Patronage Dividend

It's our way of saying THANK U for your loyalty.


This year, our Board of Directors decided how much to set aside to cover regular deposit account dividends, operating costs, and other needs- including investments in technology and new products and services so that Gabriels Community Credit Union stays relevant and has the growth needed to stay financially strong. Extra revenues are then returned to our member-owners in the form of Patronage Dividends. These are additional dividends paid to saving account holders and rebates on loan interest. This year Gabriels has set aside $45,000 in patronage that will be deposited into the accounts of members who borrowed and saved with Gabriels Community Credit Union.


The more you borrow and save at Gabriels, the more successful your cooperative is – and in return, the more patronage you’re likely to receive. Gabriels depositors will receive a 4.25% bonus on dividends earned on eligible saving accounts, term share certificate accounts and variable accounts. Borrowers received a rebate of 4.25% of their total 2022 interest paid on qualifying auto loans, home equity loans and mortgage loans.


It is because of the success of the credit union that Gabriels Community has expanded into new markets and our new branch in Jackson that opened November 21, 2022.

How was the Special Patronage Dividend Calculated?

Average Daily Balance (ADB) Calculation:

The account average daily balance includes the sum of the average daily balances of all shares and loans (Signature, Vehicles and Mortgages) for the calendar year 2022.  For accounts that were opened after January 1, 2022, their Patronage Dividend was prorated from the account opening date.

The Patronage Dividend is reportable on IRS Form 1099-INT and 1099-MISC each year. All share dividends earned (dividends earned from share account and loan balances) will be reported on IRS Form 1099-INT. It will be electronically deposited into the Savings account for the primary member.

Only primary members receive a Patronage Dividend. Joint members do not receive separate Dividends. Not all primary members will receive a dividend due to non-qualifying factors (see Member in Good Standing Definition below). Organization (Business), Estate, Revocable Trusts and Non-Revocable Trust accounts are not eligible for the Patronage Dividend. The Board of Directors must approve the distribution of the Patronage Dividend each year.

Active Member: Any member with at least $5.00 in their regular share account.

Member in Good Standing Definition:

Any member with at least $5.00 in their regular share account, who does not have a negative balance in any other credit union deposit account after 7 days, who did not have a delinquent loan by more than 10 days as of 12-22-22, and who has not previously caused the credit union a financial loss of any kind.

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