International Credit Union Day 2018 Giveback: Workers

On the platinum anniversary of International Credit Union Day, looks at how different credit unions return value to members to showcase the credit union difference.

Tim Smith, CFO, Workers Credit Union

Workers Credit Union ($1.4B, Fitchburg, MA) instituted its give back program in 2013 to fulfill a guiding cooperative principle: Members are owners of the credit union, and when the institution does well, its members should reap the financial benefits. This year marks the sixth consecutive year of the credit union’s dividend payout.

Here, credit union CFO Tim Smith shares more.

Read more about Workers GiveBack Program in The Big GiveBack, only on

How does the credit union determine it can pay a dividend?

Tim Smith: This is no metric, but our board of directors approves the dividend each year.


Workers Credit Union
Data as of 06.30.18

HQ: Fitchburg, MA
MEMBERS: 101,873
ROA: 0.58%

How do you calculate how much to return and to whom?

TS: The payout is based on loan and deposit balances. We have a calculator. [See it here.]

What is the advantage of returning value in this way?

TS: Our members share in the profits of our business, it’s outstanding PR each time we pay it out, and it’s a great selling point and conversation starter for business development.

What communication channels do you use to announce and communicate the value of the dividend?

TS: All of our listed channels and more, including a contest for who has the best story of how they spent their give back.

How do you return the money? How much did you return in your latest round?

TS: As a credit to their deposit account. In March 2018, we paid $3.6 million.

This interview has been edited and condensed.


Whether and when a credit union offers a patronage dividend varies across organizations. As does how they calculate the return and communicate the occasion. Read more Q&As from’s ICU Day special feature.

May 30, 2019

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