Corporate America Credit Union plans second bonus program
Corporate America Credit Union in Irondale, Ala., will do its second “give back” to its member credit unions in less than a year.
The $2.8 billion-asset corporate CU said this week that after the second quarter closes at the end of June, it will repeat the refund it gave its members in December. During the first give back, it waived service fees for one month, paid FRB pass through charges and issued a 50-basis point bonus dividend on all perpetual contributed capital accounts for 2018.
The second give back will consist of waiving service fees for June, paying FRB pass through charges and another 50-basis point bonus dividend. The total of all waived fees and dividends issued for both the December and June give backs is $1 million, according to a spokesperson.
Corporate America CU said the December dividend drew an “overwhelmingly positive” response from its members.
“We have had a strong first half of 2019, thanks to our amazing members and their continued support.” Pete Pritts, Corporate America CU’s president and CEO, said in a statement. “As a corporate credit union, our primary mission is to ease burdens so our members thrive. So, doing the ‘give back’ again was an easy decision.”
Corporate America Credit Union was founded in 1982. Today it serves nearly 500 credit unions across the U.S.