As a result of what it calls a “good year”, the Reading Cooperative Bank reported this week that it will share its success by rewarding its depositor-owners with a Bonus Dividend. The bank is calling this “a piece of the pie.” On Pi Day, which is March 14, depositors who earned interest in 2016, will receive a Bonus Dividend equal to 3.14% of the interest they earned last year with minimum distributions of one dollar. In addition to the payout, on March 14, 2017 customers can visit any branch to snack on a piece of pie.
While the dividend may not seem to amount to much in terms of dollars, it means a lot to Reading Cooperative Bank to be able to share some of its profits with everyone who makes it a successful community cooperative. “As a cooperative bank we answer to our customers, who own the Bank; this additional dividend, though not large, is intended to underscore their ownership of the bank and our commitment to them” says Julieann Thurlow, President and CEO.
Reading Cooperative Bank is a depositor owned co-operative founded in 1886. This community-centric North Shore financial service provider has branches in Reading, Wilmington, North Reading, Woburn, Andover, and Burlington. They also operate teaching branches at Northeast Metro Tech in Wakefield (open to the public) and at Reading Memorial High School (students and staff only), as well as an online branch at www.readingcoop.com.