More than $4 million in patronage was deposited into accounts of members who borrowed and saved with CoVantage Credit Union. Patronage is a concept of giving back that originated among cooperatives years ago. Most have abandoned the practice, but at CoVantage, patronage has been paid to member-owners for the past 39 years.
CoVantage depositors received a 5 percent bonus on dividends earned on eligible savings, term-share certificates and variable-rate accounts. Borrowers received a rebate of 5 percent of their total 2019 interest paid on qualifying vehicle, home equity, in-house mortgage, credit card and commercial loans.