Corporate Central Credit Union, Muskego, Wis., on Tuesday said it will pay its member credit unions a 7 percent dividend on all perpetual contributed capital balances for the month of December.
The $1.4 billion corporate credit union said the payment is the highest in its history. The dividend will be paid to member credit unions on Dec. 31.
The corporate said it expects to close the year with nearly 10.3 percent in Tier 1 capital and more than 13.6 percent in total capital.
“Through their steadfast commitment and partnership, our members have made our 2017 financial performance exceptionally successful,” Chris Felton, Corporate Central CU’s president and CEO, said in a statement. “We are grateful, humbled and downright thrilled to be able to return the favor with this year’s record-high dividend.”
In August, Corporate Central announced the launch of Emergifi, its new, wholly owned credit union service organization. Emergifi offers technology solutions designed to keep credit unions on the “leading edge” of systems innovation and service delivery, “improving productivity and security while reducing cost and risk.”
Corporate Central reported it continues to see “steady” membership growth and service usage, partially due to its fee schedule overhaul earlier this year. Corporate Central’s Team Fee-novate leveraged the corporate’s digital transformation and efficiency gains to eliminate more than 100 member service charges.
“2017 has been a remarkable year of earnings and membership growth,” said Nick Fanning, Corporate Central’s SVP/chief financial officer. “In the face of heightened capital regulations, Corporate Central remained strong, which allowed us to provide members a safe place to deposit funds, offer greater access to liquidity, and supply value-added products and services that continue to help credit unions achieve and prosper.”
In a recent member satisfaction survey conducted by Member Loyalty Group, Corporate Central reportedly improved on its 2016 net promoter score of 67.7 to earn a net promoter score of 81.3 in 2017.