends in person as their reactions were recorded on video.
"The Logix team is dedicated to providing exceptional value to members throughout the year," President and CEO Dave Styler said. "Due to our industry-leading financial strength, we can offer great value, and with this special Loyalty Dividend, it's pretty clear that Logix is different than other financial institutions. It is so rewarding to directly share our financial success with our members."
The credit union has generated positive net income every year of its 76-year history, and is rated five-stars for financial strength by Bauer Financial.
"In 2013, more members joined Logix than ever before and the lowest auto loan rates in our history helped generate record loan originations," said Andrea Carpenter, Chief Administrative Officer. "This activity, combined with improved loan quality and ongoing expense control, resulted in exceptional earnings, which we are now able to return directly to members through a loyalty dividend and improved services."
This is the second consecutive extraordinary dividend distribution, and fourth in the company's history.
Members who had at least $10,000 in combined balances and were with the credit union as of June 30, 2013, were eligible for a dividend of up to $150. Visit www.lfcu.com/dividend for more information.
Logix Federal Credit Union is rated "superior" for financial strength and currently has more than $3.7 billion in assets and 130,000 members. Chartered in 1937, Logix offers preferred rates on savings and loan accounts, surcharge-free access to 35,000 ATMs and access to a nationwide network of branches.
Today, Logix is the largest financial institution headquartered in the San Fernando Valley. The credit union operates 13 branches in the San Fernando, San Gabriel, Conejo, Santa Clarita and Antelope valleys, as well as eastern Ventura County and one branch in Nashua, NH.
Logix was recently voted "Best Credit Union / Bank" in the Los Angeles Times Readers' Choice awards. And, in 2010, 2011 and 2013, the credit union was named one of Los Angeles Business Journal's best places to work.
Southern California residents are eligible to open an account. Savings are federally insured by the National Credit Union Administration, a U.S. Government Agency. Logix is an equal housing lender. For more information, visit www.lfcu.com or call (800) 328-5328.