FOR ANTIGO TIMES
A record $6 million in patronage has been deposited into the accounts of members who borrowed and saved with CoVantage Credit Union in 2023. This is the largest patronage payment in the history of CoVantage Credit Union. In the last five years $25 million has been returned to members specifically through patronage.
Patronage is a concept that originated many years ago as a way for cooperatives like CoVantage to give extra value to those who use their services. CoVantage is one of a few credit unions in the country that continues the practice, and this marks the 43 rd consecutive year that CoVantage member-owners have received this unique financial benefit.
According to CoVantage Board Chair Dennis Haltinner, “I am proud to serve on the board of a credit union that lives by their mission. When the board and I 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 protect the credit union. Because of our financial strength, and the fact that more and more members are trusting CoVantage with their deposits, loans and cards, 2023 was a successful year for our organization. We are thrilled to be able to give back $6 million–our largest patronage payment ever! On behalf of the directors, I want to extend my thanks to new and long-time members, and for believing in the mission and participating in our success.”
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 bonus on dividends earned on eligible certificate, money market, and savings accounts. Borrowers received a rebate of their total 2023 interest paid on eligible vehicle, home equity, in-house mortgage, credit card, and commercial loans.
CoVantage President Charlie Zanayed, added, “Being able to provide outstanding value through patronage, great rates, no overdraft fees, and technology enhancements are key to living our mission.
When we compare rates and fees CoVantage members received on their loans and deposits to banks in
Wisconsin, in 2023 members earned $47 million more in direct financial benefits with CoVantage.
Additionally, we do not charge overdraft fees which amounts to approximately $6 million more in member value that CoVantage members receive annually.
“Because of our mission-focus commitment, in September 2023 CoVantage was ranked second in the nation out of over 4,000 credit unions for providing great rates and low fees (as reported by Callahan, an independent credit union research company). This was the 16 th year in a row CoVantage was honored to be in the top 1% of credit unions for providing outstanding member value. And while this recognition is nice, serving member-owners and meeting your financial needs is what matters the most to us. Thank you for allowing us to serve you,” said Zanayed.
Further information about the CoVantage patronage program can be found at
covantagecu.org/patronage.
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