BURBANK, CA--(Marketwire - Feb 5, 2013) - Logix Federal Credit Union announced today that a $5.5 million dividend will be paid to member-owners in the coming weeks.
"The Logix staff and Board of Directors are very proud of our industry-leading financial strength, and our ability to provide exceptional value to members throughout the year," President and CEO Dave Styler said. "Now, with this special Loyalty Dividend, we can further demonstrate the difference between Logix Federal Credit Union and other institutions. By directly sharing our financial success with the people who trust us for their loans, savings and investments, the advantage of Logix membership is even more clear."
This is the latest of several extraordinary dividends the credit union has paid to its members, and Logix has reported positive income in every one of its seventy 76 years of existence.
"Last year, our members took advantage of historic low loan rates, increased their savings relationships and moved their checking accounts to Logix," said Andrea Carpenter, Senior Vice President of Marketing and Strategy. "This activity, combined with improved loan quality and ongoing expense control, resulted in exceptional earnings and added to our industry-leading financial strength. The loyalty dividend demonstrates the unique advantage of membership in Logix; we share our success with the members who make it possible."
Depending on their balances with the credit union, members were eligible for a dividend payment up to $200.
Logix Federal Credit Union is rated "superior" for financial strength and currently has more than $3 billion in assets and 114,000 members. Chartered in 1937, Logix offers preferred rates on savings and loan accounts, surcharge-free access to 28,000 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 12 branches in the San Fernando, San Gabriel, Santa Clarita and Antelope valleys, as well as eastern Ventura County.
Logix was voted "Best Credit Union / Bank" in the Los Angeles Times' Readers' Choice awards; and, in 2010 and 2011, the credit union was named one of the best places to work by the Los Angeles Business Journal.
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.