The past two years have been filled with unexpected challenges for our credit union and our membership. Thanks to the loyalty and support of our more than 15,000 members, our credit union has experienced great strength, stability, and success even during these difficult times. We continue to be well capitalized and financially sound thanks in large part to the leadership of our Board, management and most importantly, the support of our members.
When the pandemic started we took on the role of financial first responders. From the very start of the pandemic we were committed to doing what we could to help our members get through this difficult time. When the Paycheck Protection Program (PPP) was announced, we immediately started figuring out how we could participate and originate PPP loans for our members. In 2020 we were able to help 250 members obtain their first draw PPP loans. Then 2021 came and there was a second draw PPP program announced with more eligibility for small business owners and farmers. In this round, our employees worked diligently and were able to fund over 600 PPP loans to members in 2021.
As a member of Co-op Credit Union, you are an owner of this financial cooperative and our earnings go back to our members. The credit union earned significant fee income from the participation in the Paycheck Protection Program. As a result of this additional income, our Board of Directors has declared a one-time bonus dividend of approximately 1 million dollars that will be given back to the members. This bonus dividend will be paid on December 31st on qualified accounts and is in addition to any dividends you would normally receive.
Members who saved money in 2021 will receive a bonus dividend of 50% on the dividends and interest they earned on their deposit accounts during the past 12 months. For example, if you earned a total of $100 in interest on your deposit accounts in 2021, you will earn an additional $50 bonus dividend. This will be credited to your membership share account on December 31, 2021.
Members who borrowed money in 2021 are receiving a bonus dividend in the amount of 5% of the interest paid on all loans at the credit union. For example, if you paid a total of $500 in loan interest for 2021, you would get a $25 bonus dividend. This is calculated for each eligible loan you have, even if it was paid off during the year. This will be credited to your membership share on December 31, 2021.
It is our intent that this bonus dividend will serve as a reminder of the value of financial cooperatives and a benefit of credit union membership. As always, we appreciate your business and membership, and look forward to serving you in 2022.
President / CEO