County Credit Union Issues Surprise Dividend

Members of the Ventura County Federal Credit Union received a little surprise on their January financial statements--a 2% bonus dividend.

Credit union officials say the payout, the first the institution has issued in its 47-year history, was the organization’s way of thanking its membership for helping it reach $100 million in total assets, another first for the institution.

“We had a very good year in terms of creating capital, and the board made the decision that the membership deserved a share of that increased capital,” said Wayne Ferber Sr., assistant to the president of the credit union. “Over the life of the credit union, from its founding, we’ve progressively grown larger.”

At the end of 1995, the Ventura County Federal Credit Union posted assets of $95.2 million. The credit union’s assets currently sit at $103 million. Total assets are based on the institution’s loan portfolio, cash on hand, investments and property.

The 30,000-member credit union serves Ventura County employees and city employees throughout the region, excluding Oxnard. Select employee groups such as those at Amgen Inc. and Hass Automation also are members.

Earlier this year, the institution was the first credit union in the county to establish an Internet site, a home banking option enabling customers to do online balances, transfer money, make loan changes and check stock options by computer.

Ferber said the growth of the institution has been spread out over its four branches in Thousand Oaks, Ventura, Camarillo and Simi Valley. Like officials of many community-based banking services, Ferber credits the growth to the customers’ continued desire for a personalized approach to banking.

“We’ve benefited from the bank mergers,” said Ferber, who retired earlier this month as head of the credit union’s loan portfolio.

“Members perceive extra value in coming to their credit union in terms of service and interest rates,” he said. “That’s really the biggest reason for our growth, coupled with a stable economic environment in the county. I think people are more confident in the future of the area. They have more money to save, and they’re more apt to borrow.”

Dick Cooper, director of marketing for the Point Mugu Federal Credit Union, said the folks at Ventura County Federal have reason to be pleased with their accomplishments.

“The $100-million milestone is a big thing,” Cooper said. “It takes you out of the smaller credit unions and puts you among the bigger players.”

Point Mugu Federal Credit Union, which recently received permission from federal regulators to serve the entire population of Ventura County, has assets of approximately $128 million.

Even for a credit union of its size, Cooper said, a bonus dividend is rare.

“We pay dividends on monthly and quarterly accounts, but to pay a bonus dividend is real special,” Cooper said. “It’s an indication that you’re doing well financially or have excess returns.”