Antigo Times

Top Menu

  • E-Editions
  • Contact Us

Main Menu

  • News
    • Business
  • Covid 19
  • Opinion
  • Courts
  • Arts & Ent
  • Sports
    • Sports News
    • High School Sports Scores
  • Classifieds
    • View Ads
    • Place Ads
  • Legal Ads
    • Our Legals
    • Statewide
  • Obits
  • Video
  • Best of 2022
  • E-Editions
  • Contact Us

logo

Antigo Times

  • News
    • Business
  • Covid 19
  • Opinion
  • Courts
  • Arts & Ent
  • Sports
    • Sports News
    • High School Sports Scores
  • Classifieds
    • View Ads
    • Place Ads
  • Legal Ads
    • Our Legals
    • Statewide
  • Obits
  • Video
  • Best of 2022
BusinessLocalLocal InterestNews
Home›News›Business›CoVantage Returns a Record $4.2 Million in Patronage to Members

CoVantage Returns a Record $4.2 Million in Patronage to Members

By Antigo Times
January 4, 2021
1786
0

FOR THE ANTIGO TIMES

A record of over $4.2 million in patronage has been deposited into the accounts of members who borrowed and saved with CoVantage Credit Union. This is the largest patronage payment in the history of CoVantage Credit Union. In the last five years, $17 million has been returned to members specifically through patronage.

Patronage is a concept of giving back that originated among cooperatives many years ago. CoVantage is one of a few credit unions in the country that continue the practice, and this marks the 40th year in a row the CoVantage member-owners have received this unique financial benefit. According to CoVantage Board Chairman, Willis Qualheim, “When the board met at the end of the year, we determined how much income was needed to fund regular dividends and operating expenses, and to maintain in reserves to ensure CoVantage remains financially strong. Because of our financial fortitude and more members placing their trust in CoVantage for their loans, deposits, and other services, despite it being an unprecedented year, we had a successful 2020. We are thrilled to be able to provide over $4.2 million – our largest patronage payment ever to the membership. Thank you to everyone who made this possible by making timely payments on loans and relying on us for many of your financial needs…without members CoVantage would not exist.”

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 5% bonus on dividends earned on eligible savings, term share certificates and variable rate accounts. Borrowers received a rebate of 5% of their total 2020 interest paid on qualifying vehicle, home equity, in-house mortgage, credit card, and commercial loans. For instance, if $5,000 of interest had been paid on a home loan, the borrower would receive $250 in patronage for just that loan. In addition to patronage, CoVantage also provided nearly $100,000 to members through the CoVantage match for those enrolled in Change it Up, a debit card savings program. CoVantage members used their debit card more than ever, and collectively saved over $2 million through Change it Up.

CoVantage President Charlie Zanayed, added, “Part of our mission is to provide outstanding everyday value, and I am humbled to share that in September 2020 CoVantage was ranked 2nd out of 5,200 credit unions nationally for providing great rates and low fees (as reported by Callahan, an independent credit union research company). This was the 14th year in a row CoVantage was honored to be in the top 1% of credit unions for outstanding member value. We are thankful for our members for allowing us to serve them and for the support they have provided us throughout this unusual year.”

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

CoVantage Credit Union, with headquarters in Antigo, Wisconsin, has $2.3 billion in assets and serves over 125,000 members across all of their locations. Founded in 1953, the financial cooperative serves members living or working in 22 counties in Wisconsin and three counties in the U.P. of Michigan.

Previous Article

PUBLISHER’S LETTER

Next Article

Antigo High School Boys Bowling from 1/3/21

Related articles More from author

  • News

    Mattoon Market Stocking Giveaway a Success

    December 12, 2014
    By Dan Turczynski, Editor
  • BusinessNews

    2014 North Woods Women in Business Week Winner Announced

    December 16, 2014
    By Dan Turczynski, Editor
  • News

    Langlade County Board Welcomes New Veterans Service Officer

    December 18, 2014
    By Dan Turczynski, Editor
  • News

    Famous Saved by the Bell actor arrested in Wisconsin

    December 26, 2014
    By Dan Turczynski, Editor
  • NewsSports

    Northern Snowmobile Trails to open in Langlade County on 12/31

    December 30, 2014
    By Dan Turczynski, Editor
  • BusinessHealth

    Health Insurance Coverage: A Message from the USDA

    January 5, 2015
    By Dan Turczynski, Editor

Leave a reply Cancel reply

Copyright © 2020 Multi Media Channels LLC.
All Rights Reserved. No part of this publication or any of its contents may be reproduced, copied, modified or adapted without the prior written consent of Multi Media Channels LLC.
×